Lancaster Colony Corporation manufactures and markets food products for the retail and foodservice markets in the United States. The company operates in two segments, Retail and Foodservice. It offers frozen garlic bread under the New York BRAND Bakery; frozen Parkerhouse style yeast and dinner rolls under the Sister Schubert's brand; salad dressings under the Marzetti, Cardini's, and Girard's; flatbread wraps and pizza crusts under the Flatout brand; croutons and salad toppings under the New York BRAND Bakery, Chatham Village, and Marzetti; frozen pasta under the Marzetti Frozen Pasta brand; and vegetable and fruit dips under the Marzetti brand. In addition, it manufactures and sells other products to brand license agreements, including Olive Garden dressings, Buffalo Wild Wings sauces and Chick-fil-A sauces. The company sells its products through sales personnel, food brokers, and distributors to retailers and restaurants. Lancaster Colony Corporation was incorporated in 1961 and is based in Westerville, Ohio.
Wall Street Analysts Forecast Growth
LANC has been the subject of a number of recent research reports. Cowen initiated coverage on Lancaster Colony in a report on Monday, May 23rd. They issued a "market perform" rating and a $140.00 price objective for the company. CL King began coverage on Lancaster Colony in a report on Tuesday, June 14th. They set a "neutral" rating for the company. Benchmark downgraded Lancaster Colony from a "buy" rating to a "hold" rating in a report on Friday, May 6th. StockNews.com upgraded Lancaster Colony from a "sell" rating to a "hold" rating in a report on Saturday, August 6th. Finally, Cowen began coverage on Lancaster Colony in a report on Monday, May 23rd. They set a "market perform" rating and a $140.00 price target for the company. Five research analysts have rated the stock with a hold rating, According to MarketBeat.com, Lancaster Colony currently has an average rating of "Hold" and a consensus target price of $153.67.
Lancaster Colony Trading Up 1.4 %
NASDAQ:LANC traded up $2.01 during trading hours on Friday, hitting $146.37. The company's stock had a trading volume of 93,539 shares, compared to its average volume of 155,336. Lancaster Colony has a 52 week low of $116.85 and a 52 week high of $192.61. The company has a market capitalization of $4.03 billion, a PE ratio of 43.82 and a beta of 0.14. The company's 50-day simple moving average is $129.84 and its two-hundred day simple moving average is $142.93.
Lancaster Colony Announces Dividend
The firm also recently declared a quarterly dividend, which was paid on Thursday, June 30th. Investors of record on Thursday, June 9th were given a $0.80 dividend. The ex-dividend date of this dividend was Wednesday, June 8th. This represents a $3.20 annualized dividend and a yield of 2.19%. Lancaster Colony's payout ratio is 95.81%.
Insider Activity at Lancaster Colony
In other Lancaster Colony news, CFO K. Pigott Thomas purchased 800 shares of the company's stock in a transaction that occurred on Thursday, May 19th. The shares were acquired at an average price of $121.70 per share, with a total value of $97,360.00. Following the transaction, the chief financial officer now owns 5,817 shares in the company, valued at $707,928.90. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 29.90% of the stock is owned by insiders.