Lancaster Colony (NASDAQ:LANC) Given New $207.00 Price Target at DA Davidson

Lancaster Colony (NASDAQ:LANC) had its target price boosted by DA Davidson from $192.00 to $207.00 in a report published on Monday morning,Benzinga reports. The brokerage currently has a neutral rating on the stock.

Other equities research analysts have also recently issued research reports about the company. StockNews.com upgraded Lancaster Colony from a “hold” rating to a “buy” rating in a research note on Thursday, February 6th. Stephens raised their target price on shares of Lancaster Colony from $196.00 to $200.00 and gave the stock an “equal weight” rating in a research note on Wednesday, February 5th. Benchmark reaffirmed a “hold” rating on shares of Lancaster Colony in a report on Tuesday, November 19th. Finally, Loop Capital lowered their price target on shares of Lancaster Colony from $232.00 to $227.00 and set a “buy” rating on the stock in a report on Friday, November 1st. Three equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company. Based on data from MarketBeat, Lancaster Colony currently has an average rating of “Hold” and an average target price of $211.33.

Lancaster Colony Price Performance

Lancaster Colony stock opened at $191.70 on Monday. The company’s 50-day moving average is $177.70 and its 200-day moving average is $180.90. The firm has a market capitalization of $5.29 billion, a PE ratio of 33.69 and a beta of 0.35. Lancaster Colony has a fifty-two week low of $163.20 and a fifty-two week high of $209.81.

Lancaster Colony (NASDAQ:LANC) last announced its quarterly earnings results on Tuesday, February 4th. The company reported $2.22 earnings per share for the quarter, topping analysts’ consensus estimates of $1.94 by $0.28. Lancaster Colony had a return on equity of 19.51% and a net margin of 8.26%. The firm had revenue of $509.30 million for the quarter, compared to the consensus estimate of $495.43 million. During the same quarter in the previous year, the business earned $1.87 earnings per share. The business’s revenue was up 4.8% compared to the same quarter last year. As a group, analysts expect that Lancaster Colony will post 6.64 EPS for the current year.

Lancaster Colony Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Friday, March 7th will be issued a dividend of $0.95 per share. This represents a $3.80 dividend on an annualized basis and a dividend yield of 1.98%. Lancaster Colony’s dividend payout ratio is currently 66.78%.

Hedge Funds Weigh In On Lancaster Colony

A number of hedge funds have recently bought and sold shares of the business. Sanctuary Advisors LLC acquired a new position in shares of Lancaster Colony during the 2nd quarter worth approximately $480,000. Inspire Investing LLC boosted its stake in shares of Lancaster Colony by 25.1% in the third quarter. Inspire Investing LLC now owns 2,331 shares of the company’s stock valued at $412,000 after buying an additional 468 shares during the period. Exchange Traded Concepts LLC grew its position in Lancaster Colony by 27.8% during the third quarter. Exchange Traded Concepts LLC now owns 4,777 shares of the company’s stock worth $843,000 after buying an additional 1,040 shares in the last quarter. CHICAGO TRUST Co NA increased its stake in Lancaster Colony by 17.1% during the 3rd quarter. CHICAGO TRUST Co NA now owns 1,885 shares of the company’s stock worth $333,000 after acquiring an additional 275 shares during the period. Finally, Wesbanco Bank Inc. raised its holdings in Lancaster Colony by 4,189.1% in the 3rd quarter. Wesbanco Bank Inc. now owns 163,800 shares of the company’s stock valued at $28,922,000 after acquiring an additional 159,981 shares in the last quarter. 66.44% of the stock is owned by institutional investors.

About Lancaster Colony

Lancaster Colony Corporation engages in the manufacturing and marketing of specialty food products for the retail and foodservice channels in the United States. It operates in two segments, Retail and Foodservice. The company 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, Simply Dressed, Cardini's, and Girard's brands; vegetable and fruit dips under the Marzetti brand; croutons and salad toppings under the New York BRAND Bakery, Chatham Village, and Marzetti brands; and frozen pasta under the Marzetti Frozen Pasta brand.