Bernzott Capital Advisors Acquires 8,482 Shares of Lancaster Colony Co. (NASDAQ:LANC)

Bernzott Capital Advisors boosted its holdings in Lancaster Colony Co. (NASDAQ:LANC) by 24.0% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 43,842 shares of the company’s stock after purchasing an additional 8,482 shares during the period. Lancaster Colony comprises about 3.3% of Bernzott Capital Advisors’ portfolio, making the stock its 13th largest holding. Bernzott Capital Advisors owned 0.16% of Lancaster Colony worth $7,741,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in the business. Diversified Trust Co boosted its holdings in shares of Lancaster Colony by 25.1% during the 1st quarter. Diversified Trust Co now owns 5,226 shares of the company’s stock worth $1,085,000 after buying an additional 1,050 shares during the period. Allspring Global Investments Holdings LLC boosted its holdings in shares of Lancaster Colony by 13.7% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 13,778 shares of the company’s stock worth $2,861,000 after buying an additional 1,664 shares during the period. State of Michigan Retirement System raised its stake in Lancaster Colony by 2.0% in the 1st quarter. State of Michigan Retirement System now owns 5,032 shares of the company’s stock worth $1,045,000 after purchasing an additional 100 shares in the last quarter. Retirement Systems of Alabama raised its stake in Lancaster Colony by 0.3% in the 1st quarter. Retirement Systems of Alabama now owns 25,570 shares of the company’s stock worth $5,309,000 after purchasing an additional 67 shares in the last quarter. Finally, BNP Paribas Financial Markets raised its stake in Lancaster Colony by 15.3% in the 1st quarter. BNP Paribas Financial Markets now owns 18,935 shares of the company’s stock worth $3,931,000 after purchasing an additional 2,519 shares in the last quarter. Institutional investors own 66.44% of the company’s stock.

Lancaster Colony Trading Up 0.3 %

LANC traded up $0.48 during trading on Tuesday, reaching $181.59. 33,503 shares of the company’s stock were exchanged, compared to its average volume of 128,093. Lancaster Colony Co. has a one year low of $160.01 and a one year high of $215.31. The stock has a market capitalization of $5.00 billion, a PE ratio of 37.57 and a beta of 0.35. The firm has a fifty day moving average price of $177.55 and a two-hundred day moving average price of $184.98.

Lancaster Colony (NASDAQ:LANC) last posted its earnings results on Thursday, August 22nd. The company reported $1.35 earnings per share for the quarter, missing analysts’ consensus estimates of $1.41 by ($0.06). Lancaster Colony had a return on equity of 19.61% and a net margin of 8.47%. The business had revenue of $452.83 million for the quarter, compared to the consensus estimate of $462.70 million. Sell-side analysts expect that Lancaster Colony Co. will post 6.96 earnings per share for the current year.

Lancaster Colony Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Monday, September 9th were paid a $0.90 dividend. This represents a $3.60 dividend on an annualized basis and a dividend yield of 1.98%. The ex-dividend date was Monday, September 9th. Lancaster Colony’s dividend payout ratio is currently 74.69%.

Insider Activity

In other news, Director Elliot K. Fullen acquired 3,000 shares of Lancaster Colony stock in a transaction dated Tuesday, August 27th. The shares were bought at an average cost of $169.00 per share, with a total value of $507,000.00. Following the purchase, the director now owns 5,298 shares in the company, valued at $895,362. This trade represents a 100.00 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders own 29.60% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have weighed in on LANC shares. Stephens dropped their price objective on shares of Lancaster Colony from $205.00 to $200.00 and set an “equal weight” rating for the company in a research note on Friday, August 23rd. Benchmark restated a “hold” rating on shares of Lancaster Colony in a research report on Wednesday, September 18th. Loop Capital dropped their target price on shares of Lancaster Colony from $236.00 to $232.00 and set a “buy” rating for the company in a research report on Monday, August 26th. Finally, StockNews.com cut shares of Lancaster Colony from a “buy” rating to a “hold” rating in a research report on Friday, August 23rd. Five analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average target price of $195.75.

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.