Lancaster Colony (NASDAQ:LANC) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued on Wednesday.
According to Zacks, “Lancaster Colony Corporation is a manufacturer and marketer of specialty food products for the retail and foodservice markets. Lancaster Colony’s wholly-owned subsidiaries, including T. Marzetti Company, produce and market high quality national and regionally-branded food products throughout the United States for the retail and foodservice markets. Most of their products sold through the retail channel are marketed under the company’s popular brand names, such as Marzetti, New York Brand Bakery, Sister Schubert’s and Flatout. The company’s production plants across the United States make an expanded family of quality food products found every day on the dinner tables of millions of consumers, as well as in well-known restaurant chains nationwide. “
Separately, BidaskClub cut Lancaster Colony from a “sell” rating to a “strong sell” rating in a research note on Saturday, January 6th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and four have given a buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus price target of $154.67.
Shares of Lancaster Colony (NASDAQ:LANC) traded down $0.24 during trading on Wednesday, reaching $127.32. The company’s stock had a trading volume of 83,032 shares, compared to its average volume of 87,447. Lancaster Colony has a 12-month low of $113.33 and a 12-month high of $149.30. The firm has a market capitalization of $3,494.04, a PE ratio of 31.36 and a beta of 1.06.
Lancaster Colony (NASDAQ:LANC) last announced its quarterly earnings data on Thursday, October 26th. The company reported $1.07 EPS for the quarter, missing the Zacks’ consensus estimate of $1.11 by ($0.04). Lancaster Colony had a net margin of 9.20% and a return on equity of 21.50%. The firm had revenue of $298.92 million during the quarter, compared to analyst estimates of $298.75 million. During the same period last year, the business posted $1.22 EPS. The company’s revenue was up 2.6% on a year-over-year basis. equities analysts expect that Lancaster Colony will post 4.62 earnings per share for the current year.
Several large investors have recently made changes to their positions in the stock. Independent Advisor Alliance boosted its position in shares of Lancaster Colony by 14.8% during the third quarter. Independent Advisor Alliance now owns 5,100 shares of the company’s stock valued at $619,000 after buying an additional 656 shares during the last quarter. Neuberger Berman Group LLC boosted its position in shares of Lancaster Colony by 29.3% during the third quarter. Neuberger Berman Group LLC now owns 944,727 shares of the company’s stock valued at $113,481,000 after buying an additional 214,154 shares during the last quarter. California Public Employees Retirement System boosted its position in shares of Lancaster Colony by 3.2% during the third quarter. California Public Employees Retirement System now owns 45,012 shares of the company’s stock valued at $5,407,000 after buying an additional 1,412 shares during the last quarter. Jane Street Group LLC purchased a new position in shares of Lancaster Colony during the third quarter valued at approximately $589,000. Finally, Vident Investment Advisory LLC purchased a new position in shares of Lancaster Colony during the third quarter valued at approximately $210,000. 51.26% of the stock is currently owned by institutional investors.
About Lancaster Colony
Lancaster Colony Corporation is a manufacturer and marketer of specialty food products for the retail and foodservice channels. The Company’s food products include Salad dressings and sauces, Vegetable dips and fruit dips, Frozen garlic breads, Frozen Parkerhouse style yeast rolls and dinner rolls, Premium dry egg noodles, Frozen specialty noodles, Croutons and salad toppings, Flatbread wraps and pizza crusts, and Caviar.
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