Summit Financial Strategies Inc. bought a new position in Lancaster Colony Corp. (NASDAQ:LANC) during the 4th quarter, HoldingsChannel.com reports. The firm bought 2,167 shares of the company’s stock, valued at approximately $383,000.
Other institutional investors have also recently modified their holdings of the company. Cornerstone Wealth Management LLC bought a new stake in Lancaster Colony in the third quarter valued at $1,484,000. Victory Capital Management Inc. bought a new stake in Lancaster Colony in the fourth quarter valued at $26,687,000. Man Group plc boosted its holdings in Lancaster Colony by 184.8% in the third quarter. Man Group plc now owns 74,789 shares of the company’s stock valued at $11,159,000 after acquiring an additional 48,529 shares in the last quarter. Morgan Stanley boosted its holdings in Lancaster Colony by 63.9% in the third quarter. Morgan Stanley now owns 121,904 shares of the company’s stock valued at $18,190,000 after acquiring an additional 47,530 shares in the last quarter. Finally, Vanguard Group Inc boosted its holdings in Lancaster Colony by 2.2% in the third quarter. Vanguard Group Inc now owns 2,035,582 shares of the company’s stock valued at $303,729,000 after acquiring an additional 44,487 shares in the last quarter. Hedge funds and other institutional investors own 58.83% of the company’s stock.
Several analysts recently weighed in on LANC shares. ValuEngine upgraded shares of Lancaster Colony from a “hold” rating to a “buy” rating in a report on Friday, October 19th. BidaskClub upgraded shares of Lancaster Colony from a “hold” rating to a “buy” rating in a report on Wednesday, October 24th. One research analyst has rated the stock with a sell rating, three have given a hold rating and one has given a buy rating to the company. Lancaster Colony presently has a consensus rating of “Hold” and an average price target of $150.00.
Lancaster Colony (NASDAQ:LANC) last announced its earnings results on Thursday, January 31st. The company reported $1.47 EPS for the quarter, missing the Zacks’ consensus estimate of $1.48 by ($0.01). Lancaster Colony had a net margin of 11.56% and a return on equity of 20.95%. The business had revenue of $349.58 million for the quarter.
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About Lancaster Colony
Lancaster Colony Corporation manufactures and markets specialty food products for the retail and foodservice markets in the United States. The company operates through two segments, Retail and Foodservice. It offers frozen garlic breads under the New York BRAND Bakery brand; frozen Parkerhouse style yeast and dinner rolls under the Sister Schubert's brand name; salad dressings under the Marzetti, Simply Dressed, Simply 60, Cardini's, and Girard's brands; and vegetable dips and fruit dips under the Marzetti brand.
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