Martingale Asset Management L P lifted its stake in Lancaster Colony Corp. (NASDAQ:LANC) by 25.0% in the first quarter, HoldingsChannel reports. The institutional investor owned 52,004 shares of the company’s stock after buying an additional 10,400 shares during the quarter. Martingale Asset Management L P’s holdings in Lancaster Colony were worth $8,149,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds also recently modified their holdings of the company. Captrust Financial Advisors raised its holdings in shares of Lancaster Colony by 79.8% in the 4th quarter. Captrust Financial Advisors now owns 151 shares of the company’s stock worth $27,000 after buying an additional 67 shares in the last quarter. Commonwealth Equity Services LLC increased its holdings in Lancaster Colony by 1.5% during the 4th quarter. Commonwealth Equity Services LLC now owns 5,113 shares of the company’s stock valued at $904,000 after purchasing an additional 78 shares in the last quarter. Securian Asset Management Inc increased its holdings in Lancaster Colony by 4.2% during the 4th quarter. Securian Asset Management Inc now owns 2,457 shares of the company’s stock valued at $435,000 after purchasing an additional 100 shares in the last quarter. Alpha Quant Advisors LLC increased its holdings in Lancaster Colony by 91.7% during the 1st quarter. Alpha Quant Advisors LLC now owns 232 shares of the company’s stock valued at $36,000 after purchasing an additional 111 shares in the last quarter. Finally, Truehand Inc acquired a new stake in Lancaster Colony during the 4th quarter valued at $25,000. 55.14% of the stock is owned by institutional investors and hedge funds.
Separately, BidaskClub cut Lancaster Colony from a “hold” rating to a “sell” rating in a report on Wednesday, January 30th.
Lancaster Colony (NASDAQ:LANC) last released its quarterly earnings results on Thursday, April 25th. The company reported $1.11 earnings per share for the quarter, missing the Zacks’ consensus estimate of $1.21 by ($0.10). Lancaster Colony had a net margin of 11.60% and a return on equity of 20.76%. The business had revenue of $317.80 million for the quarter, compared to analyst estimates of $325.01 million. During the same period in the prior year, the business earned $1.00 earnings per share. The company’s revenue for the quarter was up 7.3% on a year-over-year basis.
The firm also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Friday, June 7th will be issued a dividend of $0.65 per share. The ex-dividend date is Thursday, June 6th. This represents a $2.60 dividend on an annualized basis and a yield of 1.78%.
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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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