Bahl & Gaynor Inc. Buys 1,123 Shares of Lancaster Colony Co. (NASDAQ:LANC)

Bahl & Gaynor Inc. boosted its stake in shares of Lancaster Colony Co. (NASDAQ:LANC) by 0.8% in the second quarter, HoldingsChannel reports. The institutional investor owned 135,030 shares of the company’s stock after purchasing an additional 1,123 shares during the period. Bahl & Gaynor Inc.’s holdings in Lancaster Colony were worth $25,517,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. Opal Wealth Advisors LLC purchased a new position in shares of Lancaster Colony during the second quarter valued at $28,000. GAMMA Investing LLC increased its position in Lancaster Colony by 115.9% during the 2nd quarter. GAMMA Investing LLC now owns 177 shares of the company’s stock valued at $33,000 after purchasing an additional 95 shares during the period. Thurston Springer Miller Herd & Titak Inc. purchased a new position in Lancaster Colony during the 2nd quarter valued at about $38,000. Brown Brothers Harriman & Co. bought a new stake in shares of Lancaster Colony in the 4th quarter valued at about $67,000. Finally, Clarity Asset Management Inc. purchased a new stake in shares of Lancaster Colony in the 4th quarter worth approximately $70,000. 66.44% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on LANC shares. StockNews.com lowered shares of Lancaster Colony from a “buy” rating to a “hold” rating in a report on Friday, August 23rd. Benchmark reiterated a “hold” rating on shares of Lancaster Colony in a report on Friday, September 6th. Stephens reduced their price target on Lancaster Colony from $205.00 to $200.00 and set an “equal weight” rating for the company in a research report on Friday, August 23rd. Finally, Loop Capital dropped their price objective on Lancaster Colony from $236.00 to $232.00 and set a “buy” rating on the stock in a research report on Monday, August 26th. Five analysts have rated the stock with a hold rating and one has given a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $195.75.

Insider Activity at Lancaster Colony

In other Lancaster Colony news, Director Elliot K. Fullen purchased 3,000 shares of the stock in a transaction on Tuesday, August 27th. The stock was acquired at an average price of $169.00 per share, with a total value of $507,000.00. Following the completion of the acquisition, the director now owns 5,298 shares in the company, valued at $895,362. The acquisition was disclosed in a filing with the SEC, which is available at this link. 29.60% of the stock is currently owned by corporate insiders.

Lancaster Colony Trading Up 0.5 %

NASDAQ LANC opened at $176.68 on Wednesday. The firm’s fifty day simple moving average is $185.13 and its two-hundred day simple moving average is $191.05. The firm has a market capitalization of $4.86 billion, a P/E ratio of 36.66 and a beta of 0.35. Lancaster Colony Co. has a 12-month low of $159.36 and a 12-month high of $215.31.

Lancaster Colony Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Monday, September 9th will be paid a dividend of $0.90 per share. The ex-dividend date of this dividend is Monday, September 9th. This represents a $3.60 annualized dividend and a yield of 2.04%. Lancaster Colony’s dividend payout ratio (DPR) is 74.69%.

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.