Lancaster Colony (NASDAQ:LANC) was downgraded by Zacks Investment Research from a “hold” rating to a “strong sell” rating in a research note issued to investors on Friday.
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 raised shares of Lancaster Colony from a “sell” rating to a “hold” rating in a report on Saturday, December 2nd. Two investment analysts have rated the stock with a sell rating and three have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average price target of $153.00.
Shares of Lancaster Colony (LANC) opened at $121.86 on Friday. Lancaster Colony has a fifty-two week low of $113.33 and a fifty-two week high of $136.37. The stock has a market cap of $3,290.40, a PE ratio of 28.27 and a beta of 1.01.
Lancaster Colony (NASDAQ:LANC) last announced its quarterly earnings results on Thursday, January 25th. The company reported $1.14 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.32 by ($0.18). Lancaster Colony had a return on equity of 19.65% and a net margin of 9.84%. The firm had revenue of $319.70 million during the quarter, compared to analysts’ expectations of $335.10 million. During the same period in the previous year, the company posted $1.42 earnings per share. The company’s quarterly revenue was down 2.2% compared to the same quarter last year. analysts anticipate that Lancaster Colony will post 4.62 EPS for the current fiscal year.
Several institutional investors have recently made changes to their positions in the company. Migdal Insurance & Financial Holdings Ltd. purchased a new stake in Lancaster Colony in the third quarter valued at approximately $151,000. Advisory Services Network LLC raised its stake in Lancaster Colony by 31.8% in the second quarter. Advisory Services Network LLC now owns 1,325 shares of the company’s stock valued at $162,000 after purchasing an additional 320 shares in the last quarter. Vident Investment Advisory LLC purchased a new stake in Lancaster Colony in the third quarter valued at approximately $210,000. Crossmark Global Holdings Inc. purchased a new stake in Lancaster Colony in the third quarter valued at approximately $243,000. Finally, Raymond James & Associates purchased a new stake in Lancaster Colony in the fourth quarter valued at approximately $276,000. 51.27% of the stock is currently owned by hedge funds and other institutional investors.
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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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