Lancaster Colony (LANC) Fell on Slower Growth Expectations
The London Company, an investment management company, released “The London Company SMID Cap Strategy” third quarter 2023 investor letter. A copy of the same can be downloaded here. In the third quarter, the fund declined 5.0% (-5.1% net) compared to a 4.8% fall in the Russell 2500 Index. A lack of exposure to the Energy sector drove the portfolio's underperformance. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
The London Company SMID Cap Strategy highlighted stocks like Lancaster Colony Corporation (NASDAQ:LANC) in its Q3 2023 investor letter. Based in Westerville, Ohio, Lancaster Colony Corporation (NASDAQ:LANC) is a food products manufacturing company that operates through Retail and Foodservice segments. On November 2, 2023, Lancaster Colony Corporation (NASDAQ:LANC) stock closed at $167.49 per share. One-month return of Lancaster Colony Corporation (NASDAQ:LANC) was -2.54%, and its shares lost 16.62% of their value over the last 52 weeks. Lancaster Colony Corporation (NASDAQ:LANC) has a market capitalization of $4.609 billion.
The London Company SMID Cap Strategy made the following comment about Lancaster Colony Corporation (NASDAQ:LANC) in its Q3 2023 investor letter:
"Lancaster Colony Corporation (NASDAQ:LANC) – LANC underperformed during Q3 reflecting expectations for slower growth in the future. Higher pricing has aided revenue growth in recent quarters, but those benefits are expected to moderate. Fortunately, LANC fundamentals remain strong. The company should realize tailwinds to margins and free cash flow over the next 12 months with ERP and capacity expansions complete, and mix continuing to shift towards margin-accretive volumes. LANC has attractive opportunities for growth, and a strong balance sheet (net cash) is available to support investment."
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Lancaster Colony Corporation (NASDAQ:LANC) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 20 hedge fund portfolios held Lancaster Colony Corporation (NASDAQ:LANC) at the end of second quarter which was 20 in the previous quarter.
We discussed Lancaster Colony Corporation (NASDAQ:LANC) in another article and shared Ray Dalio’s best stock picks. In addition, please check out our hedge fund investor letters Q3 2023 page for more investor letters from hedge funds and other leading investors.
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Disclosure: None. This article is originally published at Insider Monkey.
