State of Michigan Retirement System Decreases Stock Position in Lancaster Colony Co. (NASDAQ:LANC)

State of Michigan Retirement System lessened its position in shares of Lancaster Colony Co. (NASDAQ:LANC) by 2.0% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 4,932 shares of the company’s stock after selling 100 shares during the period. State of Michigan Retirement System’s holdings in Lancaster Colony were worth $932,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in the company. Opal Wealth Advisors LLC bought a new stake in Lancaster Colony in the 2nd quarter valued at about $28,000. GAMMA Investing LLC increased its stake in shares of Lancaster Colony by 115.9% in the second quarter. GAMMA Investing LLC now owns 177 shares of the company’s stock worth $33,000 after purchasing an additional 95 shares in the last quarter. Thurston Springer Miller Herd & Titak Inc. bought a new stake in shares of Lancaster Colony in the second quarter valued at approximately $38,000. Brown Brothers Harriman & Co. bought a new stake in shares of Lancaster Colony in the fourth quarter valued at approximately $67,000. Finally, Clarity Asset Management Inc. purchased a new stake in shares of Lancaster Colony during the 4th quarter valued at approximately $70,000. Hedge funds and other institutional investors own 66.44% of the company’s stock.

Insider Buying and Selling at Lancaster Colony

In other Lancaster Colony news, Director Elliot K. Fullen acquired 3,000 shares of the business’s stock in a transaction dated Tuesday, August 27th. The stock was bought 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 of the company’s stock, valued at $895,362. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Insiders own 29.60% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on LANC shares. Stephens reduced their price objective on shares of Lancaster Colony from $205.00 to $200.00 and set an “equal weight” rating for the company in a research note on Friday, August 23rd. Loop Capital decreased their price objective on Lancaster Colony from $236.00 to $232.00 and set a “buy” rating on the stock in a research note on Monday, August 26th. Finally, StockNews.com cut Lancaster Colony from a “buy” rating to a “hold” rating in a report on Friday, August 23rd. Four equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $195.75.

Lancaster Colony Price Performance

LANC opened at $170.76 on Friday. Lancaster Colony Co. has a one year low of $158.88 and a one year high of $215.31. The firm has a market capitalization of $4.70 billion, a P/E ratio of 35.43 and a beta of 0.37. The company has a fifty day moving average price of $186.99 and a 200-day moving average price of $191.95.

Lancaster Colony Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Monday, September 9th will be paid a $0.90 dividend. The ex-dividend date is Monday, September 9th. This represents a $3.60 dividend on an annualized basis and a yield of 2.11%. Lancaster Colony’s dividend payout ratio is currently 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.