Bank of New York Mellon Corp Raises Stock Holdings in Lancaster Colony Co. (NASDAQ:LANC)

Bank of New York Mellon Corp boosted its stake in Lancaster Colony Co. (NASDAQ:LANC) by 1.8% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 241,646 shares of the company’s stock after buying an additional 4,327 shares during the period. Bank of New York Mellon Corp owned approximately 0.88% of Lancaster Colony worth $45,664,000 at the end of the most recent quarter.

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

Lancaster Colony Stock Up 0.5 %

Shares of LANC opened at $170.76 on Monday. The company has a market capitalization of $4.70 billion, a PE ratio of 35.43 and a beta of 0.37. Lancaster Colony Co. has a 52-week low of $158.88 and a 52-week high of $215.31. The company has a 50-day simple moving average of $186.99 and a 200-day simple moving average of $191.98.

Lancaster Colony Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Monday, September 9th will be paid a $0.90 dividend. This represents a $3.60 annualized dividend and a yield of 2.11%. The ex-dividend date of this dividend is Monday, September 9th. Lancaster Colony’s payout ratio is currently 74.69%.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on LANC shares. Stephens cut their price target on shares of Lancaster Colony from $205.00 to $200.00 and set an “equal weight” rating on the stock in a research note on Friday, August 23rd. Loop Capital cut their price target on shares of 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 downgraded Lancaster Colony from a “buy” rating to a “hold” rating in a research report on Friday, August 23rd. Four investment analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $195.75.

Insider Activity at Lancaster Colony

In other news, Director Elliot K. Fullen acquired 3,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 27th. The stock was purchased at an average cost of $169.00 per share, with a total value of $507,000.00. Following the purchase, the director now directly owns 5,298 shares of the company’s stock, valued at approximately $895,362. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 29.60% of the stock is currently owned by company insiders.

Lancaster Colony Profile

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.