Amalgamated Bank Trims Stake in Lancaster Colony Co. (NASDAQ:LANC)

Amalgamated Bank cut its position in shares of Lancaster Colony Co. (NASDAQ:LANC) by 7.3% in the second quarter, Holdings Channel.com reports. The firm owned 9,867 shares of the company’s stock after selling 781 shares during the quarter. Amalgamated Bank’s holdings in Lancaster Colony were worth $1,865,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in the company. UBS Group AG grew its stake in shares of Lancaster Colony by 4.7% during the fourth quarter. UBS Group AG now owns 45,791 shares of the company’s stock valued at $7,619,000 after buying an additional 2,069 shares during the last quarter. Franklin Resources Inc. increased its stake in Lancaster Colony by 66.7% in the fourth quarter. Franklin Resources Inc. now owns 57,302 shares of the company’s stock worth $9,534,000 after purchasing an additional 22,926 shares during the period. US Bancorp DE increased its stake in Lancaster Colony by 13.5% in the fourth quarter. US Bancorp DE now owns 7,931 shares of the company’s stock worth $1,320,000 after purchasing an additional 941 shares during the period. TFO Wealth Partners LLC lifted its position in shares of Lancaster Colony by 92,700.0% during the fourth quarter. TFO Wealth Partners LLC now owns 928 shares of the company’s stock worth $166,000 after purchasing an additional 927 shares during the last quarter. Finally, Brown Brothers Harriman & Co. purchased a new stake in shares of Lancaster Colony during the fourth quarter valued at $67,000. 66.44% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on LANC. Benchmark reiterated a “hold” rating on shares of Lancaster Colony in a report on Wednesday, September 18th. Stephens decreased their target price 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. StockNews.com lowered Lancaster Colony from a “buy” rating to a “hold” rating in a research note on Friday, August 23rd. Finally, Loop Capital lowered their price objective on shares of Lancaster Colony from $236.00 to $232.00 and set a “buy” rating for the company in a research note on Monday, August 26th. Five investment analysts have rated the stock with a hold rating and one has given a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $195.75.

Lancaster Colony Price Performance

Shares of LANC stock opened at $177.68 on Thursday. The stock’s 50-day moving average is $183.31 and its 200 day moving average is $189.17. Lancaster Colony Co. has a 1-year low of $160.01 and a 1-year high of $215.31. The company has a market cap of $4.89 billion, a P/E ratio of 36.86 and a beta of 0.35.

Lancaster Colony (NASDAQ:LANC) last issued its quarterly earnings data on Thursday, August 22nd. The company reported $1.35 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.41 by ($0.06). The firm had revenue of $452.83 million during the quarter, compared to analysts’ expectations of $462.70 million. Lancaster Colony had a return on equity of 19.61% and a net margin of 8.47%. On average, analysts anticipate that Lancaster Colony Co. will post 6.96 EPS for the current year.

Lancaster Colony Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Monday, September 9th will be given a dividend of $0.90 per share. This represents a $3.60 dividend on an annualized basis and a dividend yield of 2.03%. The ex-dividend date is Monday, September 9th. Lancaster Colony’s payout ratio is presently 74.69%.

Insider Activity

In other Lancaster Colony news, Director Elliot K. Fullen purchased 3,000 shares of the firm’s stock in a transaction on Tuesday, August 27th. The stock was bought at an average cost of $169.00 per share, for a total transaction of $507,000.00. Following the completion of the purchase, the director now owns 5,298 shares in the company, valued at approximately $895,362. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 29.60% of the company’s stock.

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.