Principal Financial Group Inc. Sells 8,172 Shares of Lancaster Colony Co. (NASDAQ:LANC)

Principal Financial Group Inc. cut its holdings in shares of Lancaster Colony Co. (NASDAQ:LANC) by 10.1% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 72,679 shares of the company’s stock after selling 8,172 shares during the period. Principal Financial Group Inc.’s holdings in Lancaster Colony were worth $13,734,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in LANC. Van ECK Associates Corp increased its stake in Lancaster Colony by 39.6% in the fourth quarter. Van ECK Associates Corp now owns 5,599 shares of the company’s stock valued at $932,000 after purchasing an additional 1,587 shares in the last quarter. M&T Bank Corp boosted its holdings in shares of Lancaster Colony by 11.1% in the fourth quarter. M&T Bank Corp now owns 1,835 shares of the company’s stock worth $305,000 after acquiring an additional 184 shares during the period. Charles Schwab Investment Management Inc. boosted its stake in Lancaster Colony by 3.2% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 276,213 shares of the company’s stock worth $45,959,000 after purchasing an additional 8,686 shares during the period. Principal Securities Inc. purchased a new position in shares of Lancaster Colony during the 4th quarter valued at $129,000. Finally, Mesirow Institutional Investment Management Inc. raised its position in shares of Lancaster Colony by 72.6% in the fourth quarter. Mesirow Institutional Investment Management Inc. now owns 86,280 shares of the company’s stock worth $14,356,000 after buying an additional 36,291 shares in the last quarter. 66.44% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on LANC. Loop Capital lowered their price target on Lancaster Colony from $236.00 to $232.00 and set a “buy” rating on the stock in a research report on Monday, August 26th. StockNews.com cut Lancaster Colony from a “buy” rating to a “hold” rating in a research note on Friday, August 23rd. Finally, Stephens dropped their target price on shares of 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. Four equities research analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. According to data from MarketBeat, Lancaster Colony currently has a consensus rating of “Hold” and an average price target of $195.75.

Lancaster Colony Stock Performance

NASDAQ LANC opened at $177.53 on Friday. Lancaster Colony Co. has a fifty-two week low of $158.88 and a fifty-two week high of $215.31. The company has a market capitalization of $4.89 billion, a PE ratio of 36.81 and a beta of 0.37. The business’s fifty day moving average is $186.10 and its 200 day moving average is $191.57.

Lancaster Colony Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Monday, September 9th will be issued a dividend of $0.90 per share. This represents a $3.60 dividend on an annualized basis and a yield of 2.03%. The ex-dividend date is Monday, September 9th. Lancaster Colony’s dividend payout ratio (DPR) is currently 74.69%.

Insider Activity

In related news, Director Elliot K. Fullen acquired 3,000 shares of the company’s stock in a transaction on Tuesday, August 27th. The stock was acquired at an average price of $169.00 per share, with a total value of $507,000.00. Following the acquisition, the director now directly owns 5,298 shares of the company’s stock, valued at $895,362. The purchase was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 29.60% of the company’s stock.

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.