Lancaster Colony Co. (NASDAQ:LANC) Shares Sold by Amalgamated Bank

Amalgamated Bank decreased its holdings in shares of Lancaster Colony Co. (NASDAQ:LANC) by 10.2% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 8,858 shares of the company’s stock after selling 1,009 shares during the period. Amalgamated Bank’s holdings in Lancaster Colony were worth $1,564,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its holdings in shares of Lancaster Colony by 4.1% in the 1st quarter. Vanguard Group Inc. now owns 2,186,162 shares of the company’s stock worth $453,913,000 after acquiring an additional 85,658 shares during the period. Dimensional Fund Advisors LP grew its holdings in shares of Lancaster Colony by 5.1% in the 2nd quarter. Dimensional Fund Advisors LP now owns 520,335 shares of the company’s stock worth $98,326,000 after acquiring an additional 25,072 shares during the period. Renaissance Technologies LLC grew its holdings in shares of Lancaster Colony by 5.5% in the 2nd quarter. Renaissance Technologies LLC now owns 306,080 shares of the company’s stock worth $57,840,000 after acquiring an additional 15,962 shares during the period. Bank of New York Mellon Corp grew its holdings in shares of Lancaster Colony by 1.8% in the 2nd quarter. Bank of New York Mellon Corp now owns 241,646 shares of the company’s stock worth $45,664,000 after acquiring an additional 4,327 shares during the period. Finally, Blair William & Co. IL grew its holdings in shares of Lancaster Colony by 2,386.6% in the 2nd quarter. Blair William & Co. IL now owns 172,075 shares of the company’s stock worth $32,517,000 after acquiring an additional 165,155 shares during the period. Institutional investors and hedge funds own 66.44% of the company’s stock.

Lancaster Colony Stock Down 1.8 %

Shares of Lancaster Colony stock opened at $192.25 on Wednesday. Lancaster Colony Co. has a fifty-two week low of $161.54 and a fifty-two week high of $215.31. The firm has a market cap of $5.30 billion, a PE ratio of 33.31 and a beta of 0.35. The business’s fifty day moving average is $180.12 and its two-hundred day moving average is $185.00.

Lancaster Colony (NASDAQ:LANC) last issued its quarterly earnings results on Thursday, October 31st. The company reported $1.62 earnings per share for the quarter, missing analysts’ consensus estimates of $1.70 by ($0.08). The business had revenue of $466.56 million for the quarter, compared to analysts’ expectations of $468.36 million. Lancaster Colony had a return on equity of 19.01% and a net margin of 8.49%. The company’s revenue for the quarter was up 1.1% compared to the same quarter last year. During the same period in the prior year, the company earned $1.70 EPS. Equities research analysts anticipate that Lancaster Colony Co. will post 6.72 EPS for the current year.

Lancaster Colony Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Thursday, December 5th will be given a $0.95 dividend. This is a positive change from Lancaster Colony’s previous quarterly dividend of $0.90. This represents a $3.80 annualized dividend and a dividend yield of 1.98%. The ex-dividend date of this dividend is Thursday, December 5th. Lancaster Colony’s dividend payout ratio (DPR) is 65.74%.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on the company. Benchmark restated a “hold” rating on shares of Lancaster Colony in a report on Friday, November 1st. Loop Capital lowered their target price on Lancaster Colony from $232.00 to $227.00 and set a “buy” rating on the stock in a report on Friday, November 1st. StockNews.com cut Lancaster Colony from a “buy” rating to a “hold” rating in a report on Friday, August 23rd. Finally, Stephens lowered their target price on Lancaster Colony from $200.00 to $196.00 and set an “equal weight” rating on the stock in a report on Friday, November 1st. Five analysts have rated the stock with a hold rating and one has given a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and an average price target of $193.50.

Insider Buying and Selling

In other news, Director Elliot K. Fullen bought 3,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 27th. The shares were acquired at an average cost of $169.00 per share, with a total value of $507,000.00. Following the transaction, the director now owns 5,298 shares of the company’s stock, valued at $895,362. This represents a 100.00 % increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. Corporate insiders own 29.50% 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.