SG Americas Securities LLC lowered its position in Lancaster Colony Co. (NASDAQ:LANC – Get Rating) by 66.7% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 6,314 shares of the company’s stock after selling 12,651 shares during the quarter. SG Americas Securities LLC’s holdings in Lancaster Colony were worth $942,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also made changes to their positions in the company. Profund Advisors LLC increased its stake in Lancaster Colony by 4.8% in the 4th quarter. Profund Advisors LLC now owns 1,698 shares of the company’s stock worth $281,000 after buying an additional 77 shares during the period. Benjamin Edwards Inc. increased its stake in Lancaster Colony by 3.6% in the 4th quarter. Benjamin Edwards Inc. now owns 2,266 shares of the company’s stock worth $375,000 after buying an additional 79 shares during the period. State of Michigan Retirement System increased its stake in Lancaster Colony by 2.0% in the 4th quarter. State of Michigan Retirement System now owns 5,029 shares of the company’s stock worth $833,000 after buying an additional 100 shares during the period. Louisiana State Employees Retirement System increased its stake in Lancaster Colony by 2.0% in the 1st quarter. Louisiana State Employees Retirement System now owns 5,200 shares of the company’s stock worth $824,000 after buying an additional 100 shares during the period. Finally, Legacy Wealth Asset Management LLC increased its stake in Lancaster Colony by 4.3% in the 4th quarter. Legacy Wealth Asset Management LLC now owns 3,450 shares of the company’s stock worth $571,000 after buying an additional 141 shares during the period. Hedge funds and other institutional investors own 57.30% of the company’s stock.
Analysts Set New Price Targets
LANC has been the topic of several recent analyst reports. Cowen initiated coverage on shares of Lancaster Colony in a research note on Monday, May 23rd. They issued a “market perform” rating and a $140.00 price target on the stock. Benchmark downgraded shares of Lancaster Colony from a “buy” rating to a “hold” rating in a research report on Friday, May 6th. TheStreet downgraded shares of Lancaster Colony from a “b-” rating to a “c” rating in a research report on Tuesday, May 17th. Cowen initiated coverage on shares of Lancaster Colony in a research report on Monday, May 23rd. They set a “market perform” rating and a $140.00 target price on the stock. Finally, CL King initiated coverage on shares of Lancaster Colony in a research report on Tuesday, June 14th. They set a “neutral” rating on the stock. Five research analysts have rated the stock with a hold rating, According to data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $153.67.
Lancaster Colony Stock Performance
Lancaster Colony (NASDAQ:LANC – Get Rating) last released its quarterly earnings results on Thursday, May 5th. The company reported $0.46 earnings per share for the quarter. Lancaster Colony had a net margin of 5.73% and a return on equity of 12.98%. The business had revenue of $403.49 million for the quarter. On average, research analysts forecast that Lancaster Colony Co. will post 2.7 EPS for the current year.
Lancaster Colony Dividend Announcement
The company also recently declared a quarterly dividend, which was paid on Thursday, June 30th. Stockholders of record on Thursday, June 9th were issued a $0.80 dividend. This represents a $3.20 dividend on an annualized basis and a dividend yield of 2.42%. The ex-dividend date was Wednesday, June 8th. Lancaster Colony’s dividend payout ratio is currently 95.81%.
In other news, CFO K. Pigott Thomas purchased 800 shares of the stock in a transaction dated Thursday, May 19th. The shares were acquired at an average cost of $121.70 per share, for a total transaction of $97,360.00. Following the acquisition, the chief financial officer now owns 5,817 shares of the company’s stock, valued at $707,928.90. The acquisition was disclosed in a legal filing with the SEC, which is available through this hyperlink. Company insiders own 29.90% of the company’s stock.
Lancaster Colony Company Profile
Lancaster Colony Corporation manufactures and markets food products for the retail and foodservice markets in the United States. The company operates in two segments, Retail and Foodservice. It 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, Cardini's, and Girard's; flatbread wraps and pizza crusts under the Flatout brand; croutons and salad toppings under the New York BRAND Bakery, Chatham Village, and Marzetti; frozen pasta under the Marzetti Frozen Pasta brand; and vegetable and fruit dips under the Marzetti brand.
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