California Public Employees Retirement System Buys 1,169 Shares of Lancaster Colony Co. (NASDAQ:LANC)

California Public Employees Retirement System lifted its stake in shares of Lancaster Colony Co. (NASDAQ:LANC) by 1.1% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 108,041 shares of the company’s stock after purchasing an additional 1,169 shares during the quarter. California Public Employees Retirement System owned about 0.39% of Lancaster Colony worth $17,977,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the company. UMB Bank n.a. increased its holdings in shares of Lancaster Colony by 11.8% during the fourth quarter. UMB Bank n.a. now owns 894 shares of the company’s stock valued at $149,000 after acquiring an additional 94 shares in the last quarter. Daiwa Securities Group Inc. raised its holdings in Lancaster Colony by 141.0% during the third quarter. Daiwa Securities Group Inc. now owns 1,181 shares of the company’s stock worth $195,000 after buying an additional 691 shares during the last quarter. Laurion Capital Management LP bought a new position in shares of Lancaster Colony in the third quarter valued at $205,000. Nisa Investment Advisors LLC grew its holdings in shares of Lancaster Colony by 235.7% during the fourth quarter. Nisa Investment Advisors LLC now owns 1,353 shares of the company’s stock valued at $225,000 after buying an additional 950 shares during the last quarter. Finally, Keybank National Association OH increased its position in shares of Lancaster Colony by 48.8% during the third quarter. Keybank National Association OH now owns 1,525 shares of the company’s stock worth $252,000 after acquiring an additional 500 shares in the last quarter. 66.44% of the stock is owned by institutional investors.

Lancaster Colony Price Performance

LANC opened at $190.35 on Tuesday. Lancaster Colony Co. has a fifty-two week low of $158.88 and a fifty-two week high of $220.65. The company’s 50-day moving average is $199.34 and its 200 day moving average is $181.96. The firm has a market capitalization of $5.24 billion, a P/E ratio of 40.67 and a beta of 0.35.

Lancaster Colony (NASDAQ:LANC) last announced its earnings results on Thursday, February 1st. The company reported $1.93 earnings per share for the quarter, topping analysts’ consensus estimates of $1.66 by $0.27. The firm had revenue of $485.92 million for the quarter, compared to the consensus estimate of $489.00 million. Lancaster Colony had a return on equity of 17.37% and a net margin of 6.92%. On average, equities research analysts expect that Lancaster Colony Co. will post 6.47 earnings per share for the current year.

Lancaster Colony Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Thursday, March 7th were given a $0.90 dividend. The ex-dividend date was Wednesday, March 6th. This represents a $3.60 annualized dividend and a yield of 1.89%. Lancaster Colony’s dividend payout ratio is currently 76.92%.

Analysts Set New Price Targets

Separately, Stephens lowered Lancaster Colony from an “overweight” rating to an “equal weight” rating and boosted their price objective for the stock from $205.00 to $218.00 in a report on Friday, February 2nd. Four analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $198.75.

Insider Buying and Selling at Lancaster Colony

In related news, insider Kristin Bird sold 1,207 shares of the business’s stock in a transaction dated Friday, February 16th. The shares were sold at an average price of $192.66, for a total value of $232,540.62. Following the transaction, the insider now directly owns 3,546 shares of the company’s stock, valued at approximately $683,172.36. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Corporate 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.