Carnegie Capital Asset Management LLC Lowers Stock Position in Lancaster Colony Co. (NASDAQ:LANC)

Carnegie Capital Asset Management LLC reduced its stake in Lancaster Colony Co. (NASDAQ:LANC) by 2.9% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,480 shares of the company’s stock after selling 75 shares during the quarter. Carnegie Capital Asset Management LLC’s holdings in Lancaster Colony were worth $413,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also bought and sold shares of LANC. Advisor Group Holdings Inc. grew its holdings in shares of Lancaster Colony by 31.0% in the first quarter. Advisor Group Holdings Inc. now owns 2,326 shares of the company’s stock worth $298,000 after purchasing an additional 550 shares during the last quarter. JPMorgan Chase & Co. boosted its holdings in Lancaster Colony by 5.4% in the first quarter. JPMorgan Chase & Co. now owns 39,357 shares of the company’s stock valued at $5,870,000 after acquiring an additional 2,004 shares in the last quarter. Raymond James & Associates boosted its holdings in Lancaster Colony by 10.8% in the first quarter. Raymond James & Associates now owns 19,450 shares of the company’s stock valued at $2,901,000 after acquiring an additional 1,895 shares in the last quarter. PNC Financial Services Group Inc. boosted its holdings in Lancaster Colony by 6.0% in the first quarter. PNC Financial Services Group Inc. now owns 2,852 shares of the company’s stock valued at $425,000 after acquiring an additional 162 shares in the last quarter. Finally, MetLife Investment Management LLC boosted its holdings in Lancaster Colony by 39.4% in the first quarter. MetLife Investment Management LLC now owns 22,578 shares of the company’s stock valued at $3,368,000 after acquiring an additional 6,376 shares in the last quarter. 66.44% of the stock is owned by hedge funds and other institutional investors.

Lancaster Colony Stock Down 2.4 %

Lancaster Colony stock opened at $185.40 on Thursday. The business has a 50-day simple moving average of $200.02 and a two-hundred day simple moving average of $180.81. The company has a market cap of $5.10 billion, a P/E ratio of 39.62 and a beta of 0.35. Lancaster Colony Co. has a 52-week low of $158.88 and a 52-week high of $220.65.

Lancaster Colony (NASDAQ:LANC) last released its quarterly earnings results on Thursday, February 1st. The company reported $1.93 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.66 by $0.27. The business had revenue of $485.92 million during 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%. Research analysts anticipate that Lancaster Colony Co. will post 6.47 EPS for the current fiscal year.

Lancaster Colony Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Investors of record on Thursday, March 7th were paid a dividend of $0.90 per share. The ex-dividend date was Wednesday, March 6th. This represents a $3.60 dividend on an annualized basis and a dividend yield of 1.94%. Lancaster Colony’s dividend payout ratio (DPR) is presently 76.92%.

Insider Activity at Lancaster Colony

In related news, insider Kristin Bird sold 1,207 shares of the business’s stock in a transaction that occurred on Friday, February 16th. The stock was sold at an average price of $192.66, for a total transaction of $232,540.62. Following the completion of the transaction, the insider now directly owns 3,546 shares in the company, valued at approximately $683,172.36. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. 29.60% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

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

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.