Bank of New York Mellon Corp Sells 2,841 Shares of Lancaster Colony Corporation (NASDAQ:LANC)

Bank of New York Mellon Corp lowered its position in Lancaster Colony Corporation (NASDAQ:LANCFree Report) by 1.3% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 211,013 shares of the company’s stock after selling 2,841 shares during the period. Bank of New York Mellon Corp owned about 0.77% of Lancaster Colony worth $36,927,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in LANC. Opal Wealth Advisors LLC bought a new stake in Lancaster Colony in the first quarter worth about $26,000. Farther Finance Advisors LLC increased its holdings in Lancaster Colony by 1,078.9% during the 4th quarter. Farther Finance Advisors LLC now owns 448 shares of the company’s stock worth $78,000 after acquiring an additional 410 shares during the period. Blue Trust Inc. increased its holdings in Lancaster Colony by 20.9% during the 1st quarter. Blue Trust Inc. now owns 602 shares of the company’s stock worth $105,000 after acquiring an additional 104 shares during the period. Covestor Ltd increased its holdings in Lancaster Colony by 48.4% during the 4th quarter. Covestor Ltd now owns 724 shares of the company’s stock worth $126,000 after acquiring an additional 236 shares during the period. Finally, Wealth Enhancement Advisory Services LLC bought a new stake in Lancaster Colony during the 4th quarter worth approximately $206,000. Hedge funds and other institutional investors own 66.44% of the company’s stock.

Lancaster Colony Trading Up 0.6%

NASDAQ:LANC opened at $172.77 on Tuesday. The company has a 50-day moving average price of $168.42 and a 200-day moving average price of $176.04. Lancaster Colony Corporation has a 12 month low of $156.14 and a 12 month high of $202.63. The stock has a market cap of $4.76 billion, a price-to-earnings ratio of 28.09 and a beta of 0.47.

Lancaster Colony (NASDAQ:LANCGet Free Report) last issued its quarterly earnings results on Wednesday, April 30th. The company reported $1.54 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.61 by ($0.07). Lancaster Colony had a return on equity of 19.30% and a net margin of 8.99%. The business had revenue of $457.84 million during the quarter, compared to the consensus estimate of $483.47 million. During the same quarter in the previous year, the business earned $1.44 earnings per share. The firm’s revenue was down 2.9% compared to the same quarter last year. Equities analysts forecast that Lancaster Colony Corporation will post 6.8 EPS for the current fiscal year.

Lancaster Colony Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Friday, June 6th were issued a dividend of $0.95 per share. This represents a $3.80 dividend on an annualized basis and a dividend yield of 2.20%. The ex-dividend date was Friday, June 6th. Lancaster Colony’s payout ratio is presently 61.79%.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the stock. Benchmark raised shares of Lancaster Colony from a “hold” rating to a “buy” rating and set a $185.00 price target for the company in a research note on Thursday, May 1st. Stephens dropped their price target on shares of Lancaster Colony from $200.00 to $195.00 and set an “equal weight” rating for the company in a research report on Thursday, May 1st. Finally, Wall Street Zen cut shares of Lancaster Colony from a “buy” rating to a “hold” rating in a research report on Monday, May 5th. Three analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $203.50.

View Our Latest Report on LANC

About Lancaster Colony

(Free Report)

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.

Further Reading

Institutional Ownership by Quarter for Lancaster Colony (NASDAQ:LANC)

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