Amalgamated Bank Cuts Stake in Lancaster Colony Co. (NASDAQ:LANC)

Amalgamated Bank cut its stake in Lancaster Colony Co. (NASDAQ:LANC) by 10.2% during the 3rd quarter, HoldingsChannel reports. The firm owned 8,858 shares of the company’s stock after selling 1,009 shares during the quarter. Amalgamated Bank’s holdings in Lancaster Colony were worth $1,564,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in the stock. Consolidated Planning Corp raised its position in Lancaster Colony by 4.5% in the second quarter. Consolidated Planning Corp now owns 1,232 shares of the company’s stock valued at $233,000 after purchasing an additional 53 shares during the period. Asset Management One Co. Ltd. raised its position in Lancaster Colony by 2.3% in the third quarter. Asset Management One Co. Ltd. now owns 2,506 shares of the company’s stock valued at $442,000 after purchasing an additional 57 shares during the period. Creative Financial Designs Inc. ADV raised its position in Lancaster Colony by 1.8% in the third quarter. Creative Financial Designs Inc. ADV now owns 3,805 shares of the company’s stock valued at $672,000 after purchasing an additional 67 shares during the period. AlphaMark Advisors LLC raised its position in Lancaster Colony by 5.2% in the third quarter. AlphaMark Advisors LLC now owns 1,686 shares of the company’s stock valued at $298,000 after purchasing an additional 83 shares during the period. Finally, Benjamin F. Edwards & Company Inc. raised its position in Lancaster Colony by 0.6% in the second quarter. Benjamin F. Edwards & Company Inc. now owns 15,179 shares of the company’s stock valued at $2,868,000 after purchasing an additional 87 shares during the period. 66.44% of the stock is owned by hedge funds and other institutional investors.

Lancaster Colony Stock Performance

NASDAQ:LANC opened at $192.25 on Wednesday. The company has a market capitalization of $5.30 billion, a price-to-earnings ratio of 33.31 and a beta of 0.35. Lancaster Colony Co. has a one year low of $161.54 and a one year high of $215.31. The stock has a 50-day simple moving average of $180.12 and a 200 day simple moving average of $185.00.

Lancaster Colony (NASDAQ:LANC) last posted its quarterly earnings results on Thursday, October 31st. The company reported $1.62 EPS for the quarter, missing analysts’ consensus estimates of $1.70 by ($0.08). The firm had revenue of $466.56 million during the quarter, compared to analyst estimates of $468.36 million. Lancaster Colony had a return on equity of 19.01% and a net margin of 8.49%. The firm’s revenue for the quarter was up 1.1% on a year-over-year basis. During the same quarter last year, the business posted $1.70 earnings per share. On average, equities research analysts forecast that Lancaster Colony Co. will post 6.72 EPS for the current fiscal year.

Lancaster Colony Increases Dividend

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

Insider Buying and Selling

In other Lancaster Colony news, Director Elliot K. Fullen bought 3,000 shares of the business’s stock in a transaction on Tuesday, August 27th. The shares were purchased at an average price of $169.00 per share, with a total value of $507,000.00. Following the completion of the acquisition, the director now directly owns 5,298 shares of the company’s stock, valued at approximately $895,362. The trade was a 100.00 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders own 29.50% of the company’s stock.

Analyst Ratings Changes

Several analysts have recently weighed in on the company. StockNews.com downgraded Lancaster Colony from a “buy” rating to a “hold” rating in a research note on Friday, August 23rd. Loop Capital lowered their target price on Lancaster Colony from $232.00 to $227.00 and set a “buy” rating for the company in a research note on Friday, November 1st. Benchmark restated a “hold” rating on shares of Lancaster Colony in a research note on Friday, November 1st. Finally, Stephens lowered their target price on Lancaster Colony from $200.00 to $196.00 and set an “equal weight” rating for the company in a research note on Friday, November 1st. Five investment analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $193.50.

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.