Point72 Asset Management L.P. Decreases Stock Holdings in Lancaster Colony Co. (NASDAQ:LANC)

Point72 Asset Management L.P. lowered its holdings in shares of Lancaster Colony Co. (NASDAQ:LANC - Free Report) by 69.4% in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 3,300 shares of the company's stock after selling 7,500 shares during the quarter. Point72 Asset Management L.P.'s holdings in Lancaster Colony were worth $571,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also recently made changes to their positions in the business. Independence Bank of Kentucky purchased a new position in Lancaster Colony during the fourth quarter valued at $630,000. Allspring Global Investments Holdings LLC grew its stake in shares of Lancaster Colony by 24.1% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 13,177 shares of the company's stock valued at $2,281,000 after acquiring an additional 2,559 shares during the period. Bank of New York Mellon Corp grew its stake in shares of Lancaster Colony by 4.8% during the 4th quarter. Bank of New York Mellon Corp now owns 213,854 shares of the company's stock valued at $37,027,000 after acquiring an additional 9,861 shares during the period. Charles Schwab Investment Management Inc. increased its holdings in Lancaster Colony by 1.8% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 285,999 shares of the company's stock worth $49,518,000 after acquiring an additional 5,168 shares in the last quarter. Finally, Wealthfront Advisers LLC purchased a new position in Lancaster Colony during the fourth quarter valued at approximately $318,000. Institutional investors own 66.44% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on LANC. Stephens decreased their target price on Lancaster Colony from $200.00 to $195.00 and set an "equal weight" rating on the stock in a research note on Thursday, May 1st. DA Davidson boosted their target price on shares of Lancaster Colony from $192.00 to $207.00 and gave the stock a "neutral" rating in a report on Monday, February 10th. Wall Street Zen lowered shares of Lancaster Colony from a "buy" rating to a "hold" rating in a research report on Monday, May 5th. Finally, Benchmark raised shares of Lancaster Colony from a "hold" rating to a "buy" rating and set a $185.00 target price for the company in a research note on Thursday, May 1st. Three research analysts have rated the stock with a hold rating and two have given a buy rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus target price of $203.50.

Lancaster Colony Stock Performance

NASDAQ LANC traded down $3.68 during trading on Wednesday, hitting $164.40. The stock had a trading volume of 28,487 shares, compared to its average volume of 147,543. The stock has a 50 day simple moving average of $174.99 and a 200 day simple moving average of $179.64. Lancaster Colony Co. has a one year low of $156.14 and a one year high of $202.63. The stock has a market capitalization of $4.53 billion, a price-to-earnings ratio of 28.91 and a beta of 0.50.

Lancaster Colony (NASDAQ:LANC - Get Free Report) last issued its earnings results on Wednesday, April 30th. The company reported $1.54 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.61 by ($0.07). The company had revenue of $457.84 million for the quarter, compared to analysts' expectations of $483.47 million. Lancaster Colony had a net margin of 8.26% and a return on equity of 19.51%. The firm's revenue for the quarter was down 2.9% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.44 earnings per share. On average, sell-side analysts predict that Lancaster Colony Co. will post 6.8 EPS for the current year.

Lancaster Colony Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Friday, June 6th will be given a $0.95 dividend. The ex-dividend date of this dividend is Friday, June 6th. This represents a $3.80 dividend on an annualized basis and a dividend yield of 2.31%. Lancaster Colony's payout ratio is 61.79%.

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.