Legacy Wealth Asset Management LLC Has $683,000 Stock Holdings in Lancaster Colony Co. (NASDAQ:LANC)

Legacy Wealth Asset Management LLC lessened its holdings in Lancaster Colony Co. (NASDAQ:LANC) by 1.6% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 3,943 shares of the company’s stock after selling 66 shares during the quarter. Legacy Wealth Asset Management LLC’s holdings in Lancaster Colony were worth $683,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in LANC. Park Avenue Securities LLC grew its position in Lancaster Colony by 22.6% in the fourth quarter. Park Avenue Securities LLC now owns 6,278 shares of the company’s stock valued at $1,087,000 after acquiring an additional 1,157 shares during the period. Eagle Bay Advisors LLC bought a new stake in shares of Lancaster Colony in the 4th quarter worth about $38,000. First Hawaiian Bank increased its position in shares of Lancaster Colony by 15.4% during the 4th quarter. First Hawaiian Bank now owns 3,337 shares of the company’s stock worth $578,000 after purchasing an additional 445 shares in the last quarter. GAMMA Investing LLC lifted its holdings in Lancaster Colony by 56.4% during the 4th quarter. GAMMA Investing LLC now owns 280 shares of the company’s stock valued at $48,000 after purchasing an additional 101 shares during the last quarter. Finally, JPMorgan Chase & Co. boosted its position in Lancaster Colony by 1.9% in the third quarter. JPMorgan Chase & Co. now owns 61,579 shares of the company’s stock valued at $10,873,000 after buying an additional 1,132 shares in the last quarter. Institutional investors own 66.44% of the company’s stock.

Lancaster Colony Price Performance

Shares of Lancaster Colony stock opened at $171.10 on Friday. The firm has a 50 day simple moving average of $180.68 and a 200 day simple moving average of $182.20. Lancaster Colony Co. has a fifty-two week low of $163.20 and a fifty-two week high of $215.31. The firm has a market cap of $4.72 billion, a P/E ratio of 29.60 and a beta of 0.36.

Lancaster Colony (NASDAQ:LANC) last released its earnings results on Thursday, October 31st. The company reported $1.62 earnings per share for the quarter, missing analysts’ consensus estimates of $1.70 by ($0.08). The firm had revenue of $466.56 million for the quarter, compared to the consensus estimate of $468.36 million. Lancaster Colony had a return on equity of 19.01% and a net margin of 8.49%. The company’s revenue was up 1.1% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.70 EPS. On average, sell-side analysts expect that Lancaster Colony Co. will post 6.7 EPS for the current year.

Lancaster Colony Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, December 31st. Shareholders of record on Thursday, December 5th were given a dividend of $0.95 per share. The ex-dividend date was Thursday, December 5th. This is an increase from Lancaster Colony’s previous quarterly dividend of $0.90. This represents a $3.80 dividend on an annualized basis and a yield of 2.22%. Lancaster Colony’s dividend payout ratio is presently 65.74%.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on the stock. Loop Capital cut their target price on shares of Lancaster Colony from $232.00 to $227.00 and set a “buy” rating for the company in a research note on Friday, November 1st. Stephens reiterated an “equal weight” rating and issued a $196.00 price objective on shares of Lancaster Colony in a research report on Tuesday, November 19th. Finally, Benchmark restated a “hold” rating on shares of Lancaster Colony in a report on Tuesday, November 19th.

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.