Cresset Asset Management LLC Sells 883 Shares of Lancaster Colony Co. (NASDAQ:LANC)

Cresset Asset Management LLC lessened its holdings in shares of Lancaster Colony Co. (NASDAQ:LANC) by 21.7% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,183 shares of the company’s stock after selling 883 shares during the quarter. Cresset Asset Management LLC’s holdings in Lancaster Colony were worth $551,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Farther Finance Advisors LLC increased its stake in Lancaster Colony by 1,078.9% during the 4th quarter. Farther Finance Advisors LLC now owns 448 shares of the company’s stock valued at $78,000 after purchasing an additional 410 shares in the last quarter. Covestor Ltd increased its stake in Lancaster Colony by 48.4% during the 4th quarter. Covestor Ltd now owns 724 shares of the company’s stock valued at $126,000 after purchasing an additional 236 shares in the last quarter. KBC Group NV increased its stake in Lancaster Colony by 80.4% during the 4th quarter. KBC Group NV now owns 893 shares of the company’s stock valued at $155,000 after purchasing an additional 398 shares in the last quarter. Blue Trust Inc. increased its stake in Lancaster Colony by 62.1% during the 4th quarter. Blue Trust Inc. now owns 932 shares of the company’s stock valued at $165,000 after purchasing an additional 357 shares in the last quarter. Finally, Landing Point Financial Group LLC bought a new stake in Lancaster Colony during the 4th quarter valued at $229,000. Institutional investors own 66.44% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on LANC shares. Benchmark upgraded 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. DA Davidson upped their target price on shares of Lancaster Colony from $192.00 to $207.00 and gave the stock a “neutral” rating in a research note on Monday, February 10th. Stephens reduced their target price on shares of Lancaster Colony from $200.00 to $195.00 and set an “equal weight” rating for the company in a research note on Thursday, May 1st. Finally, StockNews.com lowered shares of Lancaster Colony from a “buy” rating to a “hold” rating in a research note on Monday, May 5th. Three investment analysts have rated the stock with a hold rating and two have given a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and an average target price of $203.50.

Lancaster Colony Stock Performance

LANC opened at $165.48 on Thursday. The firm has a market cap of $4.56 billion, a P/E ratio of 29.08 and a beta of 0.50. The firm has a 50-day moving average of $178.17 and a 200 day moving average of $181.15. Lancaster Colony Co. has a fifty-two week low of $156.14 and a fifty-two week high of $202.63.

Lancaster Colony (NASDAQ:LANC) last posted its quarterly earnings results on Wednesday, April 30th. The company reported $1.54 earnings per share for the quarter, missing the consensus estimate of $1.61 by ($0.07). The company had revenue of $457.84 million for the quarter, compared to the consensus estimate of $483.47 million. Lancaster Colony had a net margin of 8.26% and a return on equity of 19.51%. Lancaster Colony’s quarterly revenue was down 2.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.44 EPS. Equities research analysts predict that Lancaster Colony Co. will post 6.8 earnings per share for the current fiscal year.

Lancaster Colony Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Friday, June 6th will be given a dividend of $0.95 per share. This represents a $3.80 annualized dividend and a yield of 2.30%. Lancaster Colony’s payout ratio is currently 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.