Metropolitan Life Insurance Co. NY trimmed its position in Lancaster Colony Corp. (NASDAQ:LANC) by 63.3% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 10,959 shares of the company’s stock after selling 18,885 shares during the quarter. Metropolitan Life Insurance Co. NY’s holdings in Lancaster Colony were worth $1,416,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. Vident Investment Advisory LLC raised its stake in shares of Lancaster Colony by 78.8% in the fourth quarter. Vident Investment Advisory LLC now owns 3,131 shares of the company’s stock valued at $405,000 after purchasing an additional 1,380 shares in the last quarter. Dean Capital Management acquired a new position in Lancaster Colony during the fourth quarter worth $3,356,000. Jane Street Group LLC raised its stake in Lancaster Colony by 56.7% during the fourth quarter. Jane Street Group LLC now owns 7,684 shares of the company’s stock worth $993,000 after acquiring an additional 2,780 shares in the last quarter. Teachers Advisors LLC raised its stake in Lancaster Colony by 2.3% during the fourth quarter. Teachers Advisors LLC now owns 180,387 shares of the company’s stock worth $23,308,000 after acquiring an additional 4,036 shares in the last quarter. Finally, Raymond James & Associates acquired a new position in Lancaster Colony during the fourth quarter worth $276,000. Institutional investors and hedge funds own 53.16% of the company’s stock.
Lancaster Colony stock opened at $123.14 on Friday. Lancaster Colony Corp. has a 52-week low of $113.33 and a 52-week high of $135.86. The firm has a market cap of $3,380.44, a price-to-earnings ratio of 29.32 and a beta of 1.05.
The firm also recently announced a quarterly dividend, which was paid on Friday, March 30th. Stockholders of record on Friday, March 9th were issued a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a dividend yield of 1.95%. The ex-dividend date of this dividend was Thursday, March 8th. Lancaster Colony’s payout ratio is presently 51.95%.
Several research firms have issued reports on LANC. Zacks Investment Research lowered Lancaster Colony from a “hold” rating to a “strong sell” rating in a research note on Friday, February 16th. BidaskClub lowered Lancaster Colony from a “sell” rating to a “strong sell” rating in a research note on Saturday, January 6th. Two research analysts have rated the stock with a sell rating and three have assigned a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus target price of $153.00.
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About Lancaster Colony
Lancaster Colony Corporation manufactures and markets specialty food products for the retail and foodservice markets in the United States. It offers salad dressings and sauces under the Marzetti, Marzetti Simply Dressed, Cardini's, and Girard's brands; vegetable dips and fruit dips under the Marzetti brand; frozen garlic breads under the New York BRAND Bakery, Mamma Bella, and Mamma Bella's brands; and frozen Parkerhouse style yeast and dinner rolls under the Sister Schubert's and Mary B's brands.
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