Mesirow Institutional Investment Management Inc. Lowers Holdings in Lancaster Colony Co. (NASDAQ:LANC)

Mesirow Institutional Investment Management Inc. reduced its stake in shares of Lancaster Colony Co. (NASDAQ:LANC) by 29.8% during the 2nd quarter, according to its most recent filing with the SEC. The firm owned 60,511 shares of the company’s stock after selling 25,721 shares during the period. Mesirow Institutional Investment Management Inc. owned approximately 0.22% of Lancaster Colony worth $11,435,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. Opal Wealth Advisors LLC purchased a new position in Lancaster Colony during the second quarter valued at approximately $28,000. GAMMA Investing LLC lifted its stake in shares of Lancaster Colony by 115.9% in the 2nd quarter. GAMMA Investing LLC now owns 177 shares of the company’s stock valued at $33,000 after purchasing an additional 95 shares during the period. Thurston Springer Miller Herd & Titak Inc. acquired a new position in shares of Lancaster Colony in the 2nd quarter valued at $38,000. Brown Brothers Harriman & Co. purchased a new stake in Lancaster Colony during the fourth quarter worth $67,000. Finally, Clarity Asset Management Inc. acquired a new stake in Lancaster Colony during the fourth quarter valued at $70,000. Institutional investors and hedge funds own 66.44% of the company’s stock.

Lancaster Colony Stock Performance

NASDAQ LANC opened at $170.79 on Wednesday. The business has a fifty day moving average price of $186.29 and a 200 day moving average price of $191.68. The company has a market cap of $4.70 billion, a P/E ratio of 35.43 and a beta of 0.37. Lancaster Colony Co. has a one year low of $158.88 and a one year high of $215.31.

Lancaster Colony Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Monday, September 9th will be given a $0.90 dividend. This represents a $3.60 dividend on an annualized basis and a dividend yield of 2.11%. The ex-dividend date is Monday, September 9th. Lancaster Colony’s dividend payout ratio (DPR) is 74.69%.

Insider Transactions at Lancaster Colony

In other Lancaster Colony news, Director Elliot K. Fullen bought 3,000 shares of the firm’s stock in a transaction on Tuesday, August 27th. The shares were acquired at an average cost of $169.00 per share, with a total value of $507,000.00. Following the purchase, the director now directly owns 5,298 shares of the company’s stock, valued at approximately $895,362. The acquisition was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 29.60% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have weighed in on the stock. Loop Capital decreased their price objective on shares of Lancaster Colony from $236.00 to $232.00 and set a “buy” rating for the company in a research report on Monday, August 26th. Stephens reduced their price target on Lancaster Colony from $205.00 to $200.00 and set an “equal weight” rating for the company in a report on Friday, August 23rd. Finally, StockNews.com lowered Lancaster Colony from a “buy” rating to a “hold” rating in a report on Friday, August 23rd. Four analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $195.75.

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.