Corebridge Financial Inc. Sells 1,677 Shares of Lancaster Colony Co. (NASDAQ:LANC)

Corebridge Financial Inc. trimmed its stake in shares of Lancaster Colony Co. (NASDAQ:LANC) by 5.1% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 31,428 shares of the company’s stock after selling 1,677 shares during the quarter. Corebridge Financial Inc.’s holdings in Lancaster Colony were worth $5,441,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of LANC. Eagle Bay Advisors LLC bought a new stake in shares of Lancaster Colony during the 4th quarter worth about $38,000. GAMMA Investing LLC boosted its holdings in shares of Lancaster Colony by 56.4% during the fourth quarter. GAMMA Investing LLC now owns 280 shares of the company’s stock worth $48,000 after acquiring an additional 101 shares during the period. Farther Finance Advisors LLC grew its position in shares of Lancaster Colony by 1,078.9% in the fourth quarter. Farther Finance Advisors LLC now owns 448 shares of the company’s stock valued at $78,000 after purchasing an additional 410 shares during the last quarter. KBC Group NV increased its stake in shares of Lancaster Colony by 80.4% during the fourth quarter. KBC Group NV now owns 893 shares of the company’s stock worth $155,000 after purchasing an additional 398 shares during the period. Finally, Blue Trust Inc. lifted its holdings in Lancaster Colony by 62.1% during the 4th quarter. Blue Trust Inc. now owns 932 shares of the company’s stock worth $165,000 after purchasing an additional 357 shares during the last quarter. 66.44% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Lancaster Colony

In other news, CEO David Alan Ciesinski sold 17,000 shares of the business’s stock in a transaction on Thursday, February 13th. The stock was sold at an average price of $191.19, for a total transaction of $3,250,230.00. Following the completion of the transaction, the chief executive officer now owns 54,644 shares of the company’s stock, valued at approximately $10,447,386.36. The trade was a 23.73 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 29.50% of the company’s stock.

Lancaster Colony Stock Performance

NASDAQ:LANC opened at $174.79 on Friday. The company has a market cap of $4.82 billion, a price-to-earnings ratio of 30.72 and a beta of 0.31. Lancaster Colony Co. has a fifty-two week low of $163.20 and a fifty-two week high of $207.05. The stock has a fifty day moving average price of $182.79 and a 200-day moving average price of $181.32.

Lancaster Colony (NASDAQ:LANC) last posted its quarterly earnings data on Tuesday, February 4th. The company reported $2.22 earnings per share for the quarter, topping the consensus estimate of $1.94 by $0.28. Lancaster Colony had a net margin of 8.26% and a return on equity of 19.51%. The business had revenue of $509.30 million during the quarter, compared to analysts’ expectations of $495.43 million. During the same quarter in the prior year, the business posted $1.87 earnings per share. Lancaster Colony’s revenue was up 4.8% compared to the same quarter last year. Research analysts predict that Lancaster Colony Co. will post 6.8 EPS for the current fiscal year.

Lancaster Colony Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Friday, March 7th will be paid a $0.95 dividend. The ex-dividend date of this dividend is Friday, March 7th. This represents a $3.80 dividend on an annualized basis and a yield of 2.17%. Lancaster Colony’s dividend payout ratio (DPR) is 66.78%.

Analysts Set New Price Targets

A number of brokerages have commented on LANC. Stephens upped their price objective on Lancaster Colony from $196.00 to $200.00 and gave the company an “equal weight” rating in a report on Wednesday, February 5th. DA Davidson upped their price target on shares of Lancaster Colony from $192.00 to $207.00 and gave the company a “neutral” rating in a research note on Monday, February 10th. Finally, StockNews.com raised shares of Lancaster Colony from a “hold” rating to a “buy” rating in a research report on Thursday, February 6th. Three analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $211.33.

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.