Hsbc Holdings PLC acquired a new stake in shares of The Marzetti Company (NASDAQ:MZTI – Free Report) in the fourth quarter, HoldingsChannel.com reports. The firm acquired 11,201 shares of the company’s stock, valued at approximately $1,839,000.
Several other institutional investors and hedge funds also recently made changes to their positions in MZTI. CIBC Private Wealth Group LLC bought a new stake in shares of Marzetti in the 4th quarter worth about $32,000. Parkside Financial Bank & Trust bought a new position in Marzetti during the 4th quarter valued at about $32,000. Thurston Springer Miller Herd & Titak Inc. acquired a new position in Marzetti in the fourth quarter valued at about $33,000. Caitong International Asset Management Co. Ltd acquired a new position in Marzetti in the fourth quarter valued at about $33,000. Finally, Rockefeller Capital Management L.P. bought a new stake in Marzetti during the fourth quarter worth about $35,000. Institutional investors and hedge funds own 66.44% of the company’s stock.
Wall Street Analysts Forecast Growth
MZTI has been the subject of several recent analyst reports. Stephens dropped their price objective on shares of Marzetti from $160.00 to $140.00 and set an “equal weight” rating for the company in a report on Wednesday, May 6th. Weiss Ratings lowered Marzetti from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Wednesday, May 20th. Finally, DA Davidson raised Marzetti to a “hold” rating in a report on Monday, July 6th. One investment analyst has rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, Marzetti currently has an average rating of “Hold” and an average price target of $169.33.
Insider Activity at Marzetti
In related news, insider Luis Viso sold 1,221 shares of the firm’s stock in a transaction that occurred on Thursday, June 11th. The shares were sold at an average price of $109.31, for a total value of $133,467.51. Following the completion of the sale, the insider owned 1,924 shares of the company’s stock, valued at $210,312.44. This trade represents a 38.82% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 29.10% of the stock is owned by company insiders.
Marzetti Stock Up 2.4%
NASDAQ:MZTI traded up $2.71 during mid-day trading on Friday, reaching $114.80. 183,301 shares of the company were exchanged, compared to its average volume of 336,367. The stock has a market cap of $3.15 billion, a PE ratio of 17.97 and a beta of 0.32. The Marzetti Company has a 12 month low of $104.28 and a 12 month high of $190.96. The company has a fifty day moving average of $112.54 and a 200 day moving average of $139.96.
Marzetti Dividend Announcement
The business also recently declared a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Friday, June 5th were paid a dividend of $1.00 per share. This represents a $4.00 annualized dividend and a dividend yield of 3.5%. The ex-dividend date of this dividend was Friday, June 5th. Marzetti’s dividend payout ratio is 62.60%.
Marzetti 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.
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