Renaissance Technologies LLC raised its stake in The Marzetti Company (NASDAQ:MZTI – Free Report) by 4.0% during the first quarter, HoldingsChannel.com reports. The fund owned 370,780 shares of the company’s stock after purchasing an additional 14,400 shares during the quarter. Renaissance Technologies LLC’s holdings in Marzetti were worth $51,290,000 at the end of the most recent reporting period.
Several other hedge funds have also bought and sold shares of the stock. Wesbanco Bank Inc. bought a new stake in shares of Marzetti in the fourth quarter worth about $26,736,000. Principal Financial Group Inc. purchased a new stake in shares of Marzetti in the fourth quarter worth about $40,196,000. F m Investments LLC bought a new position in Marzetti during the fourth quarter valued at approximately $2,417,000. Retirement Systems of Alabama bought a new position in Marzetti during the fourth quarter valued at approximately $4,014,000. Finally, Hsbc Holdings PLC purchased a new position in Marzetti during the 4th quarter valued at approximately $1,839,000. Hedge funds and other institutional investors own 66.44% of the company’s stock.
Analyst Upgrades and Downgrades
A number of analysts have issued reports on MZTI shares. DA Davidson raised Marzetti to a “hold” rating in a research note on Monday, July 6th. Weiss Ratings downgraded Marzetti from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Wednesday, May 20th. Finally, Stephens cut their target price 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. One investment analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat, Marzetti currently has a consensus rating of “Hold” and a consensus target price of $169.33.
Marzetti Stock Up 0.3%
Marzetti stock opened at $107.48 on Tuesday. The company’s 50-day moving average price is $110.79 and its 200-day moving average price is $135.40. The Marzetti Company has a twelve month low of $104.28 and a twelve month high of $190.96. The company has a market cap of $2.95 billion, a PE ratio of 16.82 and a beta of 0.32.
Marzetti Announces Dividend
The business also recently disclosed a quarterly dividend, which was paid on Tuesday, June 30th. Shareholders of record on Friday, June 5th were paid a dividend of $1.00 per share. This represents a $4.00 annualized dividend and a yield of 3.7%. The ex-dividend date of this dividend was Friday, June 5th. Marzetti’s payout ratio is presently 62.60%.
Insiders Place Their Bets
In other Marzetti news, insider Luis Viso sold 1,221 shares of the company’s stock in a transaction that occurred on Thursday, June 11th. The stock was sold at an average price of $109.31, for a total transaction of $133,467.51. Following the sale, the insider directly owned 1,924 shares in the company, valued at $210,312.44. This 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 this link. 29.10% of the stock is owned by insiders.
About Marzetti
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.
Read More
- Five stocks we like better than Marzetti
- AirJoule’s Kubota Deal Is a Major Validation—But the Hard Part Comes Next
- Dividend Stocks May Be the Quiet Rotation Trade Investors Are Missing Now
- Refiner Stocks Are Near Record Highs—Can Iran-Driven Margins Keep Them There?
- Verizon May Be an AI Infrastructure Stock Hiding in Plain Sight
Want to see what other hedge funds are holding MZTI? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for The Marzetti Company (NASDAQ:MZTI – Free Report).
Receive News & Ratings for Marzetti Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Marzetti and related companies with MarketBeat.com's FREE daily email newsletter.
