Dearborn Partners LLC acquired a new position in The Marzetti Company (NASDAQ:MZTI – Free Report) during the second quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 6,060 shares of the company’s stock, valued at approximately $692,000.
Several other hedge funds have also recently bought and sold shares of the company. Oregon Public Employees Retirement Fund grew its position in Marzetti by 2.5% in the 1st quarter. Oregon Public Employees Retirement Fund now owns 4,162 shares of the company’s stock worth $576,000 after purchasing an additional 100 shares during the last quarter. State of Michigan Retirement System increased its stake in shares of Marzetti by 2.1% in the first quarter. State of Michigan Retirement System now owns 4,932 shares of the company’s stock valued at $682,000 after purchasing an additional 100 shares during the period. CIBC Private Wealth Group LLC bought a new stake in shares of Marzetti during the fourth quarter valued at approximately $32,000. Parkside Financial Bank & Trust bought a new stake in shares of Marzetti during the fourth quarter valued at approximately $32,000. Finally, Caitong International Asset Management Co. Ltd acquired a new position in shares of Marzetti during the fourth quarter worth approximately $33,000. 66.44% of the stock is currently owned by institutional investors.
Marzetti Trading Up 2.1%
Marzetti stock opened at $114.84 on Friday. The firm has a 50 day simple moving average of $112.11 and a 200-day simple moving average of $126.68. The company has a debt-to-equity ratio of 0.18, a current ratio of 1.56 and a quick ratio of 1.70. The stock has a market capitalization of $3.13 billion, a PE ratio of 16.48 and a beta of 0.32. The Marzetti Company has a 12-month low of $104.28 and a 12-month high of $186.95.
Marzetti Dividend Announcement
The company also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Tuesday, September 8th will be given a dividend of $1.00 per share. The ex-dividend date is Tuesday, September 8th. This represents a $4.00 annualized dividend and a dividend yield of 3.5%. Marzetti’s dividend payout ratio (DPR) is 62.60%.
Insider Activity at Marzetti
In other news, insider Luis Viso sold 1,221 shares of the company’s stock in a transaction on Thursday, June 11th. The stock was 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 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 filing with the SEC, which is available through this link. Corporate insiders own 29.10% of the company’s stock.
Wall Street Analysts Forecast Growth
A number of brokerages recently issued reports on MZTI. Stephens reissued an “equal weight” rating and issued a $140.00 price objective on shares of Marzetti in a report on Wednesday. Weiss Ratings reissued a “sell (d+)” rating on shares of Marzetti in a research note on Monday, August 17th. Finally, DA Davidson lowered their price target on Marzetti from $168.00 to $130.00 and set a “neutral” rating on the stock in a report on Wednesday. Two analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of “Reduce” and a consensus target price of $135.00.
Marzetti Company 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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