KBC Group NV Buys 23,274 Shares of The Marzetti Company $MZTI

Key Points

• KBC Group NV sharply increased its stake in The Marzetti Company, buying 23,274 additional shares in the first quarter and lifting its holdings to 23,998 shares worth about $3.32 million.
• Institutional ownership remains high, with 66.44% of Marzetti’s stock held by institutional investors and hedge funds. Several other funds also added modest positions during the period.
• Marzetti shares are under pressure, trading near $107.19 versus a 52-week high of $190.96, while the company continues to pay a quarterly dividend of $1.00 per share, or $4.00 annually, for a 3.7% yield.

KBC Group NV grew its stake in The Marzetti Company (NASDAQ:MZTI - Free Report) by 3,214.6% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 23,998 shares of the company's stock after purchasing an additional 23,274 shares during the period. KBC Group NV owned about 0.09% of Marzetti worth $3,320,000 as of its most recent SEC filing.

• Lancaster Colony Corporation NASDAQ: LANC Is About To Raise The Dividend

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Oregon Public Employees Retirement Fund raised its position in shares of Marzetti by 2.5% during the first quarter. Oregon Public Employees Retirement Fund now owns 4,162 shares of the company's stock valued at $576,000 after buying an additional 100 shares during the last quarter. State of Michigan Retirement System grew its position in Marzetti by 2.1% during the first quarter. State of Michigan Retirement System now owns 4,932 shares of the company's stock worth $682,000 after buying an additional 100 shares in the last quarter. CIBC Private Wealth Group LLC acquired a new stake in Marzetti during the fourth quarter worth about $32,000. Parkside Financial Bank & Trust bought a new position in Marzetti during the fourth quarter valued at about $32,000. Finally, Caitong International Asset Management Co. Ltd bought a new position in Marzetti during the fourth quarter valued at about $33,000. 66.44% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Marzetti news, insider Luis Viso sold 1,221 shares of the firm's stock in a transaction dated Thursday, June 11th. The shares were sold at an average price of $109.31, for a total transaction of $133,467.51. Following the completion of the transaction, the insider owned 1,924 shares in the company, 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 Securities & Exchange Commission, which is available at this link. 29.10% of the stock is currently owned by corporate insiders.

Marzetti Stock Performance

NASDAQ:MZTI opened at $107.19 on Friday. The company has a 50-day moving average of $110.90 and a 200-day moving average of $136.00. The Marzetti Company has a 52 week low of $104.28 and a 52 week high of $190.96. The company has a market capitalization of $2.94 billion, a price-to-earnings ratio of 16.77 and a beta of 0.32.

Marzetti Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, June 30th. Investors of record on Friday, June 5th were given a $1.00 dividend. 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 dividend payout ratio is 62.60%.

Analyst Ratings Changes

Several research firms have commented on MZTI. DA Davidson raised Marzetti to a "hold" rating in a report on Monday, July 6th. Weiss Ratings lowered Marzetti from a "hold (c-)" rating to a "sell (d+)" rating in a report on Wednesday, May 20th. Finally, Stephens lowered their price objective on Marzetti from $160.00 to $140.00 and set an "equal weight" rating on the stock in a research report on Wednesday, May 6th. One investment analyst has rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Marzetti currently has an average rating of "Hold" and an average target price of $169.33.

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.

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).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.