Lazard Asset Management LLC Acquires Shares of 11,191 The Marzetti Company $MZTI

Key Points

• Lazard Asset Management acquired 11,191 shares of Marzetti worth approximately $1.55 million in the first quarter. Institutional investors own 66.44% of the company.
• Marzetti shares opened at $110.30, near the stock’s 52-week low of $104.28 and well below its high of $190.96. The company pays a quarterly dividend of $1.00, representing a 3.6% yield and a 62.6% payout ratio.
• Analyst sentiment remains cautious, with a consensus “Hold” rating and an average price target of $169.33; ratings include one Buy, two Holds, and one Sell.

Lazard Asset Management LLC acquired a new stake in The Marzetti Company (NASDAQ:MZTI - Free Report) during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 11,191 shares of the company's stock, valued at approximately $1,548,000.

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

Several other institutional investors have also modified their holdings of MZTI. CIBC Private Wealth Group LLC purchased a new position in Marzetti in the fourth quarter valued at $32,000. Parkside Financial Bank & Trust purchased a new stake in Marzetti during the 4th quarter worth about $32,000. Thurston Springer Miller Herd & Titak Inc. acquired a new position in shares of Marzetti during the 4th quarter worth about $33,000. Caitong International Asset Management Co. Ltd acquired a new position in shares of Marzetti during the 4th quarter worth about $33,000. Finally, Rockefeller Capital Management L.P. purchased a new position in shares of Marzetti in the 4th quarter valued at about $35,000. 66.44% of the stock is owned by hedge funds and other institutional investors.

Marzetti Price Performance

Shares of NASDAQ:MZTI opened at $110.30 on Wednesday. The Marzetti Company has a 1-year low of $104.28 and a 1-year high of $190.96. The stock has a market cap of $3.02 billion, a P/E ratio of 17.26 and a beta of 0.32. The firm has a fifty day moving average price of $110.27 and a 200 day moving average price of $132.94.

Marzetti Dividend Announcement

The firm also recently announced 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. The ex-dividend date was Friday, June 5th. This represents a $4.00 annualized dividend and a dividend yield of 3.6%. Marzetti's dividend payout ratio is 62.60%.

Wall Street Analyst Weigh In

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

Insider Buying and Selling at Marzetti

In related news, insider Luis Viso sold 1,221 shares of the firm's stock in a transaction dated Thursday, June 11th. The stock was sold at an average price of $109.31, for a total transaction of $133,467.51. Following the transaction, 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 transaction was disclosed in a filing with the SEC, which is available through this link. Company insiders own 29.10% of the company's stock.

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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