Principal Financial Group Inc. Invests $40.20 Million in The Marzetti Company $MZTI

Key Points

• Principal Financial Group bought a new stake in The Marzetti Company during the fourth quarter, purchasing 244,461 shares valued at about $40.2 million. The position represented 0.89% of Marzetti’s shares at quarter-end.
• Marzetti’s stock fell 2.8% and was trading at $113.69, near its 12-month low of $111.04. The shares remain well below their 50-day and 200-day moving averages.
• The company paid a $1.00 quarterly dividend, or $4.00 annualized, for a yield of 3.5%. Analysts currently have a cautious view, with a consensus rating of Hold and an average price target of $169.33.

Principal Financial Group Inc. purchased a new stake in The Marzetti Company (NASDAQ:MZTI - Free Report) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 244,461 shares of the company's stock, valued at approximately $40,196,000. Principal Financial Group Inc. owned 0.89% of Marzetti at the end of the most recent quarter.

Other large investors have also added to or reduced their stakes in the company. Thurston Springer Miller Herd & Titak Inc. bought a new stake in Marzetti in the 4th quarter valued at $33,000. Lodestone Wealth Management LLC bought a new stake in Marzetti in the 4th quarter valued at $37,000. Farther Finance Advisors LLC bought a new stake in Marzetti in the 4th quarter valued at $52,000. Blue Trust Inc. bought a new stake in Marzetti in the 4th quarter valued at $57,000. Finally, Nisa Investment Advisors LLC bought a new stake in Marzetti in the 4th quarter valued at $62,000. Institutional investors own 66.44% of the company's stock.

Marzetti Stock Down 2.8%

NASDAQ:MZTI opened at $113.69 on Friday. The stock's 50-day simple moving average is $142.84 and its 200 day simple moving average is $157.73. The firm has a market capitalization of $3.12 billion, a PE ratio of 17.79 and a beta of 0.38. The Marzetti Company has a twelve month low of $111.04 and a twelve month high of $190.96.

Marzetti Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, March 31st. Shareholders of record on Friday, March 6th were given a $1.00 dividend. The ex-dividend date was Friday, March 6th. This represents a $4.00 annualized dividend and a yield of 3.5%. Marzetti's dividend payout ratio (DPR) is currently 62.60%.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on MZTI shares. 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. Wall Street Zen cut Marzetti from a "buy" rating to a "hold" rating in a research report on Saturday, January 31st. Finally, DA Davidson lowered their price objective on Marzetti from $184.00 to $168.00 and set a "neutral" rating on the stock in a research report on Monday, March 16th. One investment analyst has rated the stock with a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat, Marzetti presently has an average rating of "Hold" and a consensus price target of $169.33.

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.

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.