Principal Financial Group Inc. Sells 13,127 Shares of The Marzetti Company $MZTI

Key Points

• Principal Financial Group reduced its Marzetti stake by 5.4% in the first quarter, selling 13,127 shares and leaving it with 231,334 shares valued at about $32.0 million.
• Other institutional investors have also been active in MZTI, and institutions now hold 66.44% of the company’s stock, underscoring strong Wall Street ownership.
• Analyst sentiment is mixed but cautious: Marzetti currently carries an average “Hold” rating with a consensus price target of $169.33, even as the stock trades near its 12-month low around $107.

Principal Financial Group Inc. cut its holdings in shares of The Marzetti Company (NASDAQ:MZTI - Free Report) by 5.4% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The firm owned 231,334 shares of the company's stock after selling 13,127 shares during the period. Principal Financial Group Inc. owned 0.84% of Marzetti worth $32,003,000 as of its most recent SEC filing.

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

A number of other hedge funds and other institutional investors also recently made changes to their positions in MZTI. M&T Bank Corp bought a new stake in Marzetti in the fourth quarter valued at $1,118,569,000. Vanguard Group Inc. purchased a new position in Marzetti during the 4th quarter valued at $367,969,000. State Street Corp bought a new position in Marzetti in the 4th quarter worth $160,722,000. First Trust Advisors LP bought a new position in Marzetti in the 4th quarter worth $111,778,000. Finally, Geode Capital Management LLC purchased a new stake in shares of Marzetti in the 4th quarter worth about $103,681,000. Institutional investors own 66.44% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on MZTI. Weiss Ratings cut shares of Marzetti from a "hold (c-)" rating to a "sell (d+)" rating in a research report on Wednesday, May 20th. Stephens lowered their price objective 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. Finally, DA Davidson raised Marzetti to a "hold" rating in a research report on Monday, July 6th. One research 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's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $169.33.

Marzetti Price Performance

MZTI stock opened at $107.14 on Monday. The business has a 50 day moving average of $111.47 and a 200 day moving average of $137.77. The firm has a market cap of $2.94 billion, a PE ratio of 16.77 and a beta of 0.32. The Marzetti Company has a twelve month low of $104.28 and a twelve month high of $190.96.

Marzetti Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Friday, June 5th were issued 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 3.7%. Marzetti's dividend payout ratio (DPR) is presently 62.60%.

Insider Buying and Selling at Marzetti

In other news, insider Luis Viso sold 1,221 shares of Marzetti stock in a transaction dated 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 transaction, the insider owned 1,924 shares of the company's stock, valued at $210,312.44. The trade was a 38.82% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 29.10% of the stock is owned by insiders.

Marzetti 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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