Renaissance Technologies LLC Increases Stake in The Marzetti Company $MZTI

Renaissance Technologies LLC grew its holdings in The Marzetti Company (NASDAQ:MZTI - Free Report) by 4.0% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 370,780 shares of the company's stock after acquiring an additional 14,400 shares during the period. Renaissance Technologies LLC owned 1.35% of Marzetti worth $51,290,000 as of its most recent SEC filing.

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

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

Marzetti Stock Performance

Shares of Marzetti stock opened at $107.48 on Tuesday. The company has a market capitalization of $2.95 billion, a P/E ratio of 16.82 and a beta of 0.32. The company has a fifty day moving average of $110.79 and a 200 day moving average of $135.40. The Marzetti Company has a fifty-two week low of $104.28 and a fifty-two week high of $190.96.

Marzetti Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Friday, June 5th were paid a $1.00 dividend. The ex-dividend date of this dividend was Friday, June 5th. This represents a $4.00 dividend on an annualized basis and a dividend yield of 3.7%. Marzetti's dividend payout ratio is 62.60%.

Insider Activity

In related news, insider Luis Viso sold 1,221 shares of the 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 completion of the sale, the insider owned 1,924 shares in the company, valued at approximately $210,312.44. This trade represents a 38.82% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 29.10% of the company's stock.

Analyst Upgrades and Downgrades

MZTI has been the subject of a number of analyst reports. Stephens reduced their price target on Marzetti from $160.00 to $140.00 and set an "equal weight" rating for the company in a research report on Wednesday, May 6th. Weiss Ratings cut Marzetti from a "hold (c-)" rating to a "sell (d+)" rating in a research report on Wednesday, May 20th. Finally, DA Davidson upgraded Marzetti to a "hold" rating in a research note on Monday, July 6th. One analyst has rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, Marzetti presently has an average rating of "Hold" and a consensus target price 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.

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