State of New Jersey Common Pension Fund D Makes New Investment in The Marzetti Company $MZTI

Key Points

• State of New Jersey Common Pension Fund D opened a new position in The Marzetti Company, buying 12,672 shares worth about $2.08 million in the fourth quarter.
• Marzetti continues to draw significant institutional interest, with 66.44% of shares now held by institutional investors. Several other funds also reported sizable stakes in the company.
• Analysts have turned more cautious on the stock: recent price targets were cut, and the consensus rating is now "Hold" with an average target price of $169.33, even as Marzetti recently paid a $1.00 quarterly dividend.

State of New Jersey Common Pension Fund D bought a new position in The Marzetti Company (NASDAQ:MZTI - Free Report) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 12,672 shares of the company's stock, valued at approximately $2,084,000.

A number of other hedge funds have also added to or reduced their stakes in MZTI. M&T Bank Corp bought a new stake in Marzetti in the fourth quarter worth approximately $1,118,569,000. Vanguard Group Inc. bought a new stake in Marzetti in the fourth quarter worth approximately $367,969,000. Boston Trust Walden Corp bought a new stake in Marzetti in the fourth quarter worth approximately $43,355,000. UBS Group AG bought a new stake in Marzetti in the fourth quarter worth approximately $12,519,000. Finally, Vest Financial LLC bought a new stake in Marzetti in the fourth quarter worth approximately $5,524,000. 66.44% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several research firms have recently commented on MZTI. DA Davidson decreased their price objective on Marzetti from $184.00 to $168.00 and set a "neutral" rating for the company in a report on Monday, March 16th. Wall Street Zen downgraded Marzetti from a "buy" rating to a "hold" rating in a report on Saturday, January 31st. Finally, Stephens decreased their price objective on Marzetti from $160.00 to $140.00 and set an "equal weight" rating for the company in a report on Wednesday. One analyst has rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and an average target price of $169.33.

Marzetti Stock Down 2.8%

NASDAQ MZTI opened at $113.69 on Friday. The company has a market cap of $3.12 billion, a price-to-earnings ratio of 17.79 and a beta of 0.38. The Marzetti Company has a 52 week low of $111.04 and a 52 week high of $190.96. The business has a 50 day moving average price of $142.84 and a 200-day moving average price of $157.73.

Marzetti Announces Dividend

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

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.

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