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

Principal Financial Group Inc. reduced its position in The Marzetti Company (NASDAQ:MZTI) by 5.4% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 231,334 shares of the company’s stock after selling 13,127 shares during the period. Principal Financial Group Inc.’s holdings in Marzetti were worth $32,003,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. M&T Bank Corp purchased a new stake in Marzetti during the 4th quarter valued at $1,118,569,000. Vanguard Group Inc. purchased a new position in shares of Marzetti in the fourth quarter worth $367,969,000. State Street Corp bought a new position in shares of Marzetti during the fourth quarter valued at $160,722,000. First Trust Advisors LP bought a new position in shares of Marzetti during the fourth quarter valued at $111,778,000. Finally, Geode Capital Management LLC purchased a new stake in shares of Marzetti during the fourth quarter valued at $103,681,000. 66.44% of the stock is owned by institutional investors.

Marzetti Stock Performance

MZTI opened at $107.14 on Monday. The firm’s 50 day simple moving average is $111.47 and its two-hundred day simple moving average is $137.77. The company has a market capitalization of $2.94 billion, a PE ratio of 16.77 and a beta of 0.32. The Marzetti Company has a 1-year low of $104.28 and a 1-year high of $190.96.

Marzetti Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Investors of record on Friday, June 5th were issued a $1.00 dividend. This represents a $4.00 dividend on an annualized basis and a yield of 3.7%. The ex-dividend date of this dividend was Friday, June 5th. Marzetti’s dividend payout ratio (DPR) is currently 62.60%.

Wall Street Analyst Weigh In

Several research firms recently commented on MZTI. Stephens reduced 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, May 6th. Weiss Ratings downgraded shares of Marzetti from a “hold (c-)” rating to a “sell (d+)” rating in a report on Wednesday, May 20th. Finally, DA Davidson upgraded shares of Marzetti to a “hold” rating in a research note on Monday, July 6th. One research 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. According to MarketBeat, Marzetti has a consensus rating of “Hold” and an average price target of $169.33.

Insider Buying and Selling

In related news, insider Luis Viso sold 1,221 shares of Marzetti stock in a transaction on 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 directly owned 1,924 shares in the company, valued at approximately $210,312.44. The trade was a 38.82% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 29.10% of the company’s stock.

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.