Corient Private Wealth LLC Buys New Position in The Marzetti Company $MZTI

Corient Private Wealth LLC purchased a new stake in The Marzetti Company (NASDAQ:MZTI) in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 32,982 shares of the company’s stock, valued at approximately $5,423,000.

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

Marzetti Stock Performance

Marzetti stock opened at $112.41 on Friday. The business’s 50-day simple moving average is $116.08 and its two-hundred day simple moving average is $143.82. The company has a market cap of $3.08 billion, a PE ratio of 17.59 and a beta of 0.33. The Marzetti Company has a fifty-two week low of $104.28 and a fifty-two week high of $190.96.

Marzetti Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, June 30th. Investors of record on Friday, June 5th will be issued a dividend of $1.00 per share. The ex-dividend date of this dividend is Friday, June 5th. This represents a $4.00 dividend on an annualized basis and a dividend yield of 3.6%. Marzetti’s payout ratio is 62.60%.

Insider Buying and Selling

In related news, insider Luis Viso sold 1,221 shares of the company’s stock in a transaction that occurred on Thursday, June 11th. The stock was sold at an average price of $109.31, for a total value of $133,467.51. Following the sale, the insider owned 1,924 shares in the company, valued at $210,312.44. This represents a 38.82% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 29.10% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on MZTI. DA Davidson dropped their target price on shares of Marzetti from $184.00 to $168.00 and set a “neutral” rating on the stock in a research report on Monday, March 16th. Weiss Ratings cut shares of Marzetti from a “hold (c-)” rating to a “sell (d+)” rating in a report on Wednesday, May 20th. Finally, 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 research note on Wednesday, May 6th. One research analyst has rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $169.33.

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.