KBC Group NV Buys 23,274 Shares of The Marzetti Company $MZTI

KBC Group NV raised its stake in shares of The Marzetti Company (NASDAQ:MZTI) by 3,214.6% in the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 23,998 shares of the company’s stock after acquiring an additional 23,274 shares during the quarter. KBC Group NV’s holdings in Marzetti were worth $3,320,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Wesbanco Bank Inc. acquired a new stake in shares of Marzetti during the fourth quarter worth approximately $26,736,000. Principal Financial Group Inc. bought a new position in shares of Marzetti in the fourth quarter valued at approximately $40,196,000. F m Investments LLC acquired a new position in shares of Marzetti in the 4th quarter worth approximately $2,417,000. Retirement Systems of Alabama acquired a new position in shares of Marzetti in the 4th quarter worth approximately $4,014,000. Finally, SG Americas Securities LLC bought a new stake in Marzetti during the 4th quarter worth approximately $2,226,000. Institutional investors and hedge funds own 66.44% of the company’s stock.

Analysts Set New Price Targets

MZTI has been the subject of a number of recent analyst reports. DA Davidson raised Marzetti to a “hold” rating in a report on Monday, July 6th. Weiss Ratings lowered Marzetti from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Wednesday, May 20th. Finally, Stephens decreased their target price on Marzetti from $160.00 to $140.00 and set an “equal weight” rating on the stock in a report on Wednesday, May 6th. One equities 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 stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $169.33.

Insiders Place Their Bets

In other Marzetti news, insider Luis Viso sold 1,221 shares of the company’s 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 owned 1,924 shares of the company’s stock, valued at approximately $210,312.44. This represents a 38.82% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 29.10% of the stock is owned by company insiders.

Marzetti Trading Up 0.6%

Shares of NASDAQ MZTI opened at $107.19 on Friday. The Marzetti Company has a 1-year low of $104.28 and a 1-year high of $190.96. The company has a 50-day moving average of $110.90 and a two-hundred day moving average of $136.00. The company has a market cap of $2.94 billion, a PE ratio of 16.77 and a beta of 0.32.

Marzetti Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, June 30th. Investors of record on Friday, June 5th were given a $1.00 dividend. This represents a $4.00 annualized dividend and a yield of 3.7%. The ex-dividend date was Friday, June 5th. Marzetti’s payout ratio is 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.