Fifth Third Bancorp Increases Stake in The Marzetti Company $MZTI

Fifth Third Bancorp lifted its holdings in shares of The Marzetti Company (NASDAQ:MZTI) by 50.5% during the 1st quarter, Holdings Channel.com reports. The firm owned 22,638 shares of the company’s stock after buying an additional 7,592 shares during the quarter. Fifth Third Bancorp’s holdings in Marzetti were worth $3,132,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in MZTI. CIBC Private Wealth Group LLC purchased a new stake in Marzetti during the fourth quarter valued at about $32,000. Parkside Financial Bank & Trust bought a new stake in shares of Marzetti in the 4th quarter valued at about $32,000. Caitong International Asset Management Co. Ltd bought a new stake in shares of Marzetti in the 4th quarter valued at about $33,000. Thurston Springer Miller Herd & Titak Inc. purchased a new stake in Marzetti during the 4th quarter valued at about $33,000. Finally, Rockefeller Capital Management L.P. purchased a new stake in Marzetti during the 4th quarter valued at about $35,000. 66.44% of the stock is owned by institutional investors.

Marzetti Stock Performance

Shares of NASDAQ:MZTI opened at $107.14 on Monday. The company has a 50-day moving average price of $111.47 and a 200-day moving average price of $137.77. The company has a market cap of $2.94 billion, a price-to-earnings ratio of 16.77 and a beta of 0.32. The Marzetti Company has a 12 month low of $104.28 and a 12 month high of $190.96.

Marzetti Announces Dividend

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

Insider Buying and Selling

In other Marzetti news, insider Luis Viso sold 1,221 shares of the 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 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 position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 29.10% of the stock is owned by insiders.

Analyst Ratings Changes

A number of equities analysts have commented on MZTI shares. Weiss Ratings cut Marzetti from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Wednesday, May 20th. DA Davidson raised Marzetti to a “hold” rating in a research note on Monday, July 6th. Finally, Stephens cut their target price on shares of 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 assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $169.33.

Marzetti 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.