Fifth Third Bancorp Boosts Stock Holdings in The Marzetti Company $MZTI

Fifth Third Bancorp grew its holdings in The Marzetti Company (NASDAQ:MZTI) by 50.5% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 22,638 shares of the company’s stock after purchasing an additional 7,592 shares during the period. Fifth Third Bancorp owned approximately 0.08% of Marzetti worth $3,132,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Azzad Asset Management Inc. ADV bought a new position in shares of Marzetti in the first quarter worth $934,000. Oregon Public Employees Retirement Fund boosted its stake in Marzetti by 2.5% in the 1st quarter. Oregon Public Employees Retirement Fund now owns 4,162 shares of the company’s stock worth $576,000 after purchasing an additional 100 shares during the period. Flatrock Wealth Partners LLC purchased a new position in Marzetti during the 1st quarter valued at about $219,000. New York State Teachers Retirement System grew its holdings in Marzetti by 6.4% during the 1st quarter. New York State Teachers Retirement System now owns 21,632 shares of the company’s stock valued at $2,992,000 after buying an additional 1,308 shares in the last quarter. Finally, Y Intercept Hong Kong Ltd increased its position in shares of Marzetti by 451.1% during the first quarter. Y Intercept Hong Kong Ltd now owns 15,039 shares of the company’s stock valued at $2,080,000 after buying an additional 12,310 shares during the period. 66.44% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Marzetti

In other news, insider Luis Viso sold 1,221 shares of the stock in a transaction dated 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. This represents a 38.82% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 29.10% of the company’s stock.

Marzetti Price Performance

Shares of NASDAQ:MZTI opened at $107.14 on Monday. The company’s fifty day moving average price is $111.47 and its 200-day moving average price is $137.77. The firm has a market capitalization of $2.94 billion, a price-to-earnings ratio of 16.77 and a beta of 0.32. The Marzetti Company has a one year low of $104.28 and a one year high of $190.96.

Marzetti Dividend Announcement

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

Wall Street Analyst Weigh In

A number of research firms have recently commented on MZTI. DA Davidson upgraded shares of Marzetti to a “hold” rating in a research report on Monday, July 6th. Weiss Ratings cut shares of Marzetti from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Wednesday, May 20th. Finally, Stephens cut their price target on shares of Marzetti from $160.00 to $140.00 and set an “equal weight” rating for the company in a report on Wednesday, May 6th. One research analyst has rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus 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.