Principal Financial Group Inc. Invests $40.20 Million in The Marzetti Company $MZTI

Principal Financial Group Inc. bought a new position in The Marzetti Company (NASDAQ:MZTI) in the fourth quarter, HoldingsChannel.com reports. The institutional investor bought 244,461 shares of the company’s stock, valued at approximately $40,196,000.

Other hedge funds have also added to or reduced their stakes in the company. Thurston Springer Miller Herd & Titak Inc. bought a new stake in Marzetti in the fourth quarter worth approximately $33,000. Lodestone Wealth Management LLC bought a new stake in Marzetti in the fourth quarter worth approximately $37,000. Farther Finance Advisors LLC bought a new stake in Marzetti in the fourth quarter worth approximately $52,000. Blue Trust Inc. bought a new stake in Marzetti in the fourth quarter worth approximately $57,000. Finally, Nisa Investment Advisors LLC bought a new stake in Marzetti in the fourth quarter worth approximately $62,000. 66.44% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

MZTI has been the subject of a number of research analyst reports. Wall Street Zen downgraded Marzetti from a “buy” rating to a “hold” rating in a report on Saturday, January 31st. Stephens reduced their price objective on Marzetti from $160.00 to $140.00 and set an “equal weight” rating for the company in a research note on Wednesday. Finally, DA Davidson reduced their price objective on Marzetti from $184.00 to $168.00 and set a “neutral” rating for the company in a research note on Monday, March 16th. One analyst has rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, Marzetti presently has a consensus rating of “Hold” and a consensus target price of $169.33.

Marzetti Stock Down 2.8%

Shares of NASDAQ:MZTI opened at $113.69 on Friday. The stock has a market cap of $3.12 billion, a price-to-earnings ratio of 17.79 and a beta of 0.38. The Marzetti Company has a 12-month low of $111.04 and a 12-month high of $190.96. The business’s 50 day moving average is $142.84 and its 200 day moving average is $157.73.

Marzetti Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, March 31st. Shareholders of record on Friday, March 6th were paid a $1.00 dividend. The ex-dividend date was Friday, March 6th. This represents a $4.00 annualized dividend and a dividend yield of 3.5%. Marzetti’s payout ratio is presently 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.