Marzetti (NASDAQ:MZTI) Raised to Hold at DA Davidson

Marzetti (NASDAQ:MZTI) was upgraded by stock analysts at DA Davidson to a “hold” rating in a research note issued to investors on Monday,Zacks.com reports.

MZTI has been the subject of several other reports. Weiss Ratings cut shares of Marzetti from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Wednesday, May 20th. Stephens cut their price objective on shares of Marzetti from $160.00 to $140.00 and set an “equal weight” rating on the stock in a research note 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. Based on data from MarketBeat, Marzetti has a consensus rating of “Hold” and an average price target of $169.33.

Marzetti Stock Performance

NASDAQ MZTI traded up $2.24 during trading hours on Monday, reaching $114.57. The stock had a trading volume of 14,868 shares, compared to its average volume of 299,170. Marzetti has a 52-week low of $104.28 and a 52-week high of $190.96. The stock has a fifty day moving average of $113.70 and a 200 day moving average of $141.37. The stock has a market cap of $3.14 billion, a P/E ratio of 17.99 and a beta of 0.32.

Insider Transactions at Marzetti

In other Marzetti 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 approximately $210,312.44. This represents a 38.82% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Insiders own 29.10% of the company’s stock.

Hedge Funds Weigh In On Marzetti

Several institutional investors have recently made changes to their positions in the company. Royal Bank of Canada boosted its holdings in Marzetti by 3.8% during the first quarter. Royal Bank of Canada now owns 32,626 shares of the company’s stock worth $5,710,000 after buying an additional 1,186 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in Marzetti by 4.5% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 11,637 shares of the company’s stock valued at $2,036,000 after buying an additional 500 shares during the period. Goldman Sachs Group Inc. increased its holdings in Marzetti by 16.1% in the first quarter. Goldman Sachs Group Inc. now owns 221,350 shares of the company’s stock valued at $38,736,000 after buying an additional 30,731 shares in the last quarter. United Services Automobile Association purchased a new position in Marzetti in the first quarter valued at $231,000. Finally, Empowered Funds LLC purchased a new position in Marzetti in the first quarter valued at $2,310,000. 66.44% of the stock is owned by hedge funds and other institutional investors.

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.