Marzetti (NASDAQ:MZTI) Shares Down 5.2% – Here’s Why

The Marzetti Company (NASDAQ:MZTI) shares fell 5.2% during mid-day trading on Tuesday . The stock traded as low as $107.91 and last traded at $108.1810. 53,880 shares traded hands during mid-day trading, a decline of 82% from the average session volume of 296,304 shares. The stock had previously closed at $114.11.

Analyst Ratings Changes

Several research analysts have weighed in on the company. Stephens lowered their price objective on Marzetti from $160.00 to $140.00 and set an “equal weight” rating on the stock in a research report on Wednesday, May 6th. DA Davidson raised shares of Marzetti to a “hold” rating in a research report on Monday, July 6th. Finally, Weiss Ratings downgraded shares of Marzetti from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Wednesday, May 20th. 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 company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $169.33.

Marzetti Stock Down 5.2%

The firm has a market capitalization of $2.97 billion, a P/E ratio of 17.04 and a beta of 0.32. The firm has a 50 day moving average of $112.22 and a 200-day moving average of $139.42.

Marzetti Announces Dividend

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

Insider Buying and Selling at Marzetti

In other 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 completion of the sale, 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 transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders own 29.10% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. CIBC Private Wealth Group LLC bought a new stake in Marzetti during the fourth quarter worth about $32,000. Parkside Financial Bank & Trust acquired a new stake in Marzetti during the fourth quarter worth about $32,000. Thurston Springer Miller Herd & Titak Inc. bought a new position in Marzetti in the 4th quarter valued at about $33,000. Caitong International Asset Management Co. Ltd bought a new position in Marzetti in the 4th quarter valued at about $33,000. Finally, Rockefeller Capital Management L.P. acquired a new position in shares of Marzetti in the 4th quarter valued at approximately $35,000. Institutional investors and hedge funds own 66.44% of the company’s stock.

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.