Marzetti (NASDAQ:MZTI) Reaches New 52-Week Low – What’s Next?

The Marzetti Company (NASDAQ:MZTI)’s share price reached a new 52-week low during trading on Wednesday . The company traded as low as $105.72 and last traded at $106.3450, with a volume of 139327 shares traded. The stock had previously closed at $108.92.

Analyst Ratings Changes

A number of analysts recently issued reports on MZTI shares. DA Davidson dropped their target price on shares of Marzetti from $184.00 to $168.00 and set a “neutral” rating for the company in a research report on Monday, March 16th. Weiss Ratings cut shares of Marzetti from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Wednesday, May 20th. Finally, Stephens reduced their price target on shares of Marzetti from $160.00 to $140.00 and set an “equal weight” rating on the stock in a research report on Wednesday, May 6th. One investment analyst has rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, Marzetti currently has a consensus rating of “Hold” and a consensus target price of $169.33.

Marzetti Stock Up 1.3%

The firm has a market cap of $2.94 billion, a price-to-earnings ratio of 16.75 and a beta of 0.33. The business has a 50 day moving average price of $119.54 and a 200-day moving average price of $145.75.

Marzetti Dividend Announcement

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

Insider Activity

In other news, insider Luis Viso sold 1,221 shares of Marzetti stock in a transaction that occurred on Thursday, June 11th. The shares were sold at an average price of $109.31, for a total transaction of $133,467.51. Following the sale, the insider owned 1,924 shares in the company, valued at $210,312.44. This trade represents a 38.82% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 29.10% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Marzetti

A number of large investors have recently added to or reduced their stakes in MZTI. EverSource Wealth Advisors LLC lifted its holdings in Marzetti by 94.0% in the 1st quarter. EverSource Wealth Advisors LLC now owns 1,106 shares of the company’s stock worth $153,000 after buying an additional 536 shares in the last quarter. California State Teachers Retirement System boosted its position in Marzetti by 29.8% in the 1st quarter. California State Teachers Retirement System now owns 25,187 shares of the company’s stock valued at $3,484,000 after buying an additional 5,776 shares during the last quarter. Empowered Funds LLC acquired a new stake in shares of Marzetti during the first quarter valued at about $365,000. Quantinno Capital Management LP grew its stake in shares of Marzetti by 144.8% during the first quarter. Quantinno Capital Management LP now owns 45,626 shares of the company’s stock valued at $6,311,000 after acquiring an additional 26,986 shares in the last quarter. Finally, Lazard Asset Management LLC purchased a new stake in shares of Marzetti during the first quarter worth about $1,548,000. 66.44% of the stock is owned by institutional investors and hedge funds.

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.