Marzetti (NASDAQ:MZTI) Posts Earnings Results

Marzetti (NASDAQ:MZTI) announced its quarterly earnings data on Tuesday. The company reported $1.46 earnings per share (EPS) for the quarter, FiscalAI reports. The company had revenue of $465.03 million during the quarter. Marzetti had a return on equity of 18.12% and a net margin of 9.06%.

Marzetti Trading Up 3.7%

NASDAQ MZTI opened at $115.76 on Tuesday. Marzetti has a 12 month low of $104.28 and a 12 month high of $188.72. The stock has a market cap of $3.17 billion, a PE ratio of 18.12 and a beta of 0.32. The stock’s 50 day moving average is $111.52 and its 200 day moving average is $127.62.

Marzetti Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Investors of record on Tuesday, September 8th will be issued a $1.00 dividend. The ex-dividend date of this dividend is Tuesday, September 8th. This represents a $4.00 dividend on an annualized basis and a yield of 3.5%. Marzetti’s payout ratio is currently 62.60%.

Insider Transactions at Marzetti

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 filing with the SEC, which is available at the SEC website. 29.10% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Marzetti

Several institutional investors have recently bought and sold shares of the stock. California State Teachers Retirement System boosted its holdings in shares of Marzetti by 11,006.9% during the 2nd quarter. California State Teachers Retirement System now owns 2,797,491 shares of the company’s stock valued at $319,362,000 after purchasing an additional 2,772,304 shares during the last quarter. Paralel Advisors LLC bought a new stake in shares of Marzetti in the second quarter worth about $1,912,000. AlphaGrep UK Ltd purchased a new stake in shares of Marzetti in the second quarter worth about $840,000. Nykredit A S purchased a new stake in shares of Marzetti in the second quarter worth about $182,000. Finally, Headlands Technologies LLC boosted its stake in Marzetti by 117.3% during the second quarter. Headlands Technologies LLC now owns 4,216 shares of the company’s stock valued at $481,000 after buying an additional 2,276 shares during the last quarter. 66.44% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

MZTI has been the topic of several analyst reports. DA Davidson raised shares of Marzetti to a “hold” rating in a report on Monday, July 6th. Weiss Ratings restated a “sell (d+)” rating on shares of Marzetti in a research report on Monday, August 17th. Finally, Stephens lowered their target price 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. Two analysts have rated the stock with a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Reduce” and an average price target of $154.00.

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.