Marzetti (NASDAQ:MZTI) Sets New 12-Month Low – Here’s What Happened

Shares of The Marzetti Company (NASDAQ:MZTI) hit a new 52-week low during mid-day trading on Tuesday . The company traded as low as $104.28 and last traded at $104.72, with a volume of 442763 shares trading hands. The stock had previously closed at $107.06.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on the company. DA Davidson decreased their target price on Marzetti from $184.00 to $168.00 and set a “neutral” rating on the stock in a report on Monday, March 16th. Weiss Ratings lowered Marzetti from a “hold (c-)” rating to a “sell (d+)” rating in a report on Wednesday, May 20th. Finally, Stephens decreased their price objective on 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 analyst has rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $169.33.

Marzetti Stock Performance

The company’s 50-day moving average price is $117.96 and its 200 day moving average price is $144.91. The stock has a market capitalization of $2.87 billion, a P/E ratio of 16.39 and a beta of 0.33.

Marzetti Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 30th. Stockholders of record on Friday, June 5th will be given a $1.00 dividend. This represents a $4.00 annualized dividend and a dividend yield of 3.8%. The ex-dividend date is Friday, June 5th. Marzetti’s payout ratio is presently 62.60%.

Insider Buying and Selling at Marzetti

In related news, insider Luis Viso sold 1,221 shares of the stock in a transaction dated 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 owned 1,924 shares in the company, valued at approximately $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 can be accessed through this hyperlink. 29.10% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in MZTI. Oregon Public Employees Retirement Fund grew its holdings in Marzetti by 2.5% during the 1st quarter. Oregon Public Employees Retirement Fund now owns 4,162 shares of the company’s stock valued at $576,000 after buying an additional 100 shares in the last quarter. State of Michigan Retirement System lifted its holdings in shares of Marzetti by 2.1% in the first quarter. State of Michigan Retirement System now owns 4,932 shares of the company’s stock worth $682,000 after buying an additional 100 shares in the last quarter. CIBC Private Wealth Group LLC purchased a new position in shares of Marzetti in the fourth quarter worth $32,000. Parkside Financial Bank & Trust bought a new position in shares of Marzetti during the fourth quarter worth $32,000. Finally, Caitong International Asset Management Co. Ltd bought a new position in shares of Marzetti during the fourth quarter worth $33,000. 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.