Marzetti (NASDAQ:MZTI) Announces Earnings Results, Misses Estimates By $0.23 EPS

Marzetti (NASDAQ:MZTI) released its quarterly earnings results on Tuesday. The company reported $1.14 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.37 by ($0.23), Zacks reports. Marzetti had a return on equity of 18.22% and a net margin of 9.93%. The company had revenue of $481.52 million during the quarter. During the same period in the prior year, the firm posted $1.74 earnings per share. Marzetti’s quarterly revenue was down 2.4% compared to the same quarter last year.

Marzetti Stock Up 0.0%

MZTI traded up $0.06 during midday trading on Tuesday, reaching $110.98. The company’s stock had a trading volume of 93,228 shares, compared to its average volume of 329,204. Marzetti has a 1 year low of $97.00 and a 1 year high of $176.26. The stock’s 50-day moving average is $105.09 and its 200-day moving average is $124.90. The firm has a market capitalization of $3.03 billion, a price-to-earnings ratio of 15.92 and a beta of 0.35. The company has a current ratio of 1.56, a quick ratio of 0.67 and a debt-to-equity ratio of 0.18.

Marzetti Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, September 30th. Shareholders of record on Tuesday, September 8th were issued a $1.00 dividend. This represents a $4.00 dividend on an annualized basis and a yield of 3.6%. The ex-dividend date was Tuesday, September 8th. Marzetti’s dividend payout ratio is 57.39%.

Analyst Ratings Changes

Several research firms have weighed in on MZTI. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Marzetti in a research report on Monday, August 17th. Stephens decreased their target price on Marzetti from $140.00 to $135.00 and set an “equal weight” rating for the company in a research report on Wednesday, October 28th. Finally, DA Davidson lowered their target price on Marzetti from $168.00 to $130.00 and set a “neutral” rating for the company in a research note on Wednesday, August 26th. Two investment analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Marzetti currently has an average rating of “Reduce” and an average target price of $132.50.

Insider Activity

In other news, CEO Luis Viso sold 997 shares of the business’s stock in a transaction that occurred on Thursday, September 10th. The stock was sold at an average price of $100.81, for a total value of $100,507.57. Following the sale, the chief executive officer directly owned 1,047 shares of the company’s stock, valued at $105,548.07. The trade was a 48.78% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Insiders own 29.30% of the company’s stock.

Marzetti Company Profile

T. Marzetti Company is a food manufacturer and marketer based in Columbus, Ohio. The company develops, produces and distributes specialty food products for retail and foodservice customers, with a portfolio focused on dressings, dips, sauces, frozen breads and related prepared foods.

Its brand portfolio includes Marzetti, Simply Dressed, New York Bakery, Sister Schubert’s, Flatout, Cardini’s and Girard’s, among others. These products are sold through grocery retailers and other retail channels, while the company also supplies restaurants, institutional foodservice operators and other commercial customers.

The company traces its roots to 1896, when Teresa Marzetti opened a restaurant in Columbus, Ohio.