Marzetti (NASDAQ:MZTI) Hits New 52-Week Low – Here’s What Happened

The Marzetti Company (NASDAQ:MZTI) hit a new 52-week low during mid-day trading on Wednesday. The stock traded as low as $97.80 and last traded at $98.18, with a volume of 71045 shares changing hands. The stock had previously closed at $99.90.

Analyst Upgrades and Downgrades

MZTI has been the subject of a number of recent research reports. DA Davidson dropped their price objective on shares of Marzetti from $168.00 to $130.00 and set a “neutral” rating for the company in a research note on Wednesday, August 26th. Stephens reaffirmed an “equal weight” rating and issued a $140.00 target price on shares of Marzetti in a research note on Wednesday, August 26th. Finally, Weiss Ratings reiterated a “sell (d+)” rating on shares of Marzetti in a report on Monday, August 17th. Two research analysts have rated the stock with a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, Marzetti presently has a consensus rating of “Reduce” and an average price target of $135.00.

Marzetti Stock Down 1.5%

The stock has a market cap of $2.69 billion, a price-to-earnings ratio of 14.14 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. The firm’s 50 day moving average is $108.56 and its two-hundred day moving average is $117.46.

Marzetti (NASDAQ:MZTI) last released its quarterly earnings results on Tuesday, August 25th. The company reported $1.46 earnings per share (EPS) for the quarter. The company had revenue of $465.03 million for the quarter. Marzetti had a net margin of 9.93% and a return on equity of 18.22%.

Marzetti Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Investors of record on Tuesday, September 8th will be paid a dividend of $1.00 per share. The ex-dividend date of this dividend is Tuesday, September 8th. This represents a $4.00 annualized dividend and a dividend yield of 4.1%. Marzetti’s dividend payout ratio is presently 57.39%.

Insider Transactions at Marzetti

In other Marzetti news, CEO Luis Viso sold 997 shares of Marzetti stock in a transaction that occurred on Thursday, September 10th. The shares were sold at an average price of $100.81, for a total value of $100,507.57. Following the completion of the sale, the chief executive officer directly owned 1,047 shares of the company’s stock, valued at approximately $105,548.07. The trade was a 48.78% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 29.10% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of MZTI. Caitong International Asset Management Co. Ltd purchased a new position in shares of Marzetti during the 4th quarter worth $33,000. Rockefeller Capital Management L.P. purchased a new stake in shares of Marzetti in the fourth quarter valued at $35,000. NewEdge Advisors LLC increased its stake in Marzetti by 237.5% in the second quarter. NewEdge Advisors LLC now owns 216 shares of the company’s stock valued at $25,000 after purchasing an additional 152 shares during the last quarter. IFP Advisors Inc increased its stake in Marzetti by 796.3% in the second quarter. IFP Advisors Inc now owns 242 shares of the company’s stock valued at $28,000 after purchasing an additional 215 shares during the last quarter. Finally, Clarity Asset Management Inc. purchased a new position in Marzetti during the fourth quarter worth about $60,000. 66.44% of the stock is currently owned by institutional investors and hedge funds.

Marzetti Company Profile

Marzetti is a food manufacturer and marketer known for producing salad dressings, dips, sauces, frozen breads, pasta products and other specialty foods. Its products are sold through retail grocery channels and are also supplied to restaurants, foodservice operators and other institutional customers.

The company’s portfolio includes the Marzetti, Sister Schubert’s, New York Bakery, Flatout, Reames, Cardini’s and Girard’s brands, among others. Its offerings range from refrigerated and shelf-stable dressings and dips to frozen rolls, garlic bread, flatbreads, frozen noodles and related prepared foods.

Marzetti traces its origins to a restaurant opened by Teresa Marzetti in Columbus, Ohio, in 1896.