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 trading on Tuesday . The stock traded as low as $104.28 and last traded at $104.72, with a volume of 442763 shares. The stock had previously closed at $107.06.

Wall Street Analysts Forecast Growth

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

Marzetti Stock Down 2.2%

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

Marzetti Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, June 30th. Investors of record on Friday, June 5th will be issued a $1.00 dividend. The ex-dividend date of this dividend is Friday, June 5th. This represents a $4.00 dividend on an annualized basis and a dividend yield of 3.8%. Marzetti’s dividend payout ratio (DPR) is presently 62.60%.

Insider Buying and Selling

In other Marzetti news, insider Luis Viso sold 1,221 shares of the business’s stock in a transaction that occurred on Thursday, June 11th. The stock was sold at an average price of $109.31, for a total transaction of $133,467.51. Following the sale, the insider directly owned 1,924 shares of the company’s stock, valued at $210,312.44. The trade was a 38.82% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Corporate insiders own 29.10% of the company’s stock.

Institutional Trading of Marzetti

Several hedge funds and other institutional investors have recently bought and sold shares of MZTI. M&T Bank Corp purchased a new position in Marzetti during the fourth quarter worth $1,118,569,000. Vanguard Group Inc. bought a new stake in shares of Marzetti in the 4th quarter worth about $367,969,000. State Street Corp bought a new stake in shares of Marzetti in the 4th quarter worth about $160,722,000. First Trust Advisors LP boosted its stake in shares of Marzetti by 18.2% during the 1st quarter. First Trust Advisors LP now owns 803,707 shares of the company’s stock worth $111,177,000 after purchasing an additional 123,875 shares during the period. Finally, Geode Capital Management LLC purchased a new position in shares of Marzetti during the 4th quarter worth about $103,681,000. Hedge funds and other institutional investors own 66.44% of the company’s stock.

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.