Marzetti (NASDAQ:MZTI) Sets New 12-Month Low on Analyst Downgrade

Shares of The Marzetti Company (NASDAQ:MZTI) hit a new 52-week low during mid-day trading on Tuesday after DA Davidson lowered their price target on the stock from $184.00 to $168.00. DA Davidson currently has a neutral rating on the stock. Marzetti traded as low as $146.22 and last traded at $146.41, with a volume of 382822 shares. The stock had previously closed at $151.45.

Several other analysts also recently weighed in on the company. Stephens reduced their target price on Marzetti from $190.00 to $180.00 and set an “equal weight” rating for the company in a report on Wednesday, February 4th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Marzetti in a research report on Friday, January 9th. Finally, Wall Street Zen cut Marzetti from a “buy” rating to a “hold” rating in a research note on Saturday, January 31st. One equities research analyst has rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $182.67.

Hedge Funds Weigh In On Marzetti

Several institutional investors have recently bought and sold shares of the company. CIBC Private Wealth Group LLC acquired a new stake in shares of Marzetti in the 4th quarter worth $32,000. Parkside Financial Bank & Trust purchased a new stake in shares of Marzetti in the fourth quarter valued at about $32,000. Thurston Springer Miller Herd & Titak Inc. acquired a new position in shares of Marzetti during the fourth quarter worth about $33,000. Caitong International Asset Management Co. Ltd acquired a new position in shares of Marzetti during the fourth quarter worth about $33,000. Finally, Lodestone Wealth Management LLC purchased a new position in Marzetti during the fourth quarter worth about $37,000. 66.44% of the stock is owned by institutional investors and hedge funds.

Marzetti Stock Down 3.3%

The stock has a market capitalization of $4.01 billion, a PE ratio of 22.42 and a beta of 0.40. The firm’s fifty day moving average is $163.24 and its 200-day moving average is $167.57.

Marzetti (NASDAQ:MZTI) last announced its quarterly earnings data on Tuesday, February 3rd. The company reported $2.15 earnings per share for the quarter, missing analysts’ consensus estimates of $2.23 by ($0.08). Marzetti had a net margin of 9.25% and a return on equity of 18.55%. The business had revenue of $509.77 million during the quarter. The business’s revenue for the quarter was up 1.7% on a year-over-year basis. On average, analysts expect that The Marzetti Company will post 6.8 EPS for the current year.

Marzetti Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, March 31st. Stockholders of record on Friday, March 6th will be issued a $1.00 dividend. This represents a $4.00 annualized dividend and a dividend yield of 2.7%. The ex-dividend date of this dividend is Friday, March 6th. Marzetti’s dividend payout ratio (DPR) is currently 61.26%.

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.