Nuveen LLC Purchases New Position in The Marzetti Company $MZTI

Key Points

• Nuveen LLC acquired 59,747 shares of The Marzetti Company valued at approximately $10.46 million, representing about 0.22% ownership.
• The Marzetti Company reported earnings per share (EPS) of $1.33, exceeding expectations by $0.02, with a revenue of $475.43 million for the quarter, up 5% year-over-year.
• A quarterly dividend of $0.95 per share will be paid on September 30th, reflecting a 2.0% yield and a payout ratio of 61.79%.

Nuveen LLC bought a new stake in shares of The Marzetti Company (NASDAQ:MZTI - Free Report) during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm bought 59,747 shares of the company's stock, valued at approximately $10,456,000. Nuveen LLC owned approximately 0.22% of Marzetti at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the business. State of Alaska Department of Revenue raised its stake in Marzetti by 2.5% in the 1st quarter. State of Alaska Department of Revenue now owns 2,259 shares of the company's stock valued at $395,000 after purchasing an additional 55 shares during the last quarter. Coldstream Capital Management Inc. raised its stake in Marzetti by 5.0% in the 4th quarter. Coldstream Capital Management Inc. now owns 1,609 shares of the company's stock valued at $279,000 after purchasing an additional 77 shares during the last quarter. Captrust Financial Advisors raised its stake in Marzetti by 3.6% in the 4th quarter. Captrust Financial Advisors now owns 2,323 shares of the company's stock valued at $402,000 after purchasing an additional 80 shares during the last quarter. State of Michigan Retirement System raised its stake in Marzetti by 2.2% in the 1st quarter. State of Michigan Retirement System now owns 4,632 shares of the company's stock valued at $811,000 after purchasing an additional 100 shares during the last quarter. Finally, Securian Asset Management Inc. raised its stake in Marzetti by 7.2% in the 1st quarter. Securian Asset Management Inc. now owns 1,497 shares of the company's stock valued at $262,000 after purchasing an additional 100 shares during the last quarter. Hedge funds and other institutional investors own 66.44% of the company's stock.

Analyst Ratings Changes

Several research firms recently commented on MZTI. Wall Street Zen downgraded Marzetti from a "buy" rating to a "hold" rating in a research note on Monday, May 5th. Stephens cut their target price on Marzetti from $200.00 to $195.00 and set an "equal weight" rating for the company in a research note on Thursday, May 1st. Finally, Benchmark raised their target price on Marzetti from $185.00 to $200.00 and gave the stock a "buy" rating in a research note on Friday, August 22nd. Two analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $207.25.

Marzetti Trading Down 0.1%

Marzetti stock traded down $0.12 during midday trading on Wednesday, reaching $181.33. 75,753 shares of the stock traded hands, compared to its average volume of 162,244. The company has a 50-day simple moving average of $174.77 and a two-hundred day simple moving average of $176.83. The Marzetti Company has a 12-month low of $156.14 and a 12-month high of $202.63. The firm has a market cap of $4.99 billion, a PE ratio of 29.87 and a beta of 0.47.

Marzetti (NASDAQ:MZTI - Get Free Report) last announced its earnings results on Thursday, August 21st. The company reported $1.33 EPS for the quarter, beating analysts' consensus estimates of $1.31 by $0.02. Marzetti had a return on equity of 18.87% and a net margin of 8.77%.The company had revenue of $475.43 million during the quarter, compared to analysts' expectations of $455.26 million. During the same period last year, the business posted $1.34 EPS. Marzetti's revenue for the quarter was up 5.0% on a year-over-year basis. Equities research analysts anticipate that The Marzetti Company will post 6.8 earnings per share for the current year.

Marzetti Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Monday, September 8th will be given a dividend of $0.95 per share. The ex-dividend date of this dividend is Monday, September 8th. This represents a $3.80 dividend on an annualized basis and a dividend yield of 2.1%. Marzetti's payout ratio is currently 62.60%.

Marzetti Profile

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.