Zurich Insurance Group Ltd FI Buys New Stake in The Marzetti Company $MZTI

Key Points

• Zurich Insurance Group Ltd FI has acquired a new position by purchasing 7,200 shares of The Marzetti Company (NASDAQ:MZTI) valued at approximately $1,260,000 during the first quarter of the year.
• The Marzetti Company reported a quarterly earnings per share of $1.33, surpassing estimates, with revenues of $475.43 million for the quarter, reflecting a 5% year-over-year increase.
• Marzetti declared a quarterly dividend of $0.95 per share, scheduled for payment on September 30th, representing an annualized yield of 2.1%.

Zurich Insurance Group Ltd FI purchased a new stake in shares of The Marzetti Company (NASDAQ:MZTI - Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 7,200 shares of the company's stock, valued at approximately $1,260,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of MZTI. Opal Wealth Advisors LLC acquired a new position in Marzetti during the 1st quarter worth approximately $26,000. Caitong International Asset Management Co. Ltd acquired a new position in Marzetti during the 1st quarter worth approximately $29,000. Headlands Technologies LLC acquired a new position in Marzetti during the 1st quarter worth approximately $44,000. State of Wyoming acquired a new position in Marzetti during the 1st quarter worth approximately $60,000. Finally, Quarry LP lifted its position in Marzetti by 1,350.0% during the 1st quarter. Quarry LP now owns 377 shares of the company's stock worth $66,000 after acquiring an additional 351 shares in the last quarter. 66.44% of the stock is owned by institutional investors and hedge funds.

Marzetti Stock Performance

Shares of Marzetti stock traded down $2.27 on Friday, reaching $183.02. 89,359 shares of the company were exchanged, compared to its average volume of 144,025. The company's 50-day moving average is $177.71 and its two-hundred day moving average is $176.13. The firm has a market cap of $5.04 billion, a price-to-earnings ratio of 30.15 and a beta of 0.43. The Marzetti Company has a 1-year low of $156.14 and a 1-year high of $202.63.

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

Marzetti Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Monday, September 8th will be given a $0.95 dividend. This represents a $3.80 annualized dividend and a yield of 2.1%. The ex-dividend date is Monday, September 8th. Marzetti's dividend payout ratio (DPR) is currently 62.60%.

Analyst Ratings Changes

A number of brokerages recently commented on MZTI. Benchmark increased their price target on Marzetti from $185.00 to $200.00 and gave the company a "buy" rating in a report on Friday, August 22nd. Stephens reaffirmed an "equal weight" rating and set a $190.00 target price on shares of Marzetti in a report on Thursday. Two research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $206.00.

Marzetti Company 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.