Algert Global LLC Cuts Stake in The Marzetti Company $MZTI

Key Points

• Algert Global LLC cut its Marzetti stake by 89.2% in the second quarter, selling 56,710 shares and retaining 6,855 shares valued at approximately $783,000. Institutional investors collectively own 66.44% of the company.
• Analyst sentiment remains cautious: Marzetti has a consensus rating of “Reduce”, with two Hold ratings and one Sell rating, while the average price target is $135.
• Marzetti reported quarterly earnings of $1.46 per share on $465.03 million in revenue and announced a $1.00 quarterly dividend, equivalent to a 3.5% yield and $4.00 annualized payout.

Algert Global LLC lessened its stake in The Marzetti Company (NASDAQ:MZTI - Free Report) by 89.2% during the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 6,855 shares of the company's stock after selling 56,710 shares during the quarter. Algert Global LLC's holdings in Marzetti were worth $783,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of the stock. Oregon Public Employees Retirement Fund increased its holdings in shares of Marzetti by 2.5% in the first quarter. Oregon Public Employees Retirement Fund now owns 4,162 shares of the company's stock worth $576,000 after purchasing an additional 100 shares during the last quarter. State of Michigan Retirement System boosted its position in shares of Marzetti by 2.1% during the 1st quarter. State of Michigan Retirement System now owns 4,932 shares of the company's stock valued at $682,000 after acquiring an additional 100 shares during the last quarter. CIBC Private Wealth Group LLC purchased a new position in shares of Marzetti in the fourth quarter valued at $32,000. Parkside Financial Bank & Trust purchased a new stake in Marzetti during the fourth quarter valued at $32,000. Finally, Caitong International Asset Management Co. Ltd bought a new position in Marzetti during the fourth quarter valued at $33,000. 66.44% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on MZTI. Weiss Ratings restated a "sell (d+)" rating on shares of Marzetti in a report on Monday, August 17th. DA Davidson decreased their price objective on Marzetti from $168.00 to $130.00 and set a "neutral" rating on the stock in a research report on Wednesday, August 26th. Finally, Stephens reiterated an "equal weight" rating and issued a $140.00 target price on shares of Marzetti in a report on Wednesday, August 26th. Two research analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Reduce" and an average target price of $135.00.

• Lancaster Colony Corporation NASDAQ: LANC Is About To Raise The Dividend

Marzetti Stock Performance

Shares of NASDAQ MZTI opened at $114.84 on Monday. The Marzetti Company has a fifty-two week low of $104.28 and a fifty-two week high of $186.95. The company has a debt-to-equity ratio of 0.18, a quick ratio of 0.67 and a current ratio of 1.56. The company has a market cap of $3.13 billion, a price-to-earnings ratio of 16.48 and a beta of 0.32. The business's 50 day moving average price is $112.11 and its 200-day moving average price is $126.48.

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

Marzetti Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Tuesday, September 8th will be paid a $1.00 dividend. This represents a $4.00 dividend on an annualized basis and a yield of 3.5%. The ex-dividend date is Tuesday, September 8th. Marzetti's dividend payout ratio is currently 57.39%.

Insider Activity at Marzetti

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

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.

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