Bank of America Corp DE Buys New Stake in The Marzetti Company $MZTI

Key Points

• Bank of America acquired 182,294 Marzetti shares worth approximately $20.8 million, giving it a 0.66% stake. Institutional investors collectively own 66.44% of the company.
• Marzetti reported quarterly EPS of $1.46 on revenue of $465.03 million and declared a quarterly dividend of $1.00 per share, equivalent to a 3.9% annualized yield.
• MZTI shares opened at $102.12, near their 12-month low, while analysts maintained mostly cautious views with a consensus rating of “Reduce” and a $135 price target.

Bank of America Corp DE bought a new stake in shares of The Marzetti Company (NASDAQ:MZTI - Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund bought 182,294 shares of the company's stock, valued at approximately $20,811,000. Bank of America Corp DE owned approximately 0.66% of Marzetti at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently modified their holdings of the company. Caitong International Asset Management Co. Ltd bought a new stake in shares of Marzetti during the fourth quarter valued at about $33,000. Rockefeller Capital Management L.P. bought a new position in Marzetti in the 4th quarter valued at about $35,000. Clarity Asset Management Inc. acquired a new position in Marzetti during the 4th quarter valued at about $60,000. Versant Capital Management Inc increased its stake in Marzetti by 447.8% during the 2nd quarter. Versant Capital Management Inc now owns 378 shares of the company's stock valued at $43,000 after buying an additional 309 shares during the period. Finally, State of Wyoming bought a new stake in shares of Marzetti during the 1st quarter worth about $56,000. Institutional investors own 66.44% of the company's stock.

Marzetti Stock Down 1.4%

MZTI stock opened at $102.12 on Thursday. The Marzetti Company has a 12 month low of $98.00 and a 12 month high of $176.26. The firm has a market cap of $2.79 billion, a PE ratio of 14.65 and a beta of 0.35. The firm has a 50 day simple moving average of $109.22 and a 200 day simple moving average of $119.11. The company has a debt-to-equity ratio of 0.18, a current ratio of 1.56 and a quick ratio of 0.67.

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

Marzetti Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Tuesday, September 8th will be paid a dividend of $1.00 per share. The ex-dividend date of this dividend is Tuesday, September 8th. This represents a $4.00 dividend on an annualized basis and a yield of 3.9%. Marzetti's dividend payout ratio is currently 57.39%.

Analyst Ratings Changes

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

Insider Buying and Selling

In other Marzetti news, CEO Luis Viso sold 997 shares of the firm's stock in a transaction dated Thursday, September 10th. The shares were sold at an average price of $100.81, for a total value of $100,507.57. Following the completion of the transaction, the chief executive officer directly owned 1,047 shares in the company, valued at $105,548.07. This trade represents a 48.78% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Corporate insiders own 29.10% of the company's stock.

About Marzetti

Marzetti is a food manufacturer and marketer known for producing salad dressings, dips, sauces, frozen breads, pasta products and other specialty foods. Its products are sold through retail grocery channels and are also supplied to restaurants, foodservice operators and other institutional customers.

The company's portfolio includes the Marzetti, Sister Schubert's, New York Bakery, Flatout, Reames, Cardini's and Girard's brands, among others. Its offerings range from refrigerated and shelf-stable dressings and dips to frozen rolls, garlic bread, flatbreads, frozen noodles and related prepared foods.

Marzetti traces its origins to a restaurant opened by Teresa Marzetti in Columbus, Ohio, in 1896.

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