Bartlett & CO. Wealth Management LLC Buys New Position in The Marzetti Company $MZTI

Key Points

• Bartlett & CO. Wealth Management LLC acquired a new position in The Marzetti Company, purchasing 4,282 shares valued at approximately $740,000 in the second quarter.
• Several hedge funds increased their stakes in Marzetti, with Wellington Management Group increasing its holdings by 18.0% and Mitsubishi UFJ Asset Management boosting theirs by 46.5%.
• Marzetti's stock has a market capitalization of $4.70 billion and reported quarterly earnings of $1.33 EPS, surpassing estimates and reflecting a revenue increase of 5.0% year-over-year.

Bartlett & CO. Wealth Management LLC purchased a new stake in The Marzetti Company (NASDAQ:MZTI - Free Report) in the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor purchased 4,282 shares of the company's stock, valued at approximately $740,000.

Several other hedge funds also recently made changes to their positions in MZTI. Wellington Management Group LLP lifted its stake in Marzetti by 18.0% during the first quarter. Wellington Management Group LLP now owns 12,710 shares of the company's stock valued at $2,224,000 after purchasing an additional 1,939 shares during the last quarter. Mitsubishi UFJ Asset Management UK Ltd. increased its holdings in shares of Marzetti by 46.5% in the first quarter. Mitsubishi UFJ Asset Management UK Ltd. now owns 6,300 shares of the company's stock valued at $1,103,000 after buying an additional 2,000 shares in the last quarter. Principal Financial Group Inc. lifted its position in shares of Marzetti by 1.3% during the 1st quarter. Principal Financial Group Inc. now owns 52,433 shares of the company's stock valued at $9,176,000 after acquiring an additional 659 shares during the last quarter. Allspring Global Investments Holdings LLC boosted its stake in shares of Marzetti by 146.2% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 32,441 shares of the company's stock worth $5,677,000 after acquiring an additional 19,264 shares in the last quarter. Finally, Wealth Enhancement Advisory Services LLC acquired a new position in shares of Marzetti in the 4th quarter worth $206,000. Institutional investors and hedge funds own 66.44% of the company's stock.

Marzetti Price Performance

Shares of NASDAQ MZTI opened at $170.70 on Friday. The Marzetti Company has a one year low of $156.14 and a one year high of $202.63. The business's 50-day moving average price is $178.53 and its two-hundred day moving average price is $174.99. The company has a market capitalization of $4.70 billion, a P/E ratio of 28.12 and a beta of 0.43.

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

Marzetti Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 30th. Shareholders of record on Monday, September 8th were given a $0.95 dividend. The ex-dividend date of this dividend was Monday, September 8th. This represents a $3.80 dividend on an annualized basis and a dividend yield of 2.2%. Marzetti's payout ratio is currently 62.60%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on the company. Stephens reaffirmed an "equal weight" rating and set a $190.00 target price on shares of Marzetti in a report on Thursday, September 11th. Benchmark upped their price objective on shares of Marzetti from $185.00 to $200.00 and gave the company a "buy" rating in a research note on Friday, August 22nd. Two equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat.com, Marzetti presently has an average rating of "Moderate Buy" and an average target price of $206.00.

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.

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