Bayforest Capital Ltd Acquires New Position in The Marzetti Company $MZTI

Key Points

• Bayforest Capital Ltd has acquired a new stake in The Marzetti Company, purchasing 2,715 shares valued at approximately $475,000 during the first quarter.
• Marzetti recently announced a quarterly dividend payout of $0.95 per share, which will be distributed on September 30th, with a yield of 2.1%.
• The company's quarterly earnings reported earnings per share of $1.33, exceeding analyst expectations and reflecting a revenue increase of 5.0% year-over-year.

Bayforest Capital Ltd purchased a new stake in The Marzetti Company (NASDAQ:MZTI - Free Report) during the first quarter, according to its most recent Form 13F filing with the SEC. The fund purchased 2,715 shares of the company's stock, valued at approximately $475,000.

Several other hedge funds also recently added to or reduced their stakes in MZTI. ProShare Advisors LLC grew its position in shares of Marzetti by 10.2% in the 4th quarter. ProShare Advisors LLC now owns 238,055 shares of the company's stock valued at $41,217,000 after buying an additional 22,019 shares during the last quarter. Goldman Sachs Group Inc. boosted its stake in shares of Marzetti by 16.1% during the first quarter. Goldman Sachs Group Inc. now owns 221,350 shares of the company's stock worth $38,736,000 after buying an additional 30,731 shares during the period. Invesco Ltd. raised its stake in Marzetti by 6.4% during the 1st quarter. Invesco Ltd. now owns 200,873 shares of the company's stock valued at $35,153,000 after acquiring an additional 12,015 shares during the last quarter. Bahl & Gaynor Inc. lifted its position in Marzetti by 14.6% during the 1st quarter. Bahl & Gaynor Inc. now owns 181,084 shares of the company's stock worth $31,690,000 after acquiring an additional 23,027 shares during the period. Finally, Envestnet Asset Management Inc. grew its stake in shares of Marzetti by 8.8% in the 1st quarter. Envestnet Asset Management Inc. now owns 146,281 shares of the company's stock valued at $25,599,000 after purchasing an additional 11,790 shares during the last quarter. 66.44% of the stock is currently owned by hedge funds and other institutional investors.

Marzetti Stock Performance

Shares of NASDAQ:MZTI opened at $182.42 on Wednesday. The company's fifty day moving average is $177.10 and its two-hundred day moving average is $176.25. The Marzetti Company has a 1-year low of $156.14 and a 1-year high of $202.63. The stock has a market capitalization of $5.02 billion, a price-to-earnings ratio of 30.05 and a beta of 0.43.

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

Marzetti Dividend Announcement

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

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on MZTI shares. Stephens restated an "equal weight" rating and set a $190.00 price target on shares of Marzetti in a research note on Thursday, August 28th. Benchmark increased their price target on shares of Marzetti from $185.00 to $200.00 and gave the stock a "buy" rating in a report on Friday, August 22nd. Two equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat.com, Marzetti has a consensus rating of "Moderate Buy" and a consensus price target of $206.00.

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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