Mirae Asset Global Investments Co. Ltd. Purchases New Position in The Marzetti Company $MZTI

Key Points

• Mirae Asset Global Investments opened a new Marzetti position, buying 18,791 shares worth approximately $1.86 million, or about 0.07% of the company. Institutional investors and hedge funds collectively own 66.44% of the stock.
• Marzetti reported quarterly EPS of $1.14, below the $1.37 analyst consensus; revenue fell 2.4% year over year to $481.52 million. The stock was down 3.3% in the reported trading session.
• The company’s quarterly dividend is $1 per share, equivalent to $4 annually and a 3.8% yield. Analysts’ consensus rating was “Reduce,” with an average price target of $132.50.

Mirae Asset Global Investments Co. Ltd. purchased a new stake in shares of The Marzetti Company (NASDAQ:MZTI - Free Report) during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 18,791 shares of the company's stock, valued at approximately $1,864,000. Mirae Asset Global Investments Co. Ltd. owned about 0.07% of Marzetti at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in MZTI. BlackRock Inc. bought a new position in Marzetti in the 2nd quarter worth approximately $313,083,000. First Trust Advisors LP increased its position in Marzetti by 18.2% in the 1st quarter. First Trust Advisors LP now owns 803,707 shares of the company's stock valued at $111,177,000 after acquiring an additional 123,875 shares during the period. Dimensional Fund Advisors LP raised its stake in Marzetti by 1.4% during the 1st quarter. Dimensional Fund Advisors LP now owns 555,702 shares of the company's stock valued at $76,873,000 after acquiring an additional 7,671 shares in the last quarter. Renaissance Technologies LLC raised its stake in Marzetti by 4.0% during the 1st quarter. Renaissance Technologies LLC now owns 370,780 shares of the company's stock valued at $51,290,000 after acquiring an additional 14,400 shares in the last quarter. Finally, Bank of America Corp DE bought a new stake in Marzetti during the 2nd quarter valued at $20,811,000. 66.44% of the stock is currently owned by institutional investors and hedge funds.

Marzetti Trading Down 3.3%

Shares of NASDAQ:MZTI opened at $104.93 on Friday. The company has a 50 day moving average of $104.61 and a 200-day moving average of $123.69. The company has a current ratio of 1.53, a quick ratio of 0.67 and a debt-to-equity ratio of 0.18. The firm has a market cap of $2.86 billion, a P/E ratio of 16.58 and a beta of 0.34. The Marzetti Company has a twelve month low of $97.00 and a twelve month high of $176.26.

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Marzetti (NASDAQ:MZTI - Get Free Report) last posted its quarterly earnings data on Tuesday, November 3rd. The company reported $1.14 EPS for the quarter, missing analysts' consensus estimates of $1.37 by ($0.23). Marzetti had a net margin of 9.06% and a return on equity of 16.46%. The company had revenue of $481.52 million for the quarter. During the same quarter in the previous year, the company earned $1.74 EPS. Marzetti's revenue for the quarter was down 2.4% on a year-over-year basis.

Marzetti Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, September 30th. Shareholders of record on Tuesday, September 8th were paid a dividend of $1.00 per share. This represents a $4.00 dividend on an annualized basis and a yield of 3.8%. The ex-dividend date of this dividend was Tuesday, September 8th. Marzetti's dividend payout ratio (DPR) is presently 63.19%.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on MZTI. DA Davidson reduced their price target on Marzetti from $168.00 to $130.00 and set a "neutral" rating for the company in a research report on Wednesday, August 26th. Stephens reissued an "equal weight" rating and set a $135.00 price target on shares of Marzetti in a report on Wednesday. Finally, Weiss Ratings restated a "sell (d+)" rating on shares of Marzetti in a research note on Monday, August 17th. Two equities research analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Reduce" and an average target price of $132.50.

Insider Transactions at Marzetti

In other news, CEO Luis Viso sold 997 shares of Marzetti stock in a transaction on Thursday, September 10th. The stock was sold at an average price of $100.81, for a total transaction of $100,507.57. Following the transaction, the chief executive officer directly owned 1,047 shares in the company, valued at approximately $105,548.07. This trade represents a 48.78% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 29.30% of the company's stock.

Marzetti Profile

T. Marzetti Company is a food manufacturer and marketer based in Columbus, Ohio. The company develops, produces and distributes specialty food products for retail and foodservice customers, with a portfolio focused on dressings, dips, sauces, frozen breads and related prepared foods.

Its brand portfolio includes Marzetti, Simply Dressed, New York Bakery, Sister Schubert's, Flatout, Cardini's and Girard's, among others. These products are sold through grocery retailers and other retail channels, while the company also supplies restaurants, institutional foodservice operators and other commercial customers.

The company traces its roots to 1896, when Teresa Marzetti opened a restaurant in Columbus, Ohio.

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