M&T Bank Corp Invests $1.12 Billion in The Marzetti Company $MZTI

M&T Bank Corp acquired a new position in The Marzetti Company (NASDAQ:MZTI - Free Report) in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 6,803,120 shares of the company's stock, valued at approximately $1,118,569,000. Marzetti makes up 3.3% of M&T Bank Corp's investment portfolio, making the stock its 4th largest position. M&T Bank Corp owned 24.69% of Marzetti at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Thurston Springer Miller Herd & Titak Inc. purchased a new stake in shares of Marzetti in the 4th quarter worth $33,000. Lodestone Wealth Management LLC purchased a new stake in shares of Marzetti in the 4th quarter worth $37,000. Farther Finance Advisors LLC purchased a new stake in shares of Marzetti in the 4th quarter worth $52,000. Blue Trust Inc. purchased a new stake in shares of Marzetti in the 4th quarter worth $57,000. Finally, Nisa Investment Advisors LLC purchased a new stake in shares of Marzetti in the 4th quarter worth $62,000. 66.44% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the company. Wall Street Zen lowered Marzetti from a "buy" rating to a "hold" rating in a research note on Saturday, January 31st. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Marzetti in a report on Friday, January 9th. Stephens lowered their price target on shares of Marzetti from $190.00 to $180.00 and set an "equal weight" rating for the company in a report on Wednesday, February 4th. Finally, DA Davidson lowered their price target on shares of Marzetti from $184.00 to $168.00 and set a "neutral" rating for the company in a report on Monday, March 16th. One investment analyst has rated the stock with a Buy rating and three have given a Hold rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $182.67.

Marzetti Stock Performance

Shares of NASDAQ:MZTI opened at $127.13 on Wednesday. The firm has a market cap of $3.49 billion, a PE ratio of 19.47 and a beta of 0.47. The firm's 50 day simple moving average is $150.15 and its 200-day simple moving average is $160.59. The Marzetti Company has a one year low of $126.43 and a one year high of $193.40.

Marzetti (NASDAQ:MZTI - Get Free Report) last issued its quarterly earnings data on Tuesday, February 3rd. The company reported $2.15 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.23 by ($0.08). The business had revenue of $509.77 million for the quarter. Marzetti had a net margin of 9.25% and a return on equity of 18.55%. The business's revenue for the quarter was up 1.7% compared to the same quarter last year.

Marzetti Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, March 31st. Shareholders of record on Friday, March 6th were issued a $1.00 dividend. This represents a $4.00 annualized dividend and a yield of 3.1%. The ex-dividend date of this dividend was Friday, March 6th. Marzetti's payout ratio is currently 61.26%.

Marzetti Company 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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