Northern Trust Corp Trims Position in The Marzetti Company $MZTI

Key Points

• Northern Trust Corp reduced its position in The Marzetti Company by 0.8%, holding 287,750 shares worth approximately $50.36 million after selling 2,383 shares in the 1st quarter.
• The company reported $1.33 EPS for the last quarter, slightly exceeding the consensus estimate of $1.31, and its revenue increased by 5.0% year-over-year.
• Marzetti has declared a quarterly dividend of $0.95, with an annualized dividend yield of 2.1%, set to be paid on September 30th.

Northern Trust Corp cut its stake in The Marzetti Company (NASDAQ:MZTI - Free Report) by 0.8% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 287,750 shares of the company's stock after selling 2,383 shares during the period. Northern Trust Corp owned 1.04% of Marzetti worth $50,356,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of MZTI. Opal Wealth Advisors LLC bought a new position in shares of Marzetti during the 1st quarter worth approximately $26,000. Caitong International Asset Management Co. Ltd bought a new position in shares of Marzetti during the 1st quarter worth approximately $29,000. Headlands Technologies LLC bought a new position in shares of Marzetti during the 1st quarter worth approximately $44,000. Blue Trust Inc. boosted its holdings in shares of Marzetti by 20.9% during the 1st quarter. Blue Trust Inc. now owns 602 shares of the company's stock worth $105,000 after buying an additional 104 shares in the last quarter. Finally, Significant Wealth Partners LLC bought a new position in shares of Marzetti during the 1st quarter worth approximately $204,000. 66.44% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

MZTI has been the topic of a number of research analyst reports. Wall Street Zen cut Marzetti from a "buy" rating to a "hold" rating in a report on Monday, May 5th. Stephens restated an "equal weight" rating and set a $190.00 price target on shares of Marzetti in a report on Thursday, August 28th. Finally, Benchmark increased their price target on Marzetti from $185.00 to $200.00 and gave the stock a "buy" rating in a report on Friday, August 22nd. Two analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $206.00.

Marzetti Stock Down 0.6%

NASDAQ:MZTI traded down $1.08 during trading hours on Tuesday, hitting $181.52. 125,049 shares of the company traded hands, compared to its average volume of 137,116. The firm's 50-day simple moving average is $175.94 and its 200-day simple moving average is $176.54. The Marzetti Company has a one year low of $156.14 and a one year high of $202.63. The company has a market cap of $5.00 billion, a PE ratio of 29.90 and a beta of 0.43.

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

Marzetti Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Monday, September 8th will be issued a $0.95 dividend. 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 62.60%.

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.