The Marzetti Company $MZTI Shares Bought by Truist Financial Corp

Key Points

• Truist Financial Corp increased its stake in The Marzetti Company by 17.6%, acquiring an additional 3,727 shares, bringing its total ownership to approximately 0.09% of the company valued at about $4.3 million.
• The Marzetti Company recently reported earnings of $1.33 per share for the last quarter, exceeding estimates, with a 5% year-over-year revenue increase to $475.43 million.
• Marzetti declared a quarterly dividend of $0.95 per share, yielding approximately 2.3%, and has a payout ratio of 62.6%.

Truist Financial Corp grew its position in The Marzetti Company (NASDAQ:MZTI - Free Report) by 17.6% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 24,873 shares of the company's stock after acquiring an additional 3,727 shares during the quarter. Truist Financial Corp owned about 0.09% of Marzetti worth $4,297,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the business. Significant Wealth Partners LLC raised its position in Marzetti by 8.2% in the 2nd quarter. Significant Wealth Partners LLC now owns 1,262 shares of the company's stock valued at $218,000 after purchasing an additional 96 shares during the last quarter. Park Avenue Securities LLC increased its stake in Marzetti by 8.0% in the second quarter. Park Avenue Securities LLC now owns 7,028 shares of the company's stock valued at $1,214,000 after purchasing an additional 521 shares during the period. Diversified Trust Co raised its holdings in shares of Marzetti by 2.0% in the second quarter. Diversified Trust Co now owns 3,769 shares of the company's stock valued at $651,000 after buying an additional 75 shares during the last quarter. Wealth Enhancement Advisory Services LLC acquired a new stake in shares of Marzetti during the second quarter worth about $208,000. Finally, Thurston Springer Miller Herd & Titak Inc. grew its holdings in shares of Marzetti by 100.0% during the second quarter. Thurston Springer Miller Herd & Titak Inc. now owns 400 shares of the company's stock worth $69,000 after buying an additional 200 shares during the last quarter. 66.44% of the stock is currently owned by hedge funds and other institutional investors.

Marzetti Trading Down 0.3%

MZTI stock opened at $164.68 on Wednesday. The company's 50-day moving average price is $178.13 and its 200 day moving average price is $174.75. The Marzetti Company has a 52 week low of $156.14 and a 52 week high of $202.63. The company has a market cap of $4.53 billion, a P/E ratio of 27.13 and a beta of 0.43.

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

Marzetti Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 30th. Shareholders of record on Monday, September 8th were given a dividend of $0.95 per share. This represents a $3.80 dividend on an annualized basis and a yield of 2.3%. The ex-dividend date was Monday, September 8th. Marzetti's payout ratio is presently 62.60%.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on MZTI. Weiss Ratings restated a "hold (c+)" rating on shares of Marzetti in a research report on Saturday, September 27th. Benchmark boosted their target price on Marzetti from $185.00 to $200.00 and gave the company a "buy" rating in a report on Friday, August 22nd. Finally, Stephens restated an "equal weight" rating and set a $190.00 price target on shares of Marzetti in a research note on Thursday, September 11th. Two analysts have rated the stock with a Buy rating and three have given a Hold rating to the company's stock. Based on data from MarketBeat, Marzetti currently has an average rating of "Hold" and an average 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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