Tidal Investments LLC Boosts Holdings in The Marzetti Company $MZTI

Key Points

• Tidal Investments increased its Marzetti stake by 53.9% in the second quarter to 29,371 shares, while institutional investors collectively owned 66.44% of the company.
• Analysts remain cautious: Marzetti carries a consensus “Reduce” rating, with two Hold ratings and one Sell rating and an average price target of $135.
• Marzetti reported quarterly EPS of $1.46 on $465.03 million in revenue and declared a $1.00-per-share quarterly dividend, equivalent to a 3.9% yield.

Tidal Investments LLC grew its position in The Marzetti Company (NASDAQ:MZTI - Free Report) by 53.9% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 29,371 shares of the company's stock after acquiring an additional 10,281 shares during the quarter. Tidal Investments LLC owned about 0.11% of Marzetti worth $3,353,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the company. California State Teachers Retirement System lifted its stake in Marzetti by 11,006.9% in the second quarter. California State Teachers Retirement System now owns 2,797,491 shares of the company's stock worth $319,362,000 after purchasing an additional 2,772,304 shares during the last quarter. BlackRock Inc. bought a new position in shares of Marzetti during the second quarter valued at approximately $313,083,000. First Trust Advisors LP boosted 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 buying an additional 123,875 shares during the period. Geode Capital Management LLC purchased a new stake in shares of Marzetti in the 4th quarter worth $103,681,000. Finally, William Blair Investment Management LLC bought a new position in Marzetti during the 4th quarter worth about $90,041,000. Institutional investors own 66.44% of the company's stock.

Insider Transactions at Marzetti

In related news, CEO Luis Viso sold 997 shares of Marzetti stock in a transaction that occurred 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 completion of the transaction, the chief executive officer directly owned 1,047 shares in the company, valued at $105,548.07. The trade was a 48.78% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 29.10% of the company's stock.

Analysts Set New Price Targets

• Lancaster Colony Corporation NASDAQ: LANC Is About To Raise The Dividend

A number of analysts have recently weighed in on MZTI shares. Weiss Ratings reissued a "sell (d+)" rating on shares of Marzetti in a research report on Monday, August 17th. DA Davidson decreased their target price on Marzetti from $168.00 to $130.00 and set a "neutral" rating on the stock in a research report on Wednesday, August 26th. Finally, Stephens reaffirmed an "equal weight" rating and issued a $140.00 price target on shares of Marzetti in a report on Wednesday, August 26th. Two investment analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Reduce" and an average price target of $135.00.

Marzetti Trading Down 1.1%

NASDAQ:MZTI opened at $102.94 on Tuesday. The company has a debt-to-equity ratio of 0.18, a quick ratio of 0.67 and a current ratio of 1.56. The Marzetti Company has a 1 year low of $100.20 and a 1 year high of $184.26. The stock has a 50-day simple moving average of $110.53 and a 200-day simple moving average of $122.25. The stock has a market cap of $2.81 billion, a P/E ratio of 14.77 and a beta of 0.35.

Marzetti (NASDAQ:MZTI - Get Free Report) last issued its quarterly earnings data on Tuesday, August 25th. The company reported $1.46 earnings per share (EPS) for the quarter. The company had revenue of $465.03 million for the quarter. Marzetti had a return on equity of 18.22% and a net margin of 9.93%.

Marzetti Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Tuesday, September 8th will be paid a dividend of $1.00 per share. The ex-dividend date of this dividend is Tuesday, September 8th. This represents a $4.00 annualized dividend and a dividend yield of 3.9%. Marzetti's payout ratio is 57.39%.

About Marzetti

Marzetti is a food manufacturer and marketer known for producing salad dressings, dips, sauces, frozen breads, pasta products and other specialty foods. Its products are sold through retail grocery channels and are also supplied to restaurants, foodservice operators and other institutional customers.

The company's portfolio includes the Marzetti, Sister Schubert's, New York Bakery, Flatout, Reames, Cardini's and Girard's brands, among others. Its offerings range from refrigerated and shelf-stable dressings and dips to frozen rolls, garlic bread, flatbreads, frozen noodles and related prepared foods.

Marzetti traces its origins to a restaurant opened by Teresa Marzetti in Columbus, Ohio, in 1896.

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