Wesbanco Bank Inc. Purchases Shares of 162,610 The Marzetti Company $MZTI

Key Points

• Wesbanco Bank Inc. opened a new position in The Marzetti Company during the fourth quarter, buying 162,610 shares worth about $26.7 million. The stake represents roughly 0.7% of Wesbanco’s portfolio and about 0.59% of Marzetti.
• Marzetti stock was down 2.8%, recently trading at $113.69, near its 52-week low of $111.04. The company’s market cap is about $3.12 billion, with a P/E ratio of 17.79.
• The company recently reported mixed quarterly results, missing EPS expectations by $0.08 even as revenue rose 1.7% year over year to $509.77 million. Marzetti also paid a quarterly dividend of $1.00 per share, yielding about 3.5%, while analysts currently rate the stock a Hold on average.

Wesbanco Bank Inc. purchased a new stake in The Marzetti Company (NASDAQ:MZTI - Free Report) during the fourth quarter, according to its most recent filing with the SEC. The fund purchased 162,610 shares of the company's stock, valued at approximately $26,736,000. Marzetti comprises about 0.7% of Wesbanco Bank Inc.'s portfolio, making the stock its 27th largest holding. Wesbanco Bank Inc. owned approximately 0.59% of Marzetti as of its most recent SEC filing.

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

Marzetti Stock Down 2.8%

Shares of NASDAQ:MZTI opened at $113.69 on Friday. The Marzetti Company has a 52 week low of $111.04 and a 52 week high of $190.96. The firm has a fifty day simple moving average of $142.84 and a two-hundred day simple moving average of $157.73. The stock has a market capitalization of $3.12 billion, a P/E ratio of 17.79 and a beta of 0.38.

Marzetti (NASDAQ:MZTI - Get Free Report) last released its quarterly earnings results on Tuesday, February 3rd. The company reported $2.15 EPS for the quarter, missing analysts' consensus estimates of $2.23 by ($0.08). Marzetti had a return on equity of 18.12% and a net margin of 9.06%.The firm had revenue of $509.77 million for the quarter. Marzetti's revenue was up 1.7% compared to the same quarter last year.

Marzetti Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, March 31st. Investors of record on Friday, March 6th were paid a dividend of $1.00 per share. The ex-dividend date of this dividend was Friday, March 6th. This represents a $4.00 dividend on an annualized basis and a dividend yield of 3.5%. Marzetti's payout ratio is currently 62.60%.

Analysts Set New Price Targets

MZTI has been the subject of a number of recent research reports. Weiss Ratings reissued a "hold (c)" rating on shares of Marzetti in a research note on Friday, January 9th. Stephens dropped their price objective on shares of Marzetti from $160.00 to $140.00 and set an "equal weight" rating for the company in a research note on Wednesday. Wall Street Zen cut shares of Marzetti from a "buy" rating to a "hold" rating in a research note on Saturday, January 31st. Finally, DA Davidson dropped their price objective on shares of Marzetti from $184.00 to $168.00 and set a "neutral" rating for the company in a research note on Monday, March 16th. One investment analyst has rated the stock with a Buy rating and three have issued a Hold rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and an average price target of $169.33.

About Marzetti

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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