Marzetti (NASDAQ:MZTI) Stock Price Down 5.2% - What's Next?

Key Points

• Marzetti shares fell 5.2% on Tuesday, trading as low as $107.91 before closing near $108.18, well below the prior close of $114.11. Trading volume was also sharply lighter than normal.
• Analyst sentiment has softened, with Stephens cutting its price target to $140 and Weiss Ratings downgrading the stock to sell. The current consensus from MarketBeat is Hold, with an average price target of $169.33.
• The company recently paid a quarterly dividend of $1.00 per share, equal to an annualized yield of 3.7%. Insider Luis Viso also sold 1,221 shares in June, while institutional ownership remains high at 66.44%.

The Marzetti Company (NASDAQ:MZTI - Get Free Report) traded down 5.2% during trading on Tuesday . The stock traded as low as $107.91 and last traded at $108.1810. 53,880 shares were traded during mid-day trading, a decline of 82% from the average daily volume of 296,304 shares. The stock had previously closed at $114.11.

Analysts Set New Price Targets

Several research firms have issued reports on MZTI. Stephens dropped their price target on shares of Marzetti from $160.00 to $140.00 and set an "equal weight" rating on the stock in a research report on Wednesday, May 6th. DA Davidson raised shares of Marzetti to a "hold" rating in a research report on Monday, July 6th. Finally, Weiss Ratings lowered shares of Marzetti from a "hold (c-)" rating to a "sell (d+)" rating in a research note on Wednesday, May 20th. One investment analyst has rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and an average price target of $169.33.

Marzetti Trading Down 5.2%

The company has a market capitalization of $2.97 billion, a P/E ratio of 17.04 and a beta of 0.32. The company has a 50 day moving average price of $112.22 and a 200 day moving average price of $139.42.

Marzetti Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, June 30th. Shareholders of record on Friday, June 5th were given a dividend of $1.00 per share. This represents a $4.00 dividend on an annualized basis and a yield of 3.7%. The ex-dividend date of this dividend was Friday, June 5th. Marzetti's payout ratio is 62.60%.

Insider Activity at Marzetti

In other news, insider Luis Viso sold 1,221 shares of the stock in a transaction dated Thursday, June 11th. The shares were sold at an average price of $109.31, for a total value of $133,467.51. Following the transaction, the insider directly owned 1,924 shares of the company's stock, valued at $210,312.44. This represents a 38.82% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 29.10% of the stock is currently owned by corporate insiders.

Institutional Trading of Marzetti

Hedge funds and other institutional investors have recently modified their holdings of the stock. Oregon Public Employees Retirement Fund raised its holdings in Marzetti by 2.5% in the 1st quarter. Oregon Public Employees Retirement Fund now owns 4,162 shares of the company's stock valued at $576,000 after acquiring an additional 100 shares during the period. State of Michigan Retirement System boosted its holdings in shares of Marzetti by 2.1% during the first quarter. State of Michigan Retirement System now owns 4,932 shares of the company's stock worth $682,000 after acquiring an additional 100 shares during the period. CIBC Private Wealth Group LLC acquired a new position in shares of Marzetti in the fourth quarter valued at approximately $32,000. Parkside Financial Bank & Trust acquired a new position in shares of Marzetti in the fourth quarter valued at approximately $32,000. Finally, Caitong International Asset Management Co. Ltd bought a new position in shares of Marzetti during the fourth quarter worth approximately $33,000. Institutional investors own 66.44% of the company's stock.

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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