Freestone Grove Partners LP Makes New Investment in The Marzetti Company $MZTI

Freestone Grove Partners LP purchased a new position in shares of The Marzetti Company (NASDAQ:MZTI) in the second quarter, HoldingsChannel reports. The institutional investor purchased 18,693 shares of the company’s stock, valued at approximately $2,134,000.

Several other hedge funds also recently modified their holdings of MZTI. CIBC Private Wealth Group LLC bought a new position in Marzetti during the fourth quarter worth $32,000. Parkside Financial Bank & Trust bought a new stake in Marzetti in the 4th quarter valued at $32,000. Caitong International Asset Management Co. Ltd bought a new stake in Marzetti in the 4th quarter valued at $33,000. Rockefeller Capital Management L.P. acquired a new stake in Marzetti in the 4th quarter worth $35,000. Finally, Aster Capital Management DIFC Ltd acquired a new stake in Marzetti in the 4th quarter worth $40,000. 66.44% of the stock is owned by institutional investors.

Marzetti Stock Performance

Shares of NASDAQ MZTI opened at $114.84 on Friday. The firm has a market capitalization of $3.13 billion, a price-to-earnings ratio of 16.48 and a beta of 0.32. The Marzetti Company has a one year low of $104.28 and a one year high of $186.95. The business has a fifty day simple moving average of $112.11 and a 200 day simple moving average of $126.68. The company has a current ratio of 1.56, a quick ratio of 1.70 and a debt-to-equity ratio of 0.18.

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

Marzetti Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Tuesday, September 8th will be given a dividend of $1.00 per share. This represents a $4.00 annualized dividend and a dividend yield of 3.5%. The ex-dividend date is Tuesday, September 8th. Marzetti’s payout ratio is 62.60%.

Analysts Set New Price Targets

MZTI has been the topic of several research reports. Stephens restated an “equal weight” rating and set a $140.00 price objective on shares of Marzetti in a report on Wednesday. DA Davidson reduced their target price on shares of Marzetti from $168.00 to $130.00 and set a “neutral” rating for the company in a research note on Wednesday. Finally, Weiss Ratings reissued a “sell (d+)” rating on shares of Marzetti in a research report on Monday, August 17th. Two equities research analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Reduce” and a consensus price target of $135.00.

Insider Buying and Selling at Marzetti

In other news, insider Luis Viso sold 1,221 shares of Marzetti stock in a transaction dated Thursday, June 11th. The shares were sold at an average price of $109.31, for a total transaction of $133,467.51. Following the sale, the insider directly owned 1,924 shares in the company, valued at approximately $210,312.44. The trade was a 38.82% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 29.10% of the company’s stock.

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.