The Manufacturers Life Insurance Company Takes $2.23 Million Position in The Marzetti Company $MZTI

The Manufacturers Life Insurance Company bought a new stake in shares of The Marzetti Company (NASDAQ:MZTI) in the 2nd quarter, according to its most recent filing with the SEC. The institutional investor bought 19,546 shares of the company’s stock, valued at approximately $2,231,000. The Manufacturers Life Insurance Company owned about 0.07% of Marzetti at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in MZTI. Oregon Public Employees Retirement Fund lifted its holdings in Marzetti by 2.5% during the 1st quarter. Oregon Public Employees Retirement Fund now owns 4,162 shares of the company’s stock worth $576,000 after buying an additional 100 shares during the last quarter. State of Michigan Retirement System grew its position in shares of Marzetti by 2.1% in the 1st 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 in the last quarter. CIBC Private Wealth Group LLC bought a new stake in shares of Marzetti in the 4th quarter valued at approximately $32,000. Parkside Financial Bank & Trust acquired a new stake in shares of Marzetti during the 4th quarter valued at approximately $32,000. Finally, Caitong International Asset Management Co. Ltd acquired a new stake in shares of Marzetti during the 4th quarter valued at approximately $33,000. Institutional investors and hedge funds own 66.44% of the company’s stock.

Marzetti Stock Down 0.4%

NASDAQ:MZTI opened at $111.37 on Thursday. The firm has a market capitalization of $3.04 billion, a PE ratio of 15.98 and a beta of 0.35. The stock has a 50 day moving average of $112.30 and a 200-day moving average of $125.54. The Marzetti Company has a 52 week low of $104.28 and a 52 week high of $186.95. The company has a current ratio of 1.56, a quick ratio of 0.67 and a debt-to-equity ratio of 0.18.

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

Marzetti Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Tuesday, September 8th will be paid a $1.00 dividend. This represents a $4.00 dividend on an annualized basis and a yield of 3.6%. The ex-dividend date is Tuesday, September 8th. Marzetti’s dividend payout ratio (DPR) is presently 57.39%.

Analyst Upgrades and Downgrades

MZTI has been the subject of a number of research reports. DA Davidson decreased their price objective on shares of Marzetti from $168.00 to $130.00 and set a “neutral” rating for the company in a report on Wednesday, August 26th. Stephens reissued an “equal weight” rating and set a $140.00 target price on shares of Marzetti in a report on Wednesday, August 26th. Finally, Weiss Ratings restated a “sell (d+)” rating on shares of Marzetti in a research report on Monday, August 17th. Two analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company currently has an average rating of “Reduce” and an average price target of $135.00.

Insider Activity

In other news, insider Luis Viso sold 1,221 shares of the business’s stock in a transaction on Thursday, June 11th. The shares were sold at an average price of $109.31, for a total transaction of $133,467.51. Following the completion of the transaction, the insider owned 1,924 shares of the company’s stock, valued at approximately $210,312.44. The trade was a 38.82% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed 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.