First Merchants Corp Purchases Shares of 4,700 The Marzetti Company $MZTI

First Merchants Corp purchased a new position in The Marzetti Company (NASDAQ:MZTI) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 4,700 shares of the company’s stock, valued at approximately $773,000.

A number of other hedge funds have also recently modified their holdings of MZTI. Legacy Wealth Asset Management LLC bought a new stake in shares of Marzetti in the fourth quarter worth about $610,000. SG Americas Securities LLC bought a new position in Marzetti during the 4th quarter valued at approximately $2,226,000. Diversified Trust Co. bought a new position in Marzetti during the 4th quarter valued at approximately $599,000. Wealth Enhancement Advisory Services LLC purchased a new stake in Marzetti in the 4th quarter worth approximately $249,000. Finally, Strs Ohio purchased a new stake in Marzetti in the 1st quarter worth approximately $175,000. Hedge funds and other institutional investors own 66.44% of the company’s stock.

Marzetti Stock Up 1.3%

NASDAQ MZTI opened at $141.71 on Friday. The firm has a market capitalization of $3.89 billion, a PE ratio of 21.70 and a beta of 0.40. The stock’s 50 day moving average is $159.06 and its 200 day moving average is $165.50. The Marzetti Company has a twelve month low of $137.46 and a twelve month high of $193.40.

Marzetti (NASDAQ:MZTI) last posted its quarterly earnings data on Tuesday, February 3rd. The company reported $2.15 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.23 by ($0.08). The firm had revenue of $509.77 million during the quarter. Marzetti had a return on equity of 18.55% and a net margin of 9.25%.The firm’s quarterly revenue was up 1.7% on a year-over-year basis. On average, research analysts anticipate that The Marzetti Company will post 6.8 earnings per share for the current year.

Marzetti Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, March 31st. Investors of record on Friday, March 6th will be paid a $1.00 dividend. This represents a $4.00 annualized dividend and a dividend yield of 2.8%. The ex-dividend date is Friday, March 6th. Marzetti’s dividend payout ratio (DPR) is presently 61.26%.

Wall Street Analysts Forecast Growth

MZTI has been the topic of several research analyst reports. Wall Street Zen cut Marzetti from a “buy” rating to a “hold” rating in a research note on Saturday, January 31st. Stephens cut their price target on shares of Marzetti from $190.00 to $180.00 and set an “equal weight” rating on the stock in a report on Wednesday, February 4th. Weiss Ratings reissued a “hold (c)” rating on shares of Marzetti in a research report on Friday, January 9th. Finally, DA Davidson decreased their price objective on shares of Marzetti from $184.00 to $168.00 and set a “neutral” rating for the company in a report on Monday, March 16th. One investment analyst has rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. According to data from MarketBeat, Marzetti presently has a consensus rating of “Hold” and an average target price of $182.67.

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.