Marzetti (NASDAQ:MZTI) Shares Gap Down Following Weak Earnings

The Marzetti Company (NASDAQ:MZTI) gapped down prior to trading on Tuesday following a dissappointing earnings announcement. The stock had previously closed at $173.91, but opened at $165.00. Marzetti shares last traded at $161.58, with a volume of 9,806 shares.

The company reported $2.15 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.23 by ($0.08). Marzetti had a net margin of 8.77% and a return on equity of 18.86%. The firm had revenue of $509.77 million for the quarter. The business’s revenue was up 1.7% on a year-over-year basis.

Marzetti Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, December 31st. Investors of record on Friday, December 5th were given a dividend of $1.00 per share. This represents a $4.00 annualized dividend and a dividend yield of 2.5%. The ex-dividend date of this dividend was Friday, December 5th. Marzetti’s dividend payout ratio is currently 64.94%.

Wall Street Analysts Forecast Growth

MZTI has been the subject of several recent research reports. Wall Street Zen lowered shares of Marzetti from a “buy” rating to a “hold” rating in a research note on Saturday. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Marzetti in a report on Friday, January 9th. Stephens reaffirmed an “equal weight” rating and set a $190.00 price objective on shares of Marzetti in a research report on Tuesday. Finally, DA Davidson upped their target price on Marzetti from $179.00 to $184.00 and gave the company a “neutral” rating in a report on Wednesday, November 12th. One equities research analyst has rated the stock with a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat.com, Marzetti presently has a consensus rating of “Hold” and an average target price of $191.33.

Institutional Investors Weigh In On Marzetti

A number of hedge funds have recently made changes to their positions in the business. Thurston Springer Miller Herd & Titak Inc. bought a new position in Marzetti in the 4th quarter worth approximately $33,000. Lodestone Wealth Management LLC bought a new stake in Marzetti during the 4th quarter valued at $37,000. Farther Finance Advisors LLC acquired a new position in Marzetti during the 4th quarter worth $52,000. Blue Trust Inc. acquired a new position in Marzetti during the 4th quarter worth $57,000. Finally, Nisa Investment Advisors LLC bought a new position in shares of Marzetti in the fourth quarter worth $62,000. Institutional investors own 66.44% of the company’s stock.

Marzetti Price Performance

The company has a market capitalization of $4.42 billion, a price-to-earnings ratio of 26.06 and a beta of 0.39. The business has a fifty day moving average price of $166.60 and a 200 day moving average price of $171.18.

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.