8,243 The Marzetti Company $MZTI Shares Sold by Vest Financial LLC

Vest Financial LLC reduced its position in The Marzetti Company (NASDAQ:MZTI) by 17.0% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 40,204 shares of the company’s stock after selling 8,243 shares during the period. Vest Financial LLC owned about 0.15% of Marzetti worth $3,988,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in MZTI. Canada Pension Plan Investment Board bought a new stake in Marzetti in the 2nd quarter worth about $1,039,000. BlackRock Inc. purchased a new stake in shares of Marzetti during the 2nd quarter valued at about $313,083,000. Legal & General Group Plc bought a new stake in shares of Marzetti in the second quarter worth approximately $3,170,000. KBC Group NV grew its stake in shares of Marzetti by 3,214.6% in the first quarter. KBC Group NV now owns 23,998 shares of the company’s stock worth $3,320,000 after acquiring an additional 23,274 shares during the period. Finally, Quantbot Technologies LP purchased a new position in shares of Marzetti during the second quarter valued at approximately $2,835,000. 66.44% of the stock is owned by institutional investors.

Insider Buying and Selling

In related news, CEO Luis Viso sold 997 shares of the company’s stock in a transaction dated Thursday, September 10th. The shares were sold at an average price of $100.81, for a total transaction of $100,507.57. Following the transaction, the chief executive officer directly owned 1,047 shares in the company, valued at approximately $105,548.07. This represents a 48.78% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 29.30% of the company’s stock.

Wall Street Analysts Forecast Growth

MZTI has been the topic of a number of research analyst reports. Weiss Ratings restated a “sell (d+)” rating on shares of Marzetti in a research report on Monday, August 17th. Stephens reaffirmed an “equal weight” rating and issued a $140.00 target price on shares of Marzetti in a research report on Wednesday, August 26th. Finally, DA Davidson decreased 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, August 26th. Two research analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Reduce” and an average price target of $135.00.

Marzetti Price Performance

Shares of NASDAQ:MZTI opened at $109.13 on Friday. The firm has a market cap of $2.98 billion, a price-to-earnings ratio of 16.35 and a beta of 0.35. The firm has a fifty day moving average price of $105.53 and a 200 day moving average price of $112.64. The company has a debt-to-equity ratio of 0.18, a quick ratio of 0.67 and a current ratio of 1.56. The Marzetti Company has a fifty-two week low of $97.00 and a fifty-two week high of $176.26.

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

Marzetti Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, September 30th. Shareholders of record on Tuesday, September 8th were paid a dividend of $1.00 per share. This represents a $4.00 annualized dividend and a yield of 3.7%. The ex-dividend date of this dividend was Tuesday, September 8th. Marzetti’s payout ratio is presently 57.39%.

About Marzetti

T. Marzetti Company is a food manufacturer and marketer based in Columbus, Ohio. The company develops, produces and distributes specialty food products for retail and foodservice customers, with a portfolio focused on dressings, dips, sauces, frozen breads and related prepared foods.

Its brand portfolio includes Marzetti, Simply Dressed, New York Bakery, Sister Schubert’s, Flatout, Cardini’s and Girard’s, among others. These products are sold through grocery retailers and other retail channels, while the company also supplies restaurants, institutional foodservice operators and other commercial customers.

The company traces its roots to 1896, when Teresa Marzetti opened a restaurant in Columbus, Ohio.