Clarity Asset Management Inc. Cuts Holdings in The Marzetti Company $MZTI

Clarity Asset Management Inc. cut its stake in The Marzetti Company (NASDAQ:MZTI) by 16.5% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 340 shares of the company’s stock after selling 67 shares during the quarter. Clarity Asset Management Inc.’s holdings in Marzetti were worth $59,000 at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. Mitsubishi UFJ Asset Management UK Ltd. raised its position in Marzetti by 46.5% in the first quarter. Mitsubishi UFJ Asset Management UK Ltd. now owns 6,300 shares of the company’s stock valued at $1,103,000 after purchasing an additional 2,000 shares during the period. Principal Financial Group Inc. raised its position in Marzetti by 1.3% in the first quarter. Principal Financial Group Inc. now owns 52,433 shares of the company’s stock valued at $9,176,000 after purchasing an additional 659 shares during the period. Allspring Global Investments Holdings LLC raised its position in Marzetti by 146.2% in the first quarter. Allspring Global Investments Holdings LLC now owns 32,441 shares of the company’s stock valued at $5,677,000 after purchasing an additional 19,264 shares during the period. Ameriprise Financial Inc. raised its position in Marzetti by 13.4% in the fourth quarter. Ameriprise Financial Inc. now owns 21,905 shares of the company’s stock valued at $3,793,000 after purchasing an additional 2,581 shares during the period. Finally, Wealth Enhancement Advisory Services LLC purchased a new position in Marzetti in the fourth quarter valued at about $206,000. 66.44% of the stock is owned by hedge funds and other institutional investors.

Marzetti Price Performance

Shares of NASDAQ:MZTI opened at $181.45 on Wednesday. The stock has a market cap of $5.00 billion, a price-to-earnings ratio of 29.89 and a beta of 0.47. The Marzetti Company has a 12 month low of $156.14 and a 12 month high of $202.63. The stock’s 50 day moving average price is $174.77 and its 200 day moving average price is $176.83.

Marzetti (NASDAQ:MZTI) last posted its quarterly earnings results on Thursday, August 21st. The company reported $1.33 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.31 by $0.02. The company had revenue of $475.43 million for the quarter, compared to analysts’ expectations of $455.26 million. Marzetti had a return on equity of 18.87% and a net margin of 8.77%.The firm’s revenue was up 5.0% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.34 earnings per share. On average, sell-side analysts expect that The Marzetti Company will post 6.8 EPS for the current year.

Marzetti Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Monday, September 8th will be issued a $0.95 dividend. The ex-dividend date of this dividend is Monday, September 8th. This represents a $3.80 annualized dividend and a dividend yield of 2.1%. Marzetti’s dividend payout ratio is currently 62.60%.

Analyst Ratings Changes

MZTI has been the subject of several recent analyst reports. Wall Street Zen downgraded Marzetti from a “buy” rating to a “hold” rating in a research note on Monday, May 5th. Benchmark raised their target price on Marzetti from $185.00 to $200.00 and gave the company a “buy” rating in a research note on Friday, August 22nd. Finally, Stephens lowered their target price on Marzetti from $200.00 to $195.00 and set an “equal weight” rating for the company in a research note on Thursday, May 1st. Two research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $207.25.

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.