ProShare Advisors LLC Sells 18,444 Shares of The Marzetti Company $MZTI

ProShare Advisors LLC lowered its stake in The Marzetti Company (NASDAQ:MZTI) by 6.8% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 253,033 shares of the company’s stock after selling 18,444 shares during the quarter. ProShare Advisors LLC’s holdings in Marzetti were worth $25,098,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of MZTI. BlackRock Inc. purchased a new position in Marzetti during the second quarter worth about $313,083,000. First Trust Advisors LP raised its stake in shares of Marzetti by 18.2% in the 1st quarter. First Trust Advisors LP now owns 803,707 shares of the company’s stock valued at $111,177,000 after acquiring an additional 123,875 shares during the period. Dimensional Fund Advisors LP raised its stake in shares of Marzetti by 1.4% in the 1st quarter. Dimensional Fund Advisors LP now owns 555,702 shares of the company’s stock valued at $76,873,000 after acquiring an additional 7,671 shares during the period. Renaissance Technologies LLC raised its stake in shares of Marzetti by 4.0% in the 1st quarter. Renaissance Technologies LLC now owns 370,780 shares of the company’s stock valued at $51,290,000 after acquiring an additional 14,400 shares during the period. Finally, Bank of America Corp DE acquired a new position in shares of Marzetti in the 2nd quarter worth approximately $20,811,000. Hedge funds and other institutional investors own 66.44% of the company’s stock.

Marzetti Price Performance

MZTI opened at $110.93 on Tuesday. The stock’s 50-day moving average price is $105.09 and its 200 day moving average price is $124.90. The Marzetti Company has a 12-month low of $97.00 and a 12-month high of $176.26. The company has a current ratio of 1.56, a quick ratio of 0.67 and a debt-to-equity ratio of 0.18. The firm has a market cap of $3.03 billion, a price-to-earnings ratio of 15.78 and a beta of 0.35.

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

Marzetti Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, September 30th. Stockholders of record on Tuesday, September 8th were given a dividend of $1.00 per share. This represents a $4.00 annualized dividend and a dividend yield of 3.6%. The ex-dividend date of this dividend was Tuesday, September 8th. Marzetti’s dividend payout ratio is currently 57.39%.

Insider Activity at Marzetti

In related news, CEO Luis Viso sold 997 shares of Marzetti stock in a transaction that occurred on Thursday, September 10th. The shares were sold at an average price of $100.81, for a total value of $100,507.57. Following the completion of the transaction, the chief executive officer owned 1,047 shares in the company, valued at approximately $105,548.07. The trade was a 48.78% decrease in their ownership of the stock. 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.

Analyst Ratings Changes

MZTI has been the subject of a number of research analyst reports. DA Davidson lowered their price objective on shares of Marzetti from $168.00 to $130.00 and set a “neutral” rating for the company in a research report on Wednesday, August 26th. Stephens dropped their target price on shares of Marzetti from $140.00 to $135.00 and set an “equal weight” rating for the company in a report on Wednesday, October 28th. Finally, Weiss Ratings reissued a “sell (d+)” rating on shares of Marzetti in a research report on Monday, August 17th. Two investment analysts have rated the stock with a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Reduce” and an average target price of $132.50.

Marzetti Company Profile

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.