Marzetti (NASDAQ:MZTI) Releases Quarterly Earnings Results, Misses Expectations By $0.23 EPS

Marzetti (NASDAQ:MZTI) released its quarterly earnings results on Tuesday. The company reported $1.14 EPS for the quarter, missing analysts’ consensus estimates of $1.37 by ($0.23), Zacks reports. The company had revenue of $481.52 million during the quarter. Marzetti had a net margin of 9.93% and a return on equity of 18.22%. The company’s revenue was down 2.4% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.74 earnings per share.

Marzetti Trading Up 2.2%

Shares of Marzetti stock opened at $112.34 on Wednesday. The business has a 50-day moving average price of $104.97 and a 200-day moving average price of $124.60. Marzetti has a twelve month low of $97.00 and a twelve month high of $176.26. The company has a quick ratio of 0.67, a current ratio of 1.56 and a debt-to-equity ratio of 0.18. The firm has a market cap of $3.07 billion, a price-to-earnings ratio of 16.12 and a beta of 0.34.

Marzetti Announces Dividend

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

Key Stories Impacting Marzetti

Here are the key news stories impacting Marzetti this week:

• Positive Sentiment: Marzetti and Tajín plan to bring Tajín-inspired flavor to shelf-stable dressings, which could broaden the company’s product offering. Article: Marzetti and Tajín announce dressing collaboration
• Negative Sentiment: First-quarter EPS was $1.14, below the $1.37 consensus estimate and down from $1.74 a year earlier. Revenue was $481.52 million, a 2.4% year-over-year decline; coverage attributed pressure on sales and profit in part to the Cyclospora outbreak. The earnings miss and deteriorating year-over-year results are likely weighing on investor sentiment. Article: Why Marzetti’s Q1 profit fell

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on MZTI. DA Davidson decreased their target price on Marzetti from $168.00 to $130.00 and set a “neutral” rating for the company in a research report on Wednesday, August 26th. Stephens reiterated an “equal weight” rating and set a $135.00 price target on shares of Marzetti in a research report on Wednesday. Finally, Weiss Ratings reiterated a “sell (d+)” rating on shares of Marzetti in a research report on Monday, August 17th. Two equities research analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Reduce” and an average price target of $132.50.

Insider Buying and Selling at Marzetti

In other Marzetti news, CEO Luis Viso sold 997 shares of the business’s stock in a transaction that occurred on Thursday, September 10th. The stock was sold at an average price of $100.81, for a total transaction of $100,507.57. Following the sale, the chief executive officer directly owned 1,047 shares of the company’s stock, valued at $105,548.07. The trade was a 48.78% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. 29.30% of the stock is currently owned by company insiders.

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.