Marzetti (NASDAQ:MZTI) Issues Quarterly Earnings Results, Misses Estimates By $0.23 EPS

by · The Cerbat Gem

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

Marzetti Trading Up 0.0%

Shares of MZTI traded up $0.06 during mid-day trading on Tuesday, hitting $110.98. 93,228 shares of the company’s stock traded hands, compared to its average volume of 329,204. The company has a quick ratio of 0.67, a current ratio of 1.56 and a debt-to-equity ratio of 0.18. Marzetti has a 1 year low of $97.00 and a 1 year high of $176.26. The firm has a market capitalization of $3.03 billion, a P/E ratio of 15.92 and a beta of 0.35. The business’s 50-day moving average price is $105.09 and its 200-day moving average price is $124.90.

Marzetti Announces Dividend

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

Analysts Set New Price Targets

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

View Our Latest Report on Marzetti

Insider Activity at Marzetti

In related news, CEO Luis Viso sold 997 shares of the firm’s stock in a transaction on Thursday, September 10th. The stock was sold at an average price of $100.81, for a total value of $100,507.57. Following the completion of the sale, the chief executive officer owned 1,047 shares of the company’s stock, valued at $105,548.07. This trade represents 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 corporate insiders.

About Marzetti

(Get Free Report)

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.

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