The Marzetti Company (NASDAQ:MZTI) Plans $1.00 Dividend

The Marzetti Company (NASDAQ:MZTI) announced a dividend on Wednesday, November 19th, NASDAQ Dividends reports. Stockholders of record on Friday, December 5th will be paid a dividend of 1.00 per share on Wednesday, December 31st. The ex-dividend date is Friday, December 5th.

Marzetti has increased its dividend by an average of 0.1%annually over the last three years and has raised its dividend annually for the last 62 consecutive years. Marzetti has a dividend payout ratio of 56.6% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Marzetti to earn $7.31 per share next year, which means the company should continue to be able to cover its $4.00 annual dividend with an expected future payout ratio of 54.7%.

Marzetti Price Performance

NASDAQ MZTI traded up $1.02 during trading hours on Wednesday, reaching $165.44. 21,989 shares of the company’s stock traded hands, compared to its average volume of 152,031. Marzetti has a 52-week low of $152.95 and a 52-week high of $198.39. The firm has a 50-day simple moving average of $167.96 and a 200 day simple moving average of $172.11. The firm has a market cap of $4.56 billion, a PE ratio of 26.86 and a beta of 0.42.

Marzetti (NASDAQ:MZTI) last announced its earnings results on Tuesday, November 4th. The company reported $1.71 earnings per share for the quarter, beating analysts’ consensus estimates of $1.70 by $0.01. Marzetti had a net margin of 8.77% and a return on equity of 18.86%. The business had revenue of $482.78 million during the quarter. During the same period in the prior year, the business posted $1.62 EPS. Marzetti’s revenue for the quarter was up 5.8% on a year-over-year basis. Sell-side analysts forecast that Marzetti will post 6.8 EPS for the current fiscal year.

Hedge Funds Weigh In On Marzetti

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Bank of New York Mellon Corp grew its stake in shares of Marzetti by 0.8% in the second quarter. Bank of New York Mellon Corp now owns 212,720 shares of the company’s stock worth $36,752,000 after acquiring an additional 1,707 shares during the period. Moody Aldrich Partners LLC boosted its holdings in Marzetti by 50.4% in the second quarter. Moody Aldrich Partners LLC now owns 42,666 shares of the company’s stock worth $7,371,000 after purchasing an additional 14,290 shares during the last quarter. Retirement Systems of Alabama grew its position in Marzetti by 0.4% in the 2nd quarter. Retirement Systems of Alabama now owns 23,587 shares of the company’s stock worth $4,075,000 after purchasing an additional 97 shares during the period. Teacher Retirement System of Texas raised its stake in Marzetti by 3.0% during the 2nd quarter. Teacher Retirement System of Texas now owns 29,526 shares of the company’s stock valued at $5,101,000 after buying an additional 858 shares during the last quarter. Finally, Envestnet Asset Management Inc. raised its stake in Marzetti by 11.7% during the 2nd quarter. Envestnet Asset Management Inc. now owns 163,468 shares of the company’s stock valued at $28,242,000 after buying an additional 17,187 shares during the last quarter. Institutional investors own 66.44% of the company’s stock.

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.