Utz Brands (NYSE:UTZ) Sets New 12-Month High After Strong Earnings

Shares of Utz Brands, Inc. (NYSE:UTZ) hit a new 52-week high during mid-day trading on Thursday following a stronger than expected earnings report. The company traded as high as $19.70 and last traded at $19.19, with a volume of 439213 shares traded. The stock had previously closed at $18.13.

The company reported $0.14 earnings per share for the quarter, topping analysts’ consensus estimates of $0.13 by $0.01. The firm had revenue of $346.50 million during the quarter, compared to the consensus estimate of $346.99 million. Utz Brands had a positive return on equity of 6.13% and a negative net margin of 1.38%. The business’s revenue was down 1.4% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.11 EPS.

Utz Brands Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, May 2nd. Shareholders of record on Monday, April 15th were paid a $0.059 dividend. This is a positive change from Utz Brands’s previous quarterly dividend of $0.06. This represents a $0.24 annualized dividend and a yield of 1.23%. The ex-dividend date was Friday, April 12th. Utz Brands’s payout ratio is presently -96.00%.

Analyst Ratings Changes

Several research analysts recently commented on UTZ shares. Stephens increased their price target on Utz Brands from $21.00 to $23.00 and gave the company an “overweight” rating in a research report on Friday. Mizuho upped their target price on shares of Utz Brands from $22.00 to $24.00 and gave the company a “buy” rating in a report on Friday. Piper Sandler raised their target price on shares of Utz Brands from $18.00 to $21.00 and gave the company an “overweight” rating in a research note on Friday, March 1st. Needham & Company LLC upped their price objective on Utz Brands from $20.50 to $22.00 and gave the company a “buy” rating in a research note on Friday. Finally, DA Davidson began coverage on Utz Brands in a research report on Friday, March 1st. They issued a “neutral” rating and a $20.00 price objective for the company. Three equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $19.83.

Insider Buying and Selling at Utz Brands

In other Utz Brands news, major shareholder Series U. Of Um Partners, Llc sold 446,250 shares of the business’s stock in a transaction that occurred on Monday, March 4th. The stock was sold at an average price of $17.40, for a total transaction of $7,764,750.00. Following the completion of the sale, the insider now directly owns 397,885 shares of the company’s stock, valued at approximately $6,923,199. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, Director Roger K. Deromedi sold 32,052 shares of the stock in a transaction that occurred on Thursday, February 15th. The shares were sold at an average price of $19.10, for a total transaction of $612,193.20. Following the completion of the transaction, the director now directly owns 3,516,652 shares of the company’s stock, valued at approximately $67,168,053.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, major shareholder Series U. Of Um Partners, Llc sold 446,250 shares of the business’s stock in a transaction on Monday, March 4th. The shares were sold at an average price of $17.40, for a total value of $7,764,750.00. Following the completion of the sale, the insider now owns 397,885 shares in the company, valued at $6,923,199. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 609,181 shares of company stock valued at $10,754,925. Corporate insiders own 17.00% of the company’s stock.

Hedge Funds Weigh In On Utz Brands

A number of institutional investors and hedge funds have recently added to or reduced their stakes in UTZ. Cambridge Investment Research Advisors Inc. purchased a new position in Utz Brands in the 3rd quarter valued at approximately $268,000. Raymond James & Associates boosted its stake in Utz Brands by 27.4% in the 3rd quarter. Raymond James & Associates now owns 17,835 shares of the company’s stock worth $240,000 after purchasing an additional 3,833 shares during the period. Raymond James Financial Services Advisors Inc. grew its holdings in Utz Brands by 3.9% during the 3rd quarter. Raymond James Financial Services Advisors Inc. now owns 51,183 shares of the company’s stock valued at $687,000 after buying an additional 1,918 shares in the last quarter. Simon Quick Advisors LLC bought a new stake in shares of Utz Brands during the third quarter valued at about $209,000. Finally, Bank of New York Mellon Corp lifted its holdings in shares of Utz Brands by 0.9% in the third quarter. Bank of New York Mellon Corp now owns 389,397 shares of the company’s stock worth $5,230,000 after buying an additional 3,315 shares in the last quarter. Institutional investors own 95.97% of the company’s stock.

Utz Brands Price Performance

The business’s 50-day moving average price is $18.01 and its 200 day moving average price is $16.16. The company has a quick ratio of 0.97, a current ratio of 1.42 and a debt-to-equity ratio of 0.65. The company has a market capitalization of $2.71 billion, a P/E ratio of -76.96, a price-to-earnings-growth ratio of 1.72 and a beta of 0.97.

Utz Brands Company Profile

Utz Brands, Inc engages in manufacture, marketing, and distribution of snack foods. It offers a range of salty snacks, including salty snacks, including potato chips, tortilla chips, pretzels, cheese snacks, pork skins, veggie snacks, pub/party mixes, tortilla chips, salsa and dips, ready-to-eat popcorn, and other snacks under the Utz, Zapp's, ON THE BORDER, Golden Flake, Boulder Canyon, Hawaiian, TORTIYAHS!, etc.