Credit Suisse Group Cuts Utz Brands (NYSE:UTZ) Price Target to $20.00

Utz Brands (NYSE:UTZ) had its price objective lowered by Credit Suisse Group from $22.00 to $20.00 in a report published on Friday, The Fly reports. The brokerage currently has an outperform rating on the stock.

Other research analysts have also recently issued reports about the company. Oppenheimer cut their price target on Utz Brands from $23.00 to $20.00 and set an outperform rating for the company in a report on Tuesday, November 16th. Citigroup boosted their target price on Utz Brands from $19.00 to $21.00 and gave the stock a buy rating in a research report on Friday, November 19th. Zacks Investment Research lowered Utz Brands from a hold rating to a sell rating in a research report on Tuesday, November 9th. Finally, Bank of America started coverage on Utz Brands in a research report on Wednesday, January 5th. They issued a neutral rating and a $19.00 price objective for the company. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and seven have issued a buy rating to the stock. According to MarketBeat.com, Utz Brands presently has an average rating of Hold and a consensus target price of $23.81.

NYSE:UTZ opened at $17.18 on Friday. Utz Brands has a 12 month low of $13.72 and a 12 month high of $30.09. The firm has a market cap of $2.35 billion, a price-to-earnings ratio of 95.44 and a beta of 0.67. The company has a quick ratio of 1.34, a current ratio of 1.80 and a debt-to-equity ratio of 0.54. The company’s 50 day moving average is $16.30 and its 200-day moving average is $18.14.

Utz Brands (NYSE:UTZ) last announced its quarterly earnings data on Thursday, November 11th. The company reported $0.18 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.15 by $0.03. Utz Brands had a net margin of 1.81% and a return on equity of 5.75%. The business had revenue of $312.68 million for the quarter, compared to the consensus estimate of $311.01 million. Research analysts predict that Utz Brands will post 0.6 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which was paid on Monday, January 10th. Shareholders of record on Monday, December 20th were issued a $0.054 dividend. This is an increase from Utz Brands’s previous quarterly dividend of $0.05. This represents a $0.22 dividend on an annualized basis and a yield of 1.26%. The ex-dividend date was Friday, December 17th. Utz Brands’s payout ratio is presently 122.22%.

In other Utz Brands news, Director Jason K. Giordano sold 4,045 shares of the business’s stock in a transaction on Monday, October 18th. The stock was sold at an average price of $16.03, for a total value of $64,841.35. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, major shareholder Chinh Chu sold 21,566 shares of the business’s stock in a transaction on Wednesday, October 20th. The stock was sold at an average price of $16.10, for a total value of $347,212.60. The disclosure for this sale can be found here. Over the last quarter, insiders sold 326,413 shares of company stock valued at $5,291,696. 17.32% of the stock is currently owned by corporate insiders.

Large investors have recently added to or reduced their stakes in the stock. BlackRock Inc. grew its position in Utz Brands by 244.7% during the second quarter. BlackRock Inc. now owns 3,620,129 shares of the company’s stock worth $78,883,000 after buying an additional 2,569,882 shares in the last quarter. JPMorgan Chase & Co. grew its position in Utz Brands by 158.0% during the second quarter. JPMorgan Chase & Co. now owns 2,350,993 shares of the company’s stock worth $51,228,000 after buying an additional 1,439,895 shares in the last quarter. State Street Corp grew its position in Utz Brands by 1,250.0% during the second quarter. State Street Corp now owns 1,060,874 shares of the company’s stock worth $23,129,000 after buying an additional 982,290 shares in the last quarter. Champlain Investment Partners LLC grew its position in Utz Brands by 42.4% during the second quarter. Champlain Investment Partners LLC now owns 2,436,335 shares of the company’s stock worth $53,088,000 after buying an additional 725,760 shares in the last quarter. Finally, Northern Trust Corp boosted its holdings in shares of Utz Brands by 418.4% in the 2nd quarter. Northern Trust Corp now owns 602,711 shares of the company’s stock worth $13,133,000 after purchasing an additional 486,444 shares in the last quarter. Institutional investors own 41.48% of the company’s stock.

About Utz Brands

UTZ Brands, Inc manufactures, markets, and distributes branded snacking products. It offers a broad range of salty snacks, including potato chips, pretzels, cheese snacks, veggie snacks, pork skins and other snacks. The firm’s brands include Utz, Zapp’s, Golden Flake, Good Health, Boulder Canyon and Hawaiian.

Further Reading: Arbitrage

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