TD Cowen Cuts Utz Brands (NYSE:UTZ) Price Target to $17.00

Utz Brands (NYSE:UTZ) had its target price lowered by TD Cowen from $21.00 to $17.00 in a research note published on Wednesday,Benzinga reports. TD Cowen currently has a buy rating on the stock.

A number of other research firms have also issued reports on UTZ. Piper Sandler raised their price target on shares of Utz Brands from $22.00 to $24.00 and gave the stock an “overweight” rating in a research report on Friday, November 1st. Mizuho reduced their target price on shares of Utz Brands from $24.00 to $21.00 and set an “outperform” rating for the company in a report on Monday, November 4th. Two investment analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to MarketBeat, Utz Brands has a consensus rating of “Moderate Buy” and a consensus price target of $20.80.

Utz Brands Trading Down 2.3 %

NYSE UTZ opened at $14.16 on Wednesday. The stock has a market cap of $1.99 billion, a P/E ratio of -74.53, a P/E/G ratio of 1.18 and a beta of 1.03. The company has a current ratio of 1.21, a quick ratio of 0.85 and a debt-to-equity ratio of 0.56. Utz Brands has a 12-month low of $13.46 and a 12-month high of $20.04. The company has a fifty day simple moving average of $16.57 and a two-hundred day simple moving average of $16.68.

Utz Brands (NYSE:UTZ) last issued its quarterly earnings results on Thursday, October 31st. The company reported $0.21 EPS for the quarter, topping analysts’ consensus estimates of $0.20 by $0.01. The company had revenue of $365.50 million during the quarter, compared to analysts’ expectations of $363.98 million. Utz Brands had a positive return on equity of 7.25% and a negative net margin of 0.99%. The firm’s revenue was down 1.7% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.17 EPS. On average, analysts forecast that Utz Brands will post 0.74 earnings per share for the current year.

Utz Brands Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, January 2nd. Stockholders of record on Monday, December 16th were given a dividend of $0.061 per share. The ex-dividend date was Monday, December 16th. This is a boost from Utz Brands’s previous quarterly dividend of $0.06. This represents a $0.24 dividend on an annualized basis and a dividend yield of 1.72%. Utz Brands’s dividend payout ratio (DPR) is -126.32%.

Insider Buying and Selling

In related news, EVP Cary Devore sold 30,000 shares of the company’s stock in a transaction dated Monday, November 4th. The shares were sold at an average price of $17.32, for a total transaction of $519,600.00. Following the completion of the transaction, the executive vice president now owns 451,117 shares in the company, valued at $7,813,346.44. This represents a 6.24 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Cc Collier Holdings, Llc sold 2,815,404 shares of the business’s stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $17.29, for a total value of $48,678,335.16. Following the sale, the insider now owns 496,038 shares of the company’s stock, valued at approximately $8,576,497.02. This trade represents a 85.02 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 17.00% of the stock is currently owned by insiders.

Institutional Trading of Utz Brands

Several large investors have recently made changes to their positions in UTZ. State Street Corp raised its stake in Utz Brands by 9.5% during the third quarter. State Street Corp now owns 1,758,961 shares of the company’s stock worth $31,256,000 after purchasing an additional 152,868 shares during the period. Geode Capital Management LLC raised its position in Utz Brands by 3.2% in the third quarter. Geode Capital Management LLC now owns 1,548,231 shares of the company’s stock valued at $27,409,000 after purchasing an additional 47,320 shares during the period. Victory Capital Management Inc. lifted its stake in shares of Utz Brands by 19.0% in the 3rd quarter. Victory Capital Management Inc. now owns 1,474,047 shares of the company’s stock valued at $26,091,000 after purchasing an additional 235,622 shares during the last quarter. Envestnet Asset Management Inc. grew its holdings in shares of Utz Brands by 2.1% during the 2nd quarter. Envestnet Asset Management Inc. now owns 696,019 shares of the company’s stock worth $11,582,000 after purchasing an additional 14,647 shares during the period. Finally, Charles Schwab Investment Management Inc. increased its position in shares of Utz Brands by 5.2% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 571,161 shares of the company’s stock worth $10,110,000 after purchasing an additional 28,484 shares during the last quarter. 95.97% of the stock is currently owned by hedge funds and other institutional investors.

About Utz Brands

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.