Utz Brands (NYSE:UTZ) Trading Up 8.4% After Earnings Beat

Shares of Utz Brands, Inc. (NYSE:UTZ) shot up 8.4% on Thursday following a stronger than expected earnings report. The company traded as high as $17.57 and last traded at $17.57. 253,495 shares traded hands during mid-day trading, a decline of 66% from the average session volume of 753,674 shares. The stock had previously closed at $16.21.

The company reported $0.21 EPS for the quarter, beating the consensus estimate of $0.20 by $0.01. The company had revenue of $365.50 million for the quarter, compared to the consensus estimate of $363.98 million. Utz Brands had a net margin of 0.29% and a return on equity of 6.79%. The firm’s revenue for the quarter was down 1.7% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.17 EPS.

Utz Brands Dividend Announcement

The company also recently disclosed a None dividend, which was paid on Thursday, October 3rd. Stockholders of record on Monday, September 16th were issued a dividend of $0.011 per share. This represents a dividend yield of 1.3%. The ex-dividend date of this dividend was Monday, September 16th. Utz Brands’s payout ratio is -121.05%.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on UTZ shares. Needham & Company LLC reiterated a “buy” rating and set a $22.00 price target on shares of Utz Brands in a research report on Friday, August 2nd. Piper Sandler boosted their price objective on shares of Utz Brands from $22.00 to $24.00 and gave the stock an “overweight” rating in a research report on Friday. Finally, Barclays lowered their target price on Utz Brands from $23.00 to $19.00 and set an “overweight” rating for the company in a research note on Friday, July 19th. Three equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $21.10.

Insiders Place Their Bets

In related news, Director Bruce John Lindeman purchased 4,000 shares of the business’s stock in a transaction on Monday, August 5th. The shares were purchased at an average price of $16.11 per share, with a total value of $64,440.00. Following the completion of the purchase, the director now owns 42,480 shares in the company, valued at $684,352.80. This represents a 0.00 % increase in their position. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. Company insiders own 17.00% of the company’s stock.

Hedge Funds Weigh In On Utz Brands

Institutional investors have recently added to or reduced their stakes in the company. Picton Mahoney Asset Management acquired a new stake in Utz Brands during the 2nd quarter valued at $5,422,000. Victory Capital Management Inc. grew its stake in shares of Utz Brands by 22.0% in the second quarter. Victory Capital Management Inc. now owns 1,238,425 shares of the company’s stock valued at $20,607,000 after acquiring an additional 223,462 shares in the last quarter. Jennison Associates LLC raised its stake in Utz Brands by 15.2% in the 1st quarter. Jennison Associates LLC now owns 1,331,581 shares of the company’s stock worth $24,554,000 after purchasing an additional 175,956 shares in the last quarter. Mercer Global Advisors Inc. ADV bought a new stake in Utz Brands in the 2nd quarter valued at about $1,981,000. Finally, Bahl & Gaynor Inc. grew its position in shares of Utz Brands by 45.1% during the 2nd quarter. Bahl & Gaynor Inc. now owns 239,961 shares of the company’s stock worth $3,993,000 after purchasing an additional 74,633 shares in the last quarter. 95.97% of the stock is currently owned by institutional investors and hedge funds.

Utz Brands Trading Up 0.8 %

The firm has a market capitalization of $2.44 billion, a P/E ratio of -91.32, a PEG ratio of 1.11 and a beta of 1.01. The company has a quick ratio of 1.21, a current ratio of 1.69 and a debt-to-equity ratio of 0.57. The firm has a 50 day moving average of $17.31 and a 200-day moving average of $17.24.

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.