Utz Brands (NYSE:UTZ) Hits New 52-Week High – Here’s What Happened

Utz Brands, Inc. (NYSE:UTZ) hit a new 52-week high during mid-day trading on Thursday. The company traded as high as $14.36 and last traded at $14.3150, with a volume of 239,375 shares trading hands. The stock had previously closed at $14.31.

Wall Street Analysts Forecast Growth

Several brokerages have commented on UTZ. Wall Street Zen cut shares of Utz Brands from a “hold” rating to a “sell” rating in a research note on Saturday, July 25th. DA Davidson reaffirmed a “neutral” rating and issued a $14.25 target price (down from $15.00) on shares of Utz Brands in a report on Wednesday, July 22nd. Weiss Ratings raised Utz Brands from a “sell (d)” rating to a “sell (d+)” rating in a research note on Monday. Piper Sandler reissued a “neutral” rating and set a $14.25 price target (up from $10.00) on shares of Utz Brands in a research note on Thursday, July 23rd. Finally, Jefferies Financial Group downgraded Utz Brands from a “strong-buy” rating to a “hold” rating and set a $14.25 target price for the company. in a research report on Tuesday, July 21st. One analyst has rated the stock with a Buy rating, nine have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $13.39.

Utz Brands Trading Up 0.0%

The stock has a market cap of $2.06 billion, a P/E ratio of -43.38 and a beta of 0.72. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.69 and a current ratio of 1.06. The stock’s fifty day moving average is $14.22 and its 200 day moving average is $10.44.

Utz Brands (NYSE:UTZ) last issued its quarterly earnings data on Wednesday, August 5th. The company reported $0.19 earnings per share for the quarter, topping the consensus estimate of $0.18 by $0.01. Utz Brands had a positive return on equity of 8.97% and a negative net margin of 2.00%. The company had revenue of $371.80 million for the quarter, compared to analysts’ expectations of $374.18 million. During the same period in the previous year, the firm posted $0.17 earnings per share. The firm’s revenue for the quarter was up 1.4% on a year-over-year basis. As a group, equities research analysts predict that Utz Brands, Inc. will post 0.80 earnings per share for the current fiscal year.

Utz Brands Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, October 1st. Stockholders of record on Monday, September 21st were issued a $0.0630 dividend. This represents a $0.25 annualized dividend and a dividend yield of 1.8%. The ex-dividend date was Monday, September 21st. Utz Brands’s dividend payout ratio (DPR) is -75.76%.

Hedge Funds Weigh In On Utz Brands

A number of large investors have recently made changes to their positions in the company. Diamond Hill Capital Management LLC Investment Advisor bought a new stake in Utz Brands in the second quarter worth about $14,462,000. Copeland Capital Management LLC raised its holdings in shares of Utz Brands by 17.8% in the first quarter. Copeland Capital Management LLC now owns 4,063,561 shares of the company’s stock worth $32,183,000 after buying an additional 613,699 shares during the period. Systematic Financial Management LP lifted its stake in shares of Utz Brands by 195.5% during the 1st quarter. Systematic Financial Management LP now owns 849,461 shares of the company’s stock worth $6,728,000 after acquiring an additional 561,961 shares during the last quarter. Royal Bank of Canada lifted its stake in shares of Utz Brands by 61.4% during the 1st quarter. Royal Bank of Canada now owns 937,060 shares of the company’s stock worth $7,421,000 after acquiring an additional 356,428 shares during the last quarter. Finally, Dimensional Fund Advisors LP lifted its stake in shares of Utz Brands by 21.6% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,998,089 shares of the company’s stock worth $15,824,000 after acquiring an additional 355,460 shares during the last quarter. 95.97% of the stock is owned by hedge funds and other institutional investors.

About Utz Brands

Utz Brands, Inc is a U.S.-based manufacturer and distributor of branded snack foods. The company produces and markets potato chips, tortilla chips, cheese snacks, pretzels, popcorn, pork snacks, and other salty snacks through a portfolio of brands that includes Utz, Zapp’s, Boulder Canyon, Golden Flake, Bachman, and Tim’s Cascade Snacks.

Utz products are sold through grocery stores, mass merchants, club stores, convenience stores, drugstores, and e-commerce channels. The company serves consumers primarily in the United States and distributes its snacks through a combination of direct-store delivery, warehouse distribution, and third-party arrangements.

Founded in 1921 by William and Salie Utz in Hanover, Pennsylvania, the company has expanded through organic growth and acquisitions of established regional snack businesses.