Utz Brands (NYSE:UTZ) Shares Gap Up After Insider Buying Activity

Posted by Defense World Staff on Jun 14th, 2023

Shares of Utz Brands, Inc. (NYSE:UTZ – Get Rating) gapped up prior to trading on Tuesday following insider buying activity. The stock had previously closed at $15.77, but opened at $16.42. Utz Brands shares last traded at $16.74, with a volume of 73,864 shares trading hands.

Specifically, Director Roger K. Deromedi sold 6,310 shares of Utz Brands stock in a transaction dated Monday, May 1st. The shares were sold at an average price of $19.01, for a total value of $119,953.10. Following the sale, the director now owns 3,374,981 shares of the company’s stock, valued at $64,158,388.81. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other Utz Brands news, Director Roger K. Deromedi sold 6,310 shares of Utz Brands stock in a transaction dated Monday, May 1st. The shares were sold at an average price of $19.01, for a total value of $119,953.10. Following the sale, the director now owns 3,374,981 shares of the company’s stock, valued at $64,158,388.81. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Roger K. Deromedi sold 2,887 shares of the company’s stock in a transaction that occurred on Wednesday, May 3rd. The shares were sold at an average price of $19.01, for a total transaction of $54,881.87. Following the sale, the director now owns 3,372,094 shares in the company, valued at $64,103,506.94. The disclosure for this sale can be found here. Insiders sold 1,509,197 shares of company stock worth $25,164,835 over the last three months. 16.84% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several analysts have issued reports on UTZ shares. Credit Suisse Group reiterated a “neutral” rating and issued a $19.00 target price on shares of Utz Brands in a research note on Thursday, March 30th. The Goldman Sachs Group increased their price target on shares of Utz Brands from $18.00 to $20.00 and gave the stock a “neutral” rating in a report on Friday, March 3rd.

Utz Brands Stock Performance

The company has a current ratio of 1.69, a quick ratio of 1.11 and a debt-to-equity ratio of 0.65. The company’s fifty day moving average is $17.35 and its 200 day moving average is $16.97. The company has a market cap of $2.33 billion, a P/E ratio of 166.10, a price-to-earnings-growth ratio of 2.80 and a beta of 0.82.

Utz Brands Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, July 6th. Shareholders of record on Monday, June 19th will be given a dividend of $0.057 per share. The ex-dividend date is Thursday, June 15th. This represents a $0.23 annualized dividend and a yield of 1.37%. Utz Brands’s payout ratio is currently 230.00%.

Institutional Investors Weigh In On Utz Brands

Institutional investors have recently added to or reduced their stakes in the company. Swiss National Bank boosted its position in Utz Brands by 2.0% during the 4th quarter. Swiss National Bank now owns 156,100 shares of the company’s stock valued at $2,476,000 after buying an additional 3,000 shares during the period. GSA Capital Partners LLP boosted its position in Utz Brands by 515.3% during the 4th quarter. GSA Capital Partners LLP now owns 61,541 shares of the company’s stock valued at $976,000 after buying an additional 51,539 shares during the period. Cary Street Partners Investment Advisory LLC lifted its position in shares of Utz Brands by 11.5% in the 3rd quarter. Cary Street Partners Investment Advisory LLC now owns 50,740 shares of the company’s stock worth $766,000 after purchasing an additional 5,240 shares during the period. King Luther Capital Management Corp lifted its position in shares of Utz Brands by 25.6% in the 3rd quarter. King Luther Capital Management Corp now owns 324,272 shares of the company’s stock worth $4,897,000 after purchasing an additional 66,123 shares during the period. Finally, First Trust Advisors LP purchased a new stake in shares of Utz Brands in the 4th quarter worth about $3,244,000. Hedge funds and other institutional investors own 46.66% of the company’s stock.

Utz Brands Company Profile

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UTZ Brands, Inc manufactures, markets, and distributes branded snacking products. It offers a broad range of salty snacks, including potato chips, pretzels, cheese, veggie, other snacks and pork skins. The firm’s brands include Utz, Zapp’s, Golden Flake, Good Health, Boulder Canyon and Hawaiian. The company was founded in 1921 and is headquartered in Hanover, PA.