Utz Brands (NYSE:UTZ) Rating Increased to Buy at Bank of America

Utz Brands (NYSE:UTZGet Free Report) was upgraded by analysts at Bank of America from a “neutral” rating to a “buy” rating in a research note issued to investors on Thursday, Marketbeat Ratings reports. The brokerage currently has a $22.00 price target on the stock, up from their previous price target of $19.00. Bank of America‘s target price suggests a potential upside of 20.81% from the company’s current price.

Several other brokerages also recently issued reports on UTZ. Mizuho began coverage on Utz Brands in a research report on Wednesday, December 20th. They set a “buy” rating and a $19.00 price objective for the company. Royal Bank of Canada boosted their target price on Utz Brands from $17.00 to $19.00 and gave the stock an “outperform” rating in a report on Monday, December 18th. Needham & Company LLC boosted their target price on Utz Brands from $20.00 to $20.50 and gave the stock a “buy” rating in a report on Friday, March 1st. Truist Financial boosted their target price on Utz Brands from $13.00 to $17.00 and gave the stock a “hold” rating in a report on Monday, March 4th. Finally, Piper Sandler upped their price target on Utz Brands from $18.00 to $21.00 and gave the company an “overweight” rating in a report on Friday, March 1st. Four research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $18.42.

Check Out Our Latest Research Report on Utz Brands

Utz Brands Stock Performance

Shares of UTZ stock opened at $18.21 on Thursday. The company has a quick ratio of 0.97, a current ratio of 1.42 and a debt-to-equity ratio of 0.65. The business has a 50 day moving average of $17.77 and a two-hundred day moving average of $15.12. Utz Brands has a 52 week low of $11.17 and a 52 week high of $19.21. The company has a market cap of $2.56 billion, a P/E ratio of -58.74, a PEG ratio of 1.56 and a beta of 0.96.

Utz Brands (NYSE:UTZGet Free Report) last issued its quarterly earnings data on Thursday, February 29th. The company reported $0.16 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.17 by ($0.01). The business had revenue of $352.10 million for the quarter, compared to analyst estimates of $354.63 million. Utz Brands had a positive return on equity of 6.08% and a negative net margin of 1.73%. The business’s quarterly revenue was down .7% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.15 earnings per share. As a group, analysts anticipate that Utz Brands will post 0.69 EPS for the current year.

Insiders Place Their Bets

In other Utz Brands news, major shareholder Chinh Chu sold 92,226 shares of the stock in a transaction on Wednesday, March 13th. The shares were sold at an average price of $17.80, for a total value of $1,641,622.80. Following the sale, the insider now directly owns 3,556,154 shares in the company, valued at $63,299,541.20. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, major shareholder Chinh Chu sold 92,226 shares of the firm’s stock in a transaction on Wednesday, March 13th. The shares were sold at an average price of $17.80, for a total transaction of $1,641,622.80. Following the sale, the insider now directly owns 3,556,154 shares in the company, valued at $63,299,541.20. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Roger K. Deromedi sold 32,052 shares of the firm’s stock in a transaction on Thursday, February 15th. The shares were sold at an average price of $19.10, for a total transaction of $612,193.20. Following the completion of the transaction, the director now directly owns 3,516,652 shares of the company’s stock, valued at approximately $67,168,053.20. The disclosure for this sale can be found here. Over the last three months, insiders have sold 609,181 shares of company stock worth $10,754,925. Company insiders own 17.32% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Vanguard Group Inc. boosted its holdings in shares of Utz Brands by 0.3% during the 4th quarter. Vanguard Group Inc. now owns 6,780,350 shares of the company’s stock worth $110,113,000 after buying an additional 22,908 shares during the period. Readystate Asset Management LP bought a new stake in shares of Utz Brands during the 4th quarter worth about $7,302,000. Price T Rowe Associates Inc. MD boosted its holdings in shares of Utz Brands by 30.0% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 55,339 shares of the company’s stock worth $899,000 after buying an additional 12,759 shares during the period. Weiss Multi Strategy Advisers LLC bought a new stake in shares of Utz Brands during the 4th quarter worth about $3,005,000. Finally, Nuveen Asset Management LLC boosted its holdings in shares of Utz Brands by 72.0% during the 4th quarter. Nuveen Asset Management LLC now owns 299,228 shares of the company’s stock worth $4,860,000 after buying an additional 125,239 shares during the period. Institutional investors own 49.01% of the company’s stock.

Utz Brands Company Profile

(Get Free Report)

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.

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Analyst Recommendations for Utz Brands (NYSE:UTZ)

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