Utz Brands (NYSE:UTZ) Price Target Cut to $17.00 by Analysts at TD Cowen

Utz Brands (NYSE:UTZ) had its price objective lowered by investment analysts at TD Cowen from $21.00 to $17.00 in a report released on Wednesday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. TD Cowen’s target price points to a potential upside of 21.69% from the stock’s current price.

UTZ has been the subject of a number of other research reports. Piper Sandler upped their price target on shares of Utz Brands from $22.00 to $24.00 and gave the stock an “overweight” rating in a report on Friday, November 1st. Mizuho decreased their price target on Utz Brands from $24.00 to $21.00 and set an “outperform” rating on the stock in a research note on Monday, November 4th. Two analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $20.80.

Utz Brands Price Performance

NYSE:UTZ traded down $0.52 during trading hours on Wednesday, reaching $13.97. 1,084,079 shares of the company were exchanged, compared to its average volume of 923,781. The business has a 50 day moving average of $16.61 and a 200 day moving average of $16.69. Utz Brands has a 1-year low of $13.46 and a 1-year high of $20.04. The company has a debt-to-equity ratio of 0.56, a current ratio of 1.21 and a quick ratio of 0.85. The company has a market capitalization of $1.97 billion, a P/E ratio of -73.53, a P/E/G ratio of 1.18 and a beta of 1.03.

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

Insider Activity at Utz Brands

In other news, EVP Cary Devore sold 30,000 shares of the stock in a transaction dated Monday, November 4th. The stock was sold at an average price of $17.32, for a total value of $519,600.00. Following the completion of the sale, the executive vice president now owns 451,117 shares of the company’s stock, valued at approximately $7,813,346.44. This represents a 6.24 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Cc Collier Holdings, Llc sold 2,815,404 shares of the firm’s stock in a transaction dated 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 transaction, the insider now owns 496,038 shares of the company’s stock, valued at $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 owned by company insiders.

Hedge Funds Weigh In On Utz Brands

Hedge funds and other institutional investors have recently bought and sold shares of the company. Creative Planning increased its holdings in shares of Utz Brands by 8.2% during the second quarter. Creative Planning now owns 37,155 shares of the company’s stock valued at $618,000 after acquiring an additional 2,802 shares in the last quarter. Rhumbline Advisers raised its stake in shares of Utz Brands by 3.6% in the second quarter. Rhumbline Advisers now owns 99,286 shares of the company’s stock worth $1,652,000 after purchasing an additional 3,466 shares during the last quarter. Truist Financial Corp lifted its holdings in shares of Utz Brands by 20.8% in the second quarter. Truist Financial Corp now owns 24,209 shares of the company’s stock valued at $403,000 after purchasing an additional 4,176 shares in the last quarter. Legacy Wealth Asset Management LLC lifted its holdings in shares of Utz Brands by 11.6% in the third quarter. Legacy Wealth Asset Management LLC now owns 40,176 shares of the company’s stock valued at $711,000 after purchasing an additional 4,182 shares in the last quarter. Finally, First Eagle Investment Management LLC boosted its position in shares of Utz Brands by 1.0% during the second quarter. First Eagle Investment Management LLC now owns 441,396 shares of the company’s stock valued at $7,345,000 after buying an additional 4,550 shares during the last quarter. Institutional investors and hedge funds own 95.97% of the company’s stock.

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.