Bank of America Corp DE Buys 167,958 Shares of Utz Brands, Inc. $UTZ

Key Points

• Bank of America increased its Utz Brands stake by 26.7% in the first quarter, purchasing 167,958 shares and bringing its holdings to 796,586 shares, worth approximately $6.3 million.
• Utz reported quarterly EPS of $0.19, slightly above expectations, while revenue reached $371.8 million and rose 1.4% year over year. The company also maintains a quarterly dividend of $0.063 per share, yielding about 1.8% annually.
• Despite the stock trading near its 12-month high at $14.21, analysts remain cautious: Utz has a consensus “Hold” rating and an average price target of $13.39.

Bank of America Corp DE raised its stake in shares of Utz Brands, Inc. (NYSE:UTZ - Free Report) by 26.7% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 796,586 shares of the company's stock after buying an additional 167,958 shares during the quarter. Bank of America Corp DE owned about 0.55% of Utz Brands worth $6,309,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently modified their holdings of the company. NewEdge Advisors LLC bought a new stake in Utz Brands in the second quarter valued at approximately $25,000. Global Retirement Partners LLC lifted its stake in Utz Brands by 431.5% in the fourth quarter. Global Retirement Partners LLC now owns 3,343 shares of the company's stock valued at $35,000 after buying an additional 2,714 shares in the last quarter. Osaic Holdings Inc. lifted its stake in Utz Brands by 76.1% in the second quarter. Osaic Holdings Inc. now owns 3,756 shares of the company's stock valued at $47,000 after buying an additional 1,623 shares in the last quarter. Farther Finance Advisors LLC boosted its holdings in shares of Utz Brands by 118.5% in the fourth quarter. Farther Finance Advisors LLC now owns 4,356 shares of the company's stock valued at $45,000 after buying an additional 2,362 shares during the period. Finally, Aster Capital Management DIFC Ltd boosted its holdings in shares of Utz Brands by 134.0% in the fourth quarter. Aster Capital Management DIFC Ltd now owns 6,125 shares of the company's stock valued at $64,000 after buying an additional 3,507 shares during the period. 95.97% of the stock is owned by institutional investors.

Utz Brands Stock Performance

UTZ opened at $14.21 on Thursday. The company has a quick ratio of 0.69, a current ratio of 1.06 and a debt-to-equity ratio of 0.62. Utz Brands, Inc. has a 12-month low of $6.78 and a 12-month high of $14.27. The business has a 50 day moving average of $11.13 and a 200-day moving average of $9.08. The stock has a market cap of $2.05 billion, a price-to-earnings ratio of -43.06 and a beta of 0.74.

Utz Brands (NYSE:UTZ - Get Free Report) last announced its quarterly earnings results on Wednesday, August 5th. The company reported $0.19 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.18 by $0.01. The business had revenue of $371.80 million during the quarter, compared to the consensus estimate of $374.18 million. Utz Brands had a positive return on equity of 8.97% and a negative net margin of 2.00%.The company's quarterly revenue was up 1.4% on a year-over-year basis. During the same quarter last year, the firm posted $0.17 EPS. On average, equities research analysts expect that Utz Brands, Inc. will post 0.8 earnings per share for the current year.

Utz Brands Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, July 2nd. Investors of record on Monday, June 22nd were paid a $0.063 dividend. The ex-dividend date was Monday, June 22nd. This represents a $0.25 annualized dividend and a yield of 1.8%. Utz Brands's payout ratio is -75.76%.

Analyst Ratings Changes

A number of research firms have weighed in on UTZ. Piper Sandler reaffirmed a "neutral" rating and set a $14.25 price target (up from $10.00) on shares of Utz Brands in a research report on Thursday, July 23rd. Barclays cut Utz Brands from an "overweight" rating to an "equal weight" rating and set a $14.00 price objective for the company. in a report on Tuesday, July 21st. Jefferies Financial Group downgraded Utz Brands from a "strong-buy" rating to a "hold" rating and set a $14.25 target price on the stock. in a research report on Tuesday, July 21st. UBS Group reiterated a "neutral" rating and set a $14.25 target price on shares of Utz Brands in a report on Wednesday, July 22nd. Finally, Stephens set a $14.25 price target on Utz Brands in a research report on Tuesday, July 21st. One equities research analyst has rated the stock with a Buy rating, nine have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, Utz Brands presently has a consensus rating of "Hold" and an average price target of $13.39.

Utz Brands Company Profile

Utz Brands, Inc is a leading U.S. manufacturer and distributor of salty snack foods, offering a wide range of products including potato chips, pretzels, cheese snacks, popcorn and tortilla chips. Headquartered in Hanover, Pennsylvania, the company markets its snacks under several well-known brands and serves grocery, mass merchandise, club, convenience and online retailers throughout the United States.

Founded in 1921 by Bill and Salie Utz as a small country store operation, the business expanded gradually through direct delivery to local customers and sales to regional grocers.

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