Corient Private Wealth LP Acquires 135,239 Shares of Utz Brands, Inc. $UTZ

Key Points

• Corient Private Wealth increased its Utz Brands stake by 61% in the second quarter, adding 135,239 shares to own 356,997 shares valued at approximately $2.75 million. Institutional investors collectively own 95.97% of UTZ.
• Analyst sentiment is largely cautious: UTZ has an average “Hold” rating, with nine Holds, one Buy and one Sell, and an average price target of $13.39.
• Utz reported quarterly EPS of $0.19, slightly above estimates, while revenue rose 1.4% year over year to $371.8 million. The company also declared a quarterly dividend of $0.063 per share, representing a 1.8% yield.

Corient Private Wealth LP raised its holdings in Utz Brands, Inc. (NYSE:UTZ - Free Report) by 61.0% during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 356,997 shares of the company's stock after buying an additional 135,239 shares during the quarter. Corient Private Wealth LP owned 0.25% of Utz Brands worth $2,749,000 at the end of the most recent quarter.

Several other institutional investors also recently added to or reduced their stakes in UTZ. Versant Capital Management Inc grew its stake in shares of Utz Brands by 363.5% in the second quarter. Versant Capital Management Inc now owns 6,086 shares of the company's stock worth $47,000 after acquiring an additional 4,773 shares during the last quarter. AXQ Capital LP acquired a new position in Utz Brands during the 2nd quarter valued at $80,000. Pictet Asset Management Holding SA bought a new stake in Utz Brands in the 1st quarter valued at $96,000. ProShare Advisors LLC boosted its holdings in Utz Brands by 8.7% in the 4th quarter. ProShare Advisors LLC now owns 13,457 shares of the company's stock valued at $140,000 after purchasing an additional 1,074 shares during the period. Finally, Alpine Global Management LLC acquired a new stake in Utz Brands in the 4th quarter worth $183,000. 95.97% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the stock. Piper Sandler restated a "neutral" rating and set a $14.25 price objective (up from $10.00) on shares of Utz Brands in a report on Thursday, July 23rd. Wall Street Zen downgraded Utz Brands from a "hold" rating to a "sell" rating in a research report on Saturday, July 25th. BTIG Research lowered Utz Brands from a "buy" rating to a "hold" rating in a research note on Monday, July 27th. Weiss Ratings reaffirmed a "sell (d)" rating on shares of Utz Brands in a report on Wednesday, June 24th. Finally, Barclays downgraded Utz Brands from an "overweight" rating to an "equal weight" rating and set a $14.00 price objective for the company. in a research report on Tuesday, July 21st. One analyst has rated the stock with a Buy rating, nine have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock has an average rating of "Hold" and an average target price of $13.39.

Utz Brands Trading Down 0.1%

UTZ stock opened at $14.23 on Tuesday. Utz Brands, Inc. has a 1-year low of $6.78 and a 1-year high of $14.33. The company has a current ratio of 1.06, a quick ratio of 0.69 and a debt-to-equity ratio of 0.62. The business's 50 day moving average is $13.50 and its 200-day moving average is $9.66. The firm has a market cap of $2.05 billion, a P/E ratio of -43.12 and a beta of 0.76.

Utz Brands (NYSE:UTZ - Get Free Report) last announced its quarterly earnings results on Wednesday, August 5th. The company reported $0.19 EPS for the quarter, beating 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 business had revenue of $371.80 million for the quarter, compared to analyst estimates of $374.18 million. During the same quarter in the previous year, the firm earned $0.17 EPS. Utz Brands's quarterly revenue was up 1.4% on a year-over-year basis. Equities analysts anticipate that Utz Brands, Inc. will post 0.8 earnings per share for the current fiscal year.

Utz Brands Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 1st. Stockholders of record on Monday, September 21st will be issued a $0.063 dividend. This represents a $0.25 annualized dividend and a dividend yield of 1.8%. The ex-dividend date of this dividend is Monday, September 21st. Utz Brands's payout ratio is presently -75.76%.

About Utz Brands

Utz Brands, Inc is a U.S.-based snack food manufacturer and distributor headquartered in Hanover, Pennsylvania. The company produces and sells a broad range of branded salty snacks, including potato chips, tortilla chips, pretzels, cheese snacks, popcorn, pork rinds and other snack foods.

Its portfolio includes the Utz, Zapp's, Boulder Canyon, On The Border and other regional and specialty snack brands. Utz products are sold through grocery stores, mass merchants, club retailers, convenience stores and other retail channels, as well as through e-commerce and foodservice distributors.

Founded in 1921 as a family-operated potato chip business in Hanover, Utz expanded through organic growth and acquisitions into a national snack food company.

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