Mark Schreiber, the Executive Vice President & Chief Customer Officer of Utz Brands, Inc. (NYSE:UTZ), has sold 20,103 shares of the company's Class A Common Stock, resulting in total proceeds of approximately $391,385. The transactions occurred on May 6, 2024, with the weighted average selling price reported at $19.469 per share. The sales were conducted in a range of prices from $19.4307 to $19.54 per share.
The recent filing with the Securities and Exchange Commission revealed that following the sale, Schreiber still owns a total of 108,126 shares of Utz Brands directly. Additionally, there is an indirect holding of 700 shares by a family trust, which is for the benefit of Schreiber and his spouse. It is important to note that Schreiber disclaims beneficial ownership of the indirectly held shares, and this report does not constitute an admission of beneficial ownership for any legal purposes.
Investors often monitor insider transactions as they can provide insights into the executives' perspective on the company's current valuation and future prospects. The sale by a high-ranking executive such as Schreiber might draw particular interest from the market participants. However, it is also common for executives to sell shares for reasons that may not necessarily reflect their outlook on the company, such as diversifying their investment portfolio or financing personal expenditures.
Utz Brands, Inc., headquartered in Hanover, Pennsylvania, operates in the food manufacturing sector, specializing in miscellaneous food preparations and kindred products. The company's stock trades on the New York Stock Exchange under the ticker symbol UTZ.
InvestingPro Insights
Amid the news of Mark Schreiber's recent sale of Utz Brands shares, investors may find it valuable to consider the company's financial health and market performance. Utz Brands, Inc. (NYSE:UTZ) has demonstrated a commitment to shareholder value, as evidenced by its track record of raising its dividend for four consecutive years. This could signal confidence in the company's steady cash flow and long-term financial stability, aligning with the interests of income-focused investors.
Analysts are also showing optimism about Utz's future, with an expectation for net income growth this year. This positive outlook is further supported by three analysts who have revised their earnings estimates upwards for the upcoming period. Such revisions often reflect a belief in the company's potential to outperform market expectations.
Turning to real-time metrics from InvestingPro, Utz Brands, Inc. stands with a market capitalization of around $2.71 billion. The company's revenue has seen a slight increase over the last twelve months as of Q1 2024, with a growth rate of 1.0%. However, the stock is currently trading at a high EBITDA valuation multiple, which suggests investors may be expecting higher future growth or profitability. For those considering adding Utz to their portfolio, it's worth noting that there are 10 additional InvestingPro Tips available, offering deeper insights into the company's financials and market position. To access these, visit https://www.investing.com/pro/UTZ and use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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