In a recent move, a significant shareholder of Utz Brands, Inc. (NYSE:UTZ), has sold a substantial number of shares in the company. The transactions occurred over two consecutive days, with a total value exceeding $6 million.
On March 13, 2024, 92,226 shares were sold at an average price of $17.80, with individual sales prices ranging from $17.55 to $18.32. The following day, an additional 244,712 shares were offloaded at an average price of $18.14, with sales prices varying between $17.89 and $18.44. These figures represent a weighted average price, as the shares were sold in multiple transactions across a range of prices.
The shareholder, who has been identified as Chu Chinh, is reported to have a significant influence over the company, holding voting and dispositive power over the securities through CC Collier Holdings, LLC. Despite this power, Chinh disclaims beneficial ownership of these securities, except to the extent of his pecuniary interest.
Following these transactions, the total number of shares owned by Chinh stands at 3,311,442. The nature of the transactions indicates that Chinh's stake in the company has been reduced, yet he maintains a substantial interest in Utz Brands.
Investors and market watchers often keep a close eye on insider transactions, as they can provide insights into the perspectives of those with intimate knowledge of the company. While the reasons behind Chinh's decision to sell a portion of his holdings are not disclosed, the filings give a clear picture of the transactions' specifics.
Utz Brands, Inc., headquartered in Hanover, Pennsylvania, is known for its portfolio of snack food brands and products. The company's performance and stock are closely monitored by those in the food industry and investment community alike.
InvestingPro Insights
In light of the recent insider sales at Utz Brands, Inc., it's important to consider various financial metrics and analyst insights that could help investors understand the potential impact on the company's stock. Here are some key InvestingPro Data points as of the last twelve months ending Q4 2023:
- Utz Brands has a Market Cap of approximately $2.58 billion USD.
- The company's P/E Ratio stands at -58.73, reflecting challenges in profitability, with an adjusted P/E Ratio for the same period at -82.69.
- Revenue Growth was reported at 2.12%, indicating a moderate increase in sales, while the Gross Profit Margin was healthy at 31.62%.
InvestingPro Tips for Utz Brands also provide valuable insights into the company's financial health and future prospects. One noteworthy tip is that Utz has raised its dividend for four consecutive years, which may be attractive to income-focused investors. Additionally, analysts predict that the company will be profitable this year, a significant turnaround from the previous twelve months.
These tips are just a taste of the in-depth analysis available on InvestingPro. For those interested in gaining further insights into Utz Brands, additional tips can be found on the platform. For a more comprehensive investment evaluation, consider using the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription. There are 9 additional InvestingPro Tips available for Utz Brands, which could further inform your investment decisions.
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