Snyder’s-Lance, Inc. (NASDAQ:LNCE) Rating Lowered to Hold at BidaskClub

BidaskClub downgraded shares of Snyder’s-Lance, Inc. (NASDAQ:LNCE) from a buy rating to a hold rating in a report released on Tuesday, August 1st.

A number of other equities research analysts have also recently commented on LNCE. SunTrust Banks, Inc. cut shares of Snyder’s-Lance from a buy rating to a hold rating and reduced their target price for the company from $45.00 to $30.00 in a research report on Monday, April 17th. Zacks Investment Research upgraded shares of Snyder’s-Lance from a sell rating to a hold rating in a research report on Wednesday, April 19th. Jefferies Group LLC reiterated a buy rating and issued a $44.00 target price on shares of Snyder’s-Lance in a research report on Wednesday, April 26th. BMO Capital Markets reiterated a buy rating and issued a $38.00 target price on shares of Snyder’s-Lance in a research report on Tuesday, June 13th. Finally, UBS AG reissued a neutral rating and issued a $35.00 price objective (down previously from $37.00) on shares of Snyder’s-Lance in a report on Tuesday, July 18th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and three have issued a buy rating to the stock. The stock currently has an average rating of Hold and an average target price of $39.80.

Snyder’s-Lance (LNCE) opened at 37.08 on Tuesday. Snyder’s-Lance has a 52 week low of $31.03 and a 52 week high of $40.85. The firm has a 50 day moving average of $35.60 and a 200-day moving average of $37.17. The stock has a market capitalization of $3.58 billion, a PE ratio of 100.76 and a beta of 0.71.

Snyder’s-Lance (NASDAQ:LNCE) last issued its earnings results on Tuesday, August 8th. The company reported $0.27 EPS for the quarter, beating the Zacks’ consensus estimate of $0.26 by $0.01. The business had revenue of $579.60 million during the quarter, compared to analysts’ expectations of $565.66 million. Snyder’s-Lance had a net margin of 1.60% and a return on equity of 5.34%. The company’s quarterly revenue was up 3.3% compared to the same quarter last year. During the same period in the prior year, the business earned $0.28 earnings per share. On average, equities analysts predict that Snyder’s-Lance will post $1.14 EPS for the current year.

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The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, August 30th. Investors of record on Tuesday, August 22nd will be issued a $0.16 dividend. This represents a $0.64 dividend on an annualized basis and a dividend yield of 1.73%. The ex-dividend date is Friday, August 18th. Snyder’s-Lance’s dividend payout ratio is currently 177.78%.

In other news, Director Peter P. Brubaker acquired 1,000 shares of the company’s stock in a transaction that occurred on Friday, May 26th. The stock was purchased at an average price of $37.10 per share, with a total value of $37,100.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Patricia A. Warehime acquired 18,839 shares of the company’s stock in a transaction that occurred on Tuesday, August 15th. The stock was purchased at an average cost of $37.24 per share, with a total value of $701,564.36. The disclosure for this purchase can be found here. Corporate insiders own 13.70% of the company’s stock.

Hedge funds and other institutional investors have recently made changes to their positions in the company. FNY Partners Fund LP bought a new position in shares of Snyder’s-Lance during the second quarter valued at $103,000. PNC Financial Services Group Inc. raised its position in shares of Snyder’s-Lance by 17.9% in the second quarter. PNC Financial Services Group Inc. now owns 3,060 shares of the company’s stock valued at $107,000 after buying an additional 465 shares during the period. Meadow Creek Investment Management LLC raised its position in shares of Snyder’s-Lance by 21.6% in the first quarter. Meadow Creek Investment Management LLC now owns 3,424 shares of the company’s stock valued at $138,000 after buying an additional 608 shares during the period. Creative Planning raised its position in shares of Snyder’s-Lance by 68.7% in the second quarter. Creative Planning now owns 4,083 shares of the company’s stock valued at $141,000 after buying an additional 1,663 shares during the period. Finally, Public Employees Retirement System of Ohio raised its position in shares of Snyder’s-Lance by 5.3% in the second quarter. Public Employees Retirement System of Ohio now owns 4,272 shares of the company’s stock valued at $148,000 after buying an additional 214 shares during the period. 60.83% of the stock is owned by institutional investors.

About Snyder’s-Lance

Snyder’s-Lance, Inc is a snack food company. The Company is engaged in the manufacturing, distribution, marketing and sale of snack food products. Its products include pretzels, sandwich crackers, kettle cooked chips, pretzel crackers, cookies, potato chips, tortilla chips, restaurant style crackers, popcorn, nuts and other salty snacks.

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