Snyder’s-Lance, Inc. (NASDAQ:LNCE) Trading Up 12% Following Strong Earnings

Snyder’s-Lance, Inc. (NASDAQ:LNCE) shares were up 12% during mid-day trading on Tuesday following a better than expected earnings announcement. The company traded as high as $39.52 and last traded at $39.08, with a volume of 1,729,444 shares. The stock had previously closed at $34.90.

The company reported $0.27 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.26 by $0.01. Snyder’s-Lance had a return on equity of 5.34% and a net margin of 1.60%. The firm had revenue of $579.60 million for the quarter, compared to the consensus estimate of $565.66 million. During the same period in the prior year, the business posted $0.28 earnings per share. The firm’s revenue for the quarter was up 3.3% compared to the same quarter last year.

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, August 30th. Investors of record on Tuesday, August 22nd will be given a dividend of $0.16 per share. The ex-dividend date of this dividend is Friday, August 18th. This represents a $0.64 annualized dividend and a yield of 1.73%. Snyder’s-Lance’s dividend payout ratio (DPR) is presently 177.78%.

Several equities research analysts have commented on the company. UBS AG restated a “neutral” rating and set a $39.00 price target (up from $35.00) on shares of Snyder’s-Lance in a research note on Thursday, August 10th. TheStreet upgraded Snyder’s-Lance from a “c+” rating to a “b” rating in a research note on Tuesday, August 8th. BMO Capital Markets restated an “outperform” rating and set a $43.00 price target (up from $38.00) on shares of Snyder’s-Lance in a research note on Wednesday, August 9th. BidaskClub lowered Snyder’s-Lance from a “buy” rating to a “hold” rating in a research note on Tuesday, August 1st. Finally, Jefferies Group LLC set a $44.00 target price on Snyder’s-Lance and gave the company a “buy” rating in a research note on Saturday, July 29th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and three have given a buy rating to the stock. The company has a consensus rating of “Hold” and an average target price of $39.80.

In related news, Director Patricia A. Warehime bought 18,839 shares of the stock in a transaction dated Tuesday, August 15th. The stock was acquired at an average price of $37.24 per share, for a total transaction of $701,564.36. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Peter P. Brubaker bought 1,000 shares of the stock in a transaction dated Friday, May 26th. The stock was bought at an average price of $37.10 per share, with a total value of $37,100.00. The disclosure for this purchase can be found here. 13.70% of the stock is currently owned by company insiders.

A number of hedge funds and other institutional investors have recently modified their holdings of LNCE. FNY Partners Fund LP acquired a new position in shares of Snyder’s-Lance during the second quarter worth approximately $103,000. PNC Financial Services Group Inc. increased 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 worth $107,000 after buying an additional 465 shares in the last quarter. Meadow Creek Investment Management LLC increased 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 worth $138,000 after buying an additional 608 shares in the last quarter. Creative Planning increased 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 worth $141,000 after buying an additional 1,663 shares in the last quarter. Finally, Public Employees Retirement System of Ohio increased 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 worth $148,000 after buying an additional 214 shares in the last quarter. 60.83% of the stock is owned by hedge funds and other institutional investors.

The company’s 50-day moving average price is $35.60 and its 200 day moving average price is $37.17. The firm has a market capitalization of $3.58 billion, a PE ratio of 100.76 and a beta of 0.71.

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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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