Snyder’s-Lance, Inc. (LNCE) Upgraded to Hold by Zacks Investment Research

Zacks Investment Research upgraded shares of Snyder’s-Lance, Inc. (NASDAQ:LNCE) from a strong sell rating to a hold rating in a research report released on Tuesday.

According to Zacks, “Synders-Lance Inc, formerly known as Lancer Inc, is engaged in the manufacture, market and distribution of a variety of branded and private label snack foods and bakery products. Products include branded sandwich crackers, sandwich cookies, restaurant crackers and bread basket items, candy, chips, meat snacks, nuts and private label cookies and crackers. Products are packaged as individual, single servings and as larger packages or multi-pack configurations and are distributed to grocery stores, convenience stores, vending machines, food service institutions, and through up and down the street outlets . “

A number of other research firms also recently weighed in on LNCE. BidaskClub downgraded shares of Snyder’s-Lance from a strong-buy rating to a buy rating in a research note on Saturday. Jefferies Group LLC restated a buy rating and issued a $44.00 target price on shares of Snyder’s-Lance in a research note on Wednesday, April 26th. BMO Capital Markets restated a buy rating and issued a $38.00 target price on shares of Snyder’s-Lance in a research note on Tuesday, June 13th. Finally, SunTrust Banks, Inc. downgraded 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 note on Monday, April 17th. Two analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. The stock has a consensus rating of Buy and a consensus target price of $39.40.

Snyder’s-Lance (NASDAQ LNCE) traded up 0.37% on Tuesday, reaching $35.64. 57,155 shares of the company’s stock were exchanged. The firm has a 50 day moving average of $36.33 and a 200 day moving average of $37.94. Snyder’s-Lance has a 12 month low of $31.03 and a 12 month high of $40.85. The stock has a market capitalization of $3.44 billion, a PE ratio of 67.76 and a beta of 0.67.

Snyder’s-Lance (NASDAQ:LNCE) last posted its quarterly earnings results on Monday, May 8th. The company reported $0.13 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.14 by $0.01. Snyder’s-Lance had a return on equity of 5.36% and a net margin of 2.25%. The business had revenue of $531.50 million for the quarter, compared to analyst estimates of $529.53 million. During the same quarter in the prior year, the firm earned $0.25 EPS. The firm’s quarterly revenue was up 18.7% on a year-over-year basis. Equities analysts predict that Snyder’s-Lance will post $1.11 earnings per share for the current fiscal year.

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The company also recently announced a quarterly dividend, which was paid on Friday, May 26th. Stockholders of record on Thursday, May 18th were paid a $0.16 dividend. The ex-dividend date was Tuesday, May 16th. This represents a $0.64 annualized dividend and a dividend yield of 1.80%. Snyder’s-Lance’s dividend payout ratio is presently 123.08%.

In other Snyder’s-Lance news, Director Peter P. Brubaker purchased 1,000 shares of the business’s stock in a transaction that occurred on Friday, May 26th. The stock was acquired at an average cost of $37.10 per share, with a total value of $37,100.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 13.70% of the stock is currently owned by insiders.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. State Street Corp boosted its position in Snyder’s-Lance by 1.4% in the fourth quarter. State Street Corp now owns 2,572,785 shares of the company’s stock worth $98,643,000 after buying an additional 35,827 shares in the last quarter. Private Advisor Group LLC acquired a new position in Snyder’s-Lance during the fourth quarter worth about $234,000. Baird Financial Group Inc. acquired a new position in Snyder’s-Lance during the fourth quarter worth about $602,000. Flinton Capital Management LLC acquired a new position in Snyder’s-Lance during the fourth quarter worth about $229,000. Finally, Tyers Asset Management LLC acquired a new position in Snyder’s-Lance during the fourth quarter worth about $189,000. 65.11% of the stock is owned by institutional investors and hedge funds.

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.new TradingView.widget({ “height”: 400, “width”: 625, “symbol”: “NASDAQ:LNCE”, “interval”: “D”, “timezone”: “Etc/UTC”, “theme”: “White”, “style”: “1”, “locale”: “en”, “toolbar_bg”: “#f1f3f6”, “enable_publishing”: false, “hideideas”: true, “referral_id”: “2588”});

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