Snyder’s-Lance, Inc. (NASDAQ:LNCE) Stake Reduced by Municipal Employees Retirement System of Michigan
Municipal Employees Retirement System of Michigan reduced its position in Snyder’s-Lance, Inc. (NASDAQ:LNCE) by 15.7% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 33,200 shares of the company’s stock after selling 6,170 shares during the period. Municipal Employees Retirement System of Michigan’s holdings in Snyder’s-Lance were worth $1,149,000 at the end of the most recent quarter.
A number of other large investors have also recently modified their holdings of the company. Teachers Advisors LLC increased its stake in shares of Snyder’s-Lance by 3.2% in the fourth quarter. Teachers Advisors LLC now owns 139,697 shares of the company’s stock worth $5,356,000 after buying an additional 4,299 shares during the last quarter. Macquarie Group Ltd. purchased a new stake in shares of Snyder’s-Lance during the fourth quarter worth about $5,812,000. Capstone Asset Management Co. increased its stake in shares of Snyder’s-Lance by 1.6% in the first quarter. Capstone Asset Management Co. now owns 5,751 shares of the company’s stock worth $232,000 after buying an additional 90 shares during the last quarter. Parametrica Management Ltd purchased a new stake in shares of Snyder’s-Lance during the first quarter worth about $220,000. Finally, Atria Investments LLC increased its stake in shares of Snyder’s-Lance by 1.8% in the first quarter. Atria Investments LLC now owns 6,128 shares of the company’s stock worth $247,000 after buying an additional 109 shares during the last quarter. 63.88% of the stock is owned by institutional investors and hedge funds.
Snyder’s-Lance, Inc. (NASDAQ LNCE) opened at 37.44 on Thursday. The stock has a market capitalization of $3.62 billion, a PE ratio of 71.18 and a beta of 0.71. Snyder’s-Lance, Inc. has a 1-year low of $31.03 and a 1-year high of $40.85. The firm has a 50-day moving average of $35.25 and a 200-day moving average of $37.21.
Snyder’s-Lance (NASDAQ:LNCE) last announced its quarterly earnings results on Tuesday, August 8th. The company reported $0.27 EPS for the quarter, topping analysts’ consensus estimates of $0.26 by $0.01. Snyder’s-Lance had a net margin of 1.60% and a return on equity of 5.34%. The firm had revenue of $579.60 million during the quarter, compared to analyst estimates of $565.66 million. During the same period in the previous year, the business posted $0.28 earnings per share. The business’s revenue for the quarter was up 3.3% on a year-over-year basis. Equities analysts expect that Snyder’s-Lance, Inc. will post $1.11 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, August 30th. Stockholders of record on Tuesday, August 22nd will be paid a $0.16 dividend. The ex-dividend date is Friday, August 18th. This represents a $0.64 dividend on an annualized basis and a dividend yield of 1.71%. Snyder’s-Lance’s dividend payout ratio is presently 177.78%.
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LNCE has been the subject of a number of recent analyst reports. SunTrust Banks, Inc. downgraded shares of Snyder’s-Lance from a “buy” rating to a “hold” rating and reduced their price objective for the stock from $45.00 to $30.00 in a research report on Monday, April 17th. Zacks Investment Research raised shares of Snyder’s-Lance from a “sell” rating to a “hold” rating in a research report on Wednesday, April 19th. Jefferies Group LLC reaffirmed a “buy” rating and issued a $44.00 price objective on shares of Snyder’s-Lance in a research report on Wednesday, April 26th. BMO Capital Markets reaffirmed a “buy” rating and issued a $38.00 price objective on shares of Snyder’s-Lance in a research report on Tuesday, June 13th. Finally, BidaskClub downgraded shares of Snyder’s-Lance from a “strong-buy” rating to a “buy” rating in a research report on Saturday, June 17th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and three have given a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus price target of $39.00.
In related news, Director Peter P. Brubaker purchased 1,000 shares of Snyder’s-Lance stock in a transaction dated Friday, May 26th. The stock was purchased at an average cost of $37.10 per share, for a total transaction of $37,100.00. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 13.70% of the company’s stock.
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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