Snyder's-Lance (LNCE) Shares Gap Up Following Analyst Upgrade
Snyder's-Lance Inc (NASDAQ:LNCE) shares gapped up before the market opened on Tuesday after SunTrust Banks raised their price target on the stock to $50.00. The stock had previously closed at $43.66, but opened at $46.79. SunTrust Banks currently has a hold rating on the stock. Snyder's-Lance shares last traded at $50.04, with a volume of 12470000 shares traded.
Other research analysts have also issued reports about the company. UBS cut their price target on Snyder's-Lance from $39.00 to $38.00 and set a “neutral” rating for the company in a report on Wednesday, November 8th. BidaskClub upgraded Snyder's-Lance from a “hold” rating to a “buy” rating in a report on Tuesday. Zacks Investment Research lowered Snyder's-Lance from a “buy” rating to a “hold” rating in a report on Friday, November 10th. BMO Capital Markets lowered Snyder's-Lance from an “outperform” rating to a “market perform” rating and set a $43.00 price target for the company. in a report on Monday. Finally, TheStreet lowered Snyder's-Lance from a “b” rating to a “c+” rating in a research note on Tuesday, November 7th. Four equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average target price of $44.83.
Hedge funds and other institutional investors have recently modified their holdings of the stock. AHL Partners LLP acquired a new position in shares of Snyder's-Lance in the second quarter valued at $3,881,000. Olstein Capital Management L.P. acquired a new position in shares of Snyder's-Lance in the third quarter valued at $1,367,000. Fisher Asset Management LLC raised its stake in shares of Snyder's-Lance by 8.1% in the third quarter. Fisher Asset Management LLC now owns 848,285 shares of the company’s stock valued at $32,354,000 after purchasing an additional 63,839 shares in the last quarter. Bank of Montreal Can acquired a new position in shares of Snyder's-Lance in the second quarter valued at $380,000. Finally, Capital Fund Management S.A. acquired a new position in shares of Snyder's-Lance in the second quarter valued at $897,000. Institutional investors and hedge funds own 64.51% of the company’s stock.
Snyder's-Lance (NASDAQ:LNCE) last issued its earnings results on Tuesday, November 7th. The company reported $0.33 EPS for the quarter, missing analysts’ consensus estimates of $0.35 by ($0.02). The firm had revenue of $564.20 million during the quarter, compared to analyst estimates of $559.86 million. Snyder's-Lance had a negative net margin of 2.22% and a positive return on equity of 5.30%. The business’s revenue for the quarter was up 3.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.35 earnings per share. equities analysts anticipate that Snyder's-Lance Inc will post 1.15 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Tuesday, November 28th. Shareholders of record on Monday, November 20th were paid a dividend of $0.16 per share. The ex-dividend date of this dividend was Friday, November 17th. This represents a $0.64 annualized dividend and a yield of 1.28%. Snyder's-Lance’s dividend payout ratio is currently -123.08%.
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Snyder's-Lance Company Profile
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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