BlackRock Inc. Raises Position in Snyder’s-Lance, Inc. (LNCE)
BlackRock Inc. boosted its stake in Snyder’s-Lance, Inc. (NASDAQ:LNCE) by 16,621.1% during the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 8,520,053 shares of the company’s stock after buying an additional 8,469,099 shares during the period. BlackRock Inc. owned about 8.85% of Snyder’s-Lance worth $343,444,000 at the end of the most recent quarter.
A number of other hedge funds have also recently made changes to their positions in the company. Ladenburg Thalmann Financial Services Inc. raised its position in Snyder’s-Lance by 1.7% in the fourth quarter. Ladenburg Thalmann Financial Services Inc. now owns 5,758 shares of the company’s stock valued at $221,000 after buying an additional 96 shares during the last quarter. Thrivent Financial for Lutherans increased its position in Snyder’s-Lance by 9.3% in the fourth quarter. Thrivent Financial for Lutherans now owns 14,620 shares of the company’s stock worth $561,000 after buying an additional 1,240 shares during the period. Norges Bank purchased a new position in Snyder’s-Lance during the fourth quarter worth $27,425,000. Teachers Advisors LLC increased its position in 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 period. Finally, Macquarie Group Ltd. bought a new stake in shares of Snyder’s-Lance during the fourth quarter worth about $5,812,000. 64.78% of the stock is owned by hedge funds and other institutional investors.
Shares of Snyder’s-Lance, Inc. (NASDAQ LNCE) traded up 0.46% during trading on Friday, hitting $34.91. The stock had a trading volume of 240,304 shares. Snyder’s-Lance, Inc. has a 52 week low of $31.03 and a 52 week high of $40.85. The company has a market capitalization of $3.37 billion, a PE ratio of 41.07 and a beta of 0.71. The firm has a 50-day moving average price of $36.50 and a 200 day moving average price of $37.82.
Snyder’s-Lance (NASDAQ:LNCE) last issued its earnings results on Monday, May 8th. The company reported $0.13 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ 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 firm had revenue of $531.50 million during the quarter, compared to the consensus estimate of $529.53 million. During the same period last year, the firm posted $0.25 earnings per share. The company’s revenue for the quarter was up 18.7% compared to the same quarter last year. Equities analysts anticipate that Snyder’s-Lance, Inc. will post $1.10 earnings per share for the current year.
A number of equities research analysts recently weighed in on the company. UBS AG began coverage on Snyder’s-Lance in a research note on Wednesday, March 22nd. They issued a “neutral” rating and a $44.00 price target on the stock. Zacks Investment Research cut Snyder’s-Lance from a “hold” rating to a “sell” rating in a research report on Tuesday, July 11th. BMO Capital Markets reissued a “buy” rating and set a $38.00 target price on shares of Snyder’s-Lance in a report on Tuesday, June 13th. SunTrust Banks, Inc. lowered Snyder’s-Lance from a “buy” rating to a “hold” rating and reduced their target price for the stock from $45.00 to $30.00 in a report on Monday, April 17th. Finally, BidaskClub lowered Snyder’s-Lance from a “strong-buy” rating to a “buy” rating in a research note on Saturday, June 17th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and five have issued a buy rating to the stock. The company currently has an average rating of “Buy” and a consensus price target of $40.17.
In related news, Director Peter P. Brubaker purchased 1,000 shares of the company’s stock in a transaction that occurred on Friday, May 26th. The stock was bought at an average price of $37.10 per share, for a total transaction of $37,100.00. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders own 13.70% of the company’s stock.
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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