Snyder's-Lance Inc (LNCE) Upgraded at Zacks Investment Research
Snyder's-Lance Inc (NASDAQ:LNCE) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Wednesday. The firm presently has a $44.00 price objective on the stock. Zacks Investment Research‘s target price suggests a potential upside of 13.26% from the company’s current price.
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 . “
LNCE has been the subject of several other reports. BidaskClub downgraded shares of Snyder's-Lance from a “buy” rating to a “hold” rating in a research note on Tuesday, August 1st. UBS AG reaffirmed a “neutral” rating and set a $35.00 price objective (down from $37.00) on shares of Snyder's-Lance in a research note on Tuesday, July 18th. BMO Capital Markets reaffirmed an “outperform” rating and set a $43.00 price objective (up from $38.00) on shares of Snyder's-Lance in a research note on Wednesday, August 9th. Jefferies Group LLC set a $44.00 price objective on shares of Snyder's-Lance and gave the company a “buy” rating in a research note on Saturday, July 29th. Finally, TheStreet raised shares of Snyder's-Lance from a “c+” rating to a “b” rating in a research note on Tuesday, August 8th. Three investment analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. The company has an average rating of “Buy” and a consensus target price of $40.50.
Snyder's-Lance (NASDAQ LNCE) opened at 38.85 on Wednesday. The company’s 50-day moving average price is $37.17 and its 200 day moving average price is $36.48. The company has a market capitalization of $3.75 billion, a price-to-earnings ratio of 105.57 and a beta of 0.70. Snyder's-Lance has a 12 month low of $31.03 and a 12 month high of $40.85.
Snyder's-Lance (NASDAQ:LNCE) last posted its quarterly earnings results on Tuesday, August 8th. The company reported $0.27 earnings per share for the quarter, topping the consensus estimate of $0.26 by $0.01. The business had revenue of $579.60 million during the quarter, compared to the consensus estimate of $565.66 million. Snyder's-Lance had a net margin of 0.85% and a return on equity of 0.93%. The firm’s revenue for the quarter was up 3.3% on a year-over-year basis. During the same period in the previous year, the firm posted $0.28 earnings per share. Analysts forecast that Snyder's-Lance will post $1.15 EPS for the current fiscal year.
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In other news, Director Patricia A. Warehime acquired 18,839 shares of the stock in a transaction dated Tuesday, August 15th. The stock was purchased at an average cost of $37.24 per share, with a total value of $701,564.36. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Patricia A. Warehime acquired 21,263 shares of the stock in a transaction dated Thursday, August 17th. The shares were purchased at an average cost of $37.25 per share, with a total value of $792,046.75. The disclosure for this purchase can be found here. Corporate insiders own 13.70% of the company’s stock.
Several large investors have recently modified their holdings of LNCE. FNY Partners Fund LP bought a new position in Snyder's-Lance in the second quarter worth about $103,000. PNC Financial Services Group Inc. raised its stake in 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. Creative Planning raised its stake in 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. Public Employees Retirement System of Ohio raised its stake in 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. Finally, US Bancorp DE raised its stake in Snyder's-Lance by 12.7% in the second quarter. US Bancorp DE now owns 4,553 shares of the company’s stock worth $158,000 after buying an additional 513 shares in the last quarter. 66.22% of the stock is owned by hedge funds and other institutional investors.
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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