Snyder's-Lance Inc (NASDAQ:LNCE) was the target of a significant decline in short interest during the month of March. As of March 15th, there was short interest totalling 8,179,903 shares, a decline of 4.6% from the February 28th total of 8,578,815 shares. Based on an average daily trading volume, of 387,270 shares, the days-to-cover ratio is presently 21.1 days.
Shares of Snyder's-Lance (NASDAQ:LNCE) traded down 1.92% during mid-day trading on Thursday, reaching $39.92. The company had a trading volume of 806,558 shares. Snyder's-Lance has a 52-week low of $28.92 and a 52-week high of $40.85. The firm’s 50-day moving average price is $40.03 and its 200 day moving average price is $37.84. The company has a market cap of $3.84 billion, a price-to-earnings ratio of 252.66 and a beta of 0.63.
Snyder's-Lance (NASDAQ:LNCE) last issued its quarterly earnings data on Monday, February 13th. The company reported $0.38 EPS for the quarter, missing analysts’ consensus estimates of $0.40 by $0.02. Snyder's-Lance had a net margin of 0.67% and a return on equity of 5.70%. The firm earned $652.60 million during the quarter, compared to analyst estimates of $635.89 million. During the same period in the prior year, the company earned $0.10 earnings per share. The business’s quarterly revenue was up 60.8% compared to the same quarter last year. Equities analysts expect that Snyder's-Lance will post $1.38 EPS for the current year.
A number of research analysts recently issued reports on the company. BMO Capital Markets reaffirmed a “buy” rating on shares of Snyder's-Lance in a report on Wednesday, February 8th. Deutsche Bank AG assumed coverage on Snyder's-Lance in a report on Wednesday, February 15th. They issued a “buy” rating and a $43.00 price target for the company. Finally, Zacks Investment Research cut Snyder's-Lance from a “hold” rating to a “sell” rating in a report on Wednesday, February 8th. One research analyst has rated the stock with a sell rating and six have issued a buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus price target of $35.45.
In other Snyder's-Lance news, Director Patricia A. Warehime purchased 14,000 shares of the business’s stock in a transaction that occurred on Thursday, February 16th. The stock was acquired at an average cost of $39.09 per share, with a total value of $547,260.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 18.60% of the company’s stock.
Hedge funds and other institutional investors have recently modified their holdings of the stock. King Luther Capital Management Corp purchased a new position in shares of Snyder's-Lance during the third quarter worth approximately $7,291,000. Bank of New York Mellon Corp raised its position in shares of Snyder's-Lance by 5.7% in the third quarter. Bank of New York Mellon Corp now owns 1,135,162 shares of the company’s stock worth $38,119,000 after buying an additional 60,794 shares in the last quarter. Prudential Financial Inc. raised its position in shares of Snyder's-Lance by 5.6% in the third quarter. Prudential Financial Inc. now owns 53,622 shares of the company’s stock worth $1,801,000 after buying an additional 2,830 shares in the last quarter. American International Group Inc. raised its position in shares of Snyder's-Lance by 5.7% in the third quarter. American International Group Inc. now owns 209,027 shares of the company’s stock worth $7,019,000 after buying an additional 11,220 shares in the last quarter. Finally, BRYN MAWR TRUST Co raised its position in shares of Snyder's-Lance by 0.8% in the third quarter. BRYN MAWR TRUST Co now owns 112,400 shares of the company’s stock worth $3,775,000 after buying an additional 945 shares in the last quarter. 60.85% of the stock is currently owned by hedge funds and other institutional investors.
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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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