A Snyder's-Lance spokesman could not immediately be reached. Zacks Investment Research lowered shares of Snyder's-Lance from a hold rating to a sell rating in a research report on Thursday, January 12th. Louisiana State Employees Retirement System boosted its position in Snyder's-Lance by 4.2% in the third quarter. Oppenheimer & Co. Inc. now owns 16,503 shares of the company's stock worth $554,000 after buying an additional 73 shares in the last quarter. Texas Permanent School Fund now owns 65,136 shares of the company's stock valued at $2,187,000 after buying an additional 4,317 shares in the last quarter. Finally, Kornitzer Capital Management Inc. Parametrica Management Ltd acquired a new stake in Snyder's-Lance during the first quarter valued at $220,000. The company reported its last quarter on 12/31/2016.
Shares of Snyder's-Lance Inc (NASDAQ: LNCE) were taking a spill today after the snack-maker turned in a disappointing preliminary earnings report and as it announced a CEO transition plan.
Snyder's-Lance acquired Diamond for $1.9 billion in early 2016, then announced late previous year that it was looking to sell Diamond to a private equity firm under a plan to focus more on the company's core brands. The firm owned 16,085 shares of the company's stock after selling 900 shares during the period. The firm has a market capitalization of $3.84 billion, a PE ratio of 252.66 and a beta of 0.63. The firm's 50-day moving average is $40.05 and its 200 day moving average is $37.85.
Snyder's-Lance gapped open sharply lower this morning and is now down 7.93 at $31.99 with volume at almost a 10-month high.
Adjusted attributable net income is expected to be in the range of $13 million to $14 million, or $0.13 to $0.14 per share.
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The Charlotte, NC-based snack foods giant said it expects Q1 earnings per share (EPS) to come in at $0.13 to $0.14, which is far below the $0.27 that Wall Street now expects. The company earned $652.60 million during the quarter, compared to the consensus estimate of $635.89 million. Wall Street is expecting revenue of $2.27 billion and earnings per share of $1.38 for the year. Equities analysts expect that Snyder's-Lance Inc will post $1.38 EPS for the current fiscal year.
A number of other large investors have also added to or reduced their stakes in LNCE. Deutsche Bank AG began coverage on Snyder's-Lance in a report on Wednesday, February 15th.
In addition to SunTrust reporting its stock price target, a total of 6 brokerages have issued a research note on LNCE. One equities research analyst has rated the stock with a sell rating and six have given a buy rating to the stock. Analyst's mean target price for FSM is $8.97 while analysts mean recommendation is 2.50.
Snyder's-Lance (NASDAQ:LNCE) last announced its quarterly earnings results on Monday, February 13th. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. It owns various names for use with its Branded products, including Snyder's of Hanover; Lance; Cape Cod; Snack Factory Pretzel Crisps; Pop Secret; Emerald; Kettle Brand; KETTLE Chips, and Late July (collectively, Core brands).
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