Pentwater Capital Management LP Acquires New Stake in Snyder's-Lance Inc (LNCE)
Pentwater Capital Management LP acquired a new position in Snyder's-Lance Inc (NASDAQ:LNCE) in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 181,000 shares of the company’s stock, valued at approximately $9,064,000.
Several other institutional investors have also recently modified their holdings of the business. Dimensional Fund Advisors LP raised its position in shares of Snyder's-Lance by 5.1% in the third quarter. Dimensional Fund Advisors LP now owns 3,491,528 shares of the company’s stock worth $133,166,000 after acquiring an additional 168,643 shares during the period. State Street Corp raised its position in shares of Snyder's-Lance by 5.7% in the second quarter. State Street Corp now owns 2,805,872 shares of the company’s stock worth $97,137,000 after acquiring an additional 150,943 shares during the period. Eagle Asset Management Inc. raised its position in shares of Snyder's-Lance by 2.8% in the third quarter. Eagle Asset Management Inc. now owns 2,312,214 shares of the company’s stock worth $89,158,000 after acquiring an additional 62,904 shares during the period. Gabelli Funds LLC raised its position in shares of Snyder's-Lance by 7.9% in the fourth quarter. Gabelli Funds LLC now owns 1,178,149 shares of the company’s stock worth $59,002,000 after acquiring an additional 85,781 shares during the period. Finally, Fisher Asset Management LLC raised its position in shares of Snyder's-Lance by 0.8% in the fourth quarter. Fisher Asset Management LLC now owns 854,797 shares of the company’s stock worth $42,808,000 after acquiring an additional 6,512 shares during the period. Institutional investors and hedge funds own 64.23% of the company’s stock.
LNCE has been the subject of a number of analyst reports. Deutsche Bank set a $50.00 price objective on shares of Snyder's-Lance and gave the stock a “buy” rating in a research report on Friday, December 15th. Zacks Investment Research upgraded shares of Snyder's-Lance from a “hold” rating to a “buy” rating and set a $44.00 price objective for the company in a research report on Wednesday, October 18th. SunTrust Banks upped their price objective on shares of Snyder's-Lance to $50.00 and gave the stock a “hold” rating in a research report on Tuesday, December 19th. TheStreet downgraded shares of Snyder's-Lance from a “b” rating to a “c+” rating in a research report on Tuesday, November 7th. Finally, BMO Capital Markets downgraded shares of Snyder's-Lance from an “outperform” rating to a “market perform” rating and set a $43.00 price objective for the company. in a research report on Monday, December 18th. Six analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. The stock has an average rating of “Hold” and an average target price of $45.83.
The business also recently announced a quarterly dividend, which will be paid on Friday, March 2nd. Stockholders of record on Thursday, February 22nd will be paid a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a dividend yield of 1.28%. Snyder's-Lance’s dividend payout ratio is currently -123.08%.
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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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