Snap-On Incorporated (SNA) Rating Increased to Hold at Zacks Investment Research
Snap-On Incorporated (NYSE:SNA) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued to investors on Wednesday.
According to Zacks, “Snap-On has registered an excellent earnings surprise history over the trailing four quarters, beating estimates all through. The company has devised a comprehensive blueprint to drive long-run growth, by enhancing franchise network, expanding footprint in vehicle repair garage & vital industries, and penetrating emerging markets. Its financing business is witnessing strong momentum, and the recent Norbar Torque & Car-O-Liner acquisitions should also drive growth. Solid prospects across business segments, diversified portfolio and impressive traction of new products add to its strength. However, year to date, Snap-on’s shares have underperformed the Zacks categorized Tools-Hand Held industry average. Sluggish oil market activities, price volatility and high currency fluctuation risks pose as major concerns. This apart, stiff competition, volatility in price of raw materials and currency fluctuations add to the company’s woes.”
A number of other analysts also recently weighed in on the company. BidaskClub upgraded Snap-On from a “strong sell” rating to a “sell” rating in a report on Wednesday. FBR & Co reiterated an “outperform” rating and set a $205.00 price target on shares of Snap-On in a report on Tuesday, July 11th. Jefferies Group LLC reiterated a “hold” rating and set a $175.00 price target on shares of Snap-On in a report on Thursday, July 6th. Oppenheimer Holdings, Inc. reiterated an “outperform” rating and set a $200.00 price target on shares of Snap-On in a report on Thursday, June 1st. Finally, CIBC reiterated an “outperform” rating and set a $200.00 price target on shares of Snap-On in a report on Wednesday, April 12th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and four have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average target price of $198.00.
Snap-On (NYSE SNA) opened at 156.69 on Wednesday. The firm’s 50-day moving average price is $157.28 and its 200 day moving average price is $166.84. The company has a market capitalization of $9.08 billion, a price-to-earnings ratio of 16.62 and a beta of 1.06. Snap-On has a 12-month low of $145.17 and a 12-month high of $181.73.
Snap-On (NYSE:SNA) last issued its quarterly earnings results on Thursday, April 20th. The company reported $2.39 earnings per share for the quarter, topping the Zacks’ consensus estimate of $2.34 by $0.05. Snap-On had a return on equity of 20.94% and a net margin of 16.07%. The firm had revenue of $887.10 million during the quarter, compared to the consensus estimate of $877.30 million. During the same period last year, the business posted $2.16 EPS. The business’s revenue was up 6.3% compared to the same quarter last year. On average, analysts expect that Snap-On will post $10.09 earnings per share for the current year.
In other news, VP Jeanne M. Moreno sold 12,459 shares of the stock in a transaction dated Monday, April 24th. The shares were sold at an average price of $176.54, for a total transaction of $2,199,511.86. Following the transaction, the vice president now owns 10,486 shares of the company’s stock, valued at approximately $1,851,198.44. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Thomas J. Ward sold 42,000 shares of the stock in a transaction dated Monday, April 24th. The stock was sold at an average price of $174.88, for a total transaction of $7,344,960.00. The disclosure for this sale can be found here. 3.70% of the stock is owned by corporate insiders.
A number of institutional investors have recently made changes to their positions in SNA. US Bancorp DE boosted its position in shares of Snap-On by 2.7% in the first quarter. US Bancorp DE now owns 59,483 shares of the company’s stock valued at $10,034,000 after buying an additional 1,543 shares during the last quarter. Alliancebernstein L.P. boosted its position in shares of Snap-On by 428.7% in the first quarter. Alliancebernstein L.P. now owns 547,616 shares of the company’s stock valued at $92,366,000 after buying an additional 444,039 shares during the last quarter. Macquarie Group Ltd. boosted its position in shares of Snap-On by 140.0% in the fourth quarter. Macquarie Group Ltd. now owns 2,400 shares of the company’s stock valued at $411,000 after buying an additional 1,400 shares during the last quarter. New England Research & Management Inc. acquired a new position in shares of Snap-On during the first quarter valued at $769,000. Finally, Doyle Wealth Management acquired a new position in shares of Snap-On during the first quarter valued at $672,000. 91.13% of the stock is currently owned by institutional investors and hedge funds.
Snap-on Incorporated is a manufacturer and marketer of tools, equipment, diagnostics, repair information and systems solutions. The Company’s segments include the Commercial & Industrial Group, the Snap-on Tools Group, the Repair Systems & Information Group, and Financial Services. The Commercial & Industrial Group consists of business operations serving a range of industrial and commercial customers, including customers in the aerospace, natural resources, government, power generation, transportation and technical education markets.
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