Snap-On Incorporated (SNA) Receives “Hold” Rating from Jefferies Group LLC
Snap-On Incorporated (NYSE:SNA)‘s stock had its “hold” rating restated by Jefferies Group LLC in a research note issued on Friday. They currently have a $175.00 price target on the stock. Jefferies Group LLC’s target price indicates a potential upside of 10.41% from the company’s previous close.
Other equities research analysts have also issued research reports about the company. Zacks Investment Research raised Snap-On from a “sell” rating to a “hold” rating in a research note on Wednesday, July 19th. BidaskClub raised Snap-On from a “strong sell” rating to a “sell” rating in a research note on Monday, July 31st. FBR & Co set a $205.00 price target on Snap-On and gave the stock a “buy” rating in a research note on Friday, July 21st. Barrington Research raised Snap-On from a “market perform” rating to an “outperform” rating and set a $185.00 price target for the company in a research note on Monday, October 23rd. Finally, Oppenheimer Holdings, Inc. reaffirmed a “buy” rating and set a $177.00 price target on shares of Snap-On in a research note on Thursday, October 19th. Two analysts have rated the stock with a sell rating, two have given a hold rating and six have issued a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $192.00.
Snap-On (NYSE:SNA) last issued its quarterly earnings results on Thursday, October 19th. The company reported $2.45 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $2.43 by $0.02. Snap-On had a return on equity of 20.82% and a net margin of 15.95%. The firm had revenue of $903.80 million during the quarter, compared to analyst estimates of $889.22 million. During the same quarter in the previous year, the company posted $2.22 earnings per share. The company’s revenue was up 8.4% compared to the same quarter last year.
Snap-On announced that its board has authorized a share repurchase plan on Monday, August 7th that authorizes the company to repurchase $500.00 million in shares. This repurchase authorization authorizes the company to buy shares of its stock through open market purchases. Shares repurchase plans are generally an indication that the company’s management believes its stock is undervalued.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in SNA. OppenheimerFunds Inc. lifted its stake in shares of Snap-On by 12.0% in the 1st quarter. OppenheimerFunds Inc. now owns 2,645 shares of the company’s stock valued at $446,000 after acquiring an additional 283 shares during the last quarter. Teachers Advisors LLC lifted its stake in shares of Snap-On by 2.2% in the 1st quarter. Teachers Advisors LLC now owns 143,850 shares of the company’s stock valued at $24,263,000 after acquiring an additional 3,055 shares during the last quarter. Dimensional Fund Advisors LP lifted its stake in shares of Snap-On by 4.5% in the 1st quarter. Dimensional Fund Advisors LP now owns 285,914 shares of the company’s stock valued at $48,224,000 after acquiring an additional 12,265 shares during the last quarter. KCG Holdings Inc. lifted its stake in shares of Snap-On by 23.4% in the 1st quarter. KCG Holdings Inc. now owns 2,908 shares of the company’s stock valued at $490,000 after acquiring an additional 551 shares during the last quarter. Finally, Tudor Investment Corp ET AL raised its position in Snap-On by 8.1% during the 1st quarter. Tudor Investment Corp ET AL now owns 3,414 shares of the company’s stock valued at $576,000 after purchasing an additional 256 shares during the last quarter. 94.96% of the stock is owned by institutional investors.
Snap-On Company Profile
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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