Snap-on (NYSE:SNA) Rating Increased to Buy at Longbow Research

Snap-on (NYSE:SNA) was upgraded by equities researchers at Longbow Research from a “neutral” rating to a “buy” rating in a report released on Monday,Finviz reports. The brokerage presently has a $400.00 target price on the stock. Longbow Research’s price target indicates a potential upside of 21.55% from the company’s previous close.

A number of other research analysts have also recently weighed in on the company. Barrington Research reiterated an “outperform” rating and issued a $350.00 target price on shares of Snap-on in a report on Monday, February 10th. Tigress Financial raised their price objective on Snap-on from $385.00 to $390.00 and gave the stock a “buy” rating in a report on Tuesday, March 4th. One research analyst has rated the stock with a sell rating, one has given a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $355.33.

Snap-on Price Performance

SNA stock opened at $329.09 on Monday. The stock has a market capitalization of $17.25 billion, a price-to-earnings ratio of 16.88, a price-to-earnings-growth ratio of 2.21 and a beta of 0.99. The company has a quick ratio of 3.17, a current ratio of 4.15 and a debt-to-equity ratio of 0.22. Snap-on has a 52-week low of $252.98 and a 52-week high of $373.90. The stock’s fifty day simple moving average is $340.12 and its 200-day simple moving average is $333.92.

Snap-on (NYSE:SNA) last posted its quarterly earnings results on Thursday, February 6th. The company reported $4.82 earnings per share for the quarter, topping analysts’ consensus estimates of $4.78 by $0.04. Snap-on had a net margin of 21.71% and a return on equity of 19.20%. During the same quarter in the prior year, the company earned $4.75 EPS. Equities research analysts expect that Snap-on will post 19.79 EPS for the current year.

Insider Buying and Selling

In related news, SVP Jesus Arregui sold 6,451 shares of the firm’s stock in a transaction on Monday, February 10th. The stock was sold at an average price of $337.81, for a total transaction of $2,179,212.31. Following the transaction, the senior vice president now directly owns 257 shares in the company, valued at $86,817.17. This trade represents a 96.17 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Nicholas T. Pinchuk sold 22,700 shares of the business’s stock in a transaction on Thursday, March 27th. The shares were sold at an average price of $335.32, for a total transaction of $7,611,764.00. Following the sale, the chief executive officer now owns 793,932 shares of the company’s stock, valued at approximately $266,221,278.24. The trade was a 2.78 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 36,011 shares of company stock valued at $12,116,859 in the last quarter. Company insiders own 3.90% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. Raymond James Financial Inc. acquired a new stake in shares of Snap-on during the 4th quarter worth approximately $148,839,000. Norges Bank acquired a new position in Snap-on during the 4th quarter valued at about $145,342,000. First Trust Advisors LP grew its position in Snap-on by 29.2% in the 4th quarter. First Trust Advisors LP now owns 1,819,403 shares of the company’s stock worth $617,651,000 after purchasing an additional 411,317 shares during the last quarter. Proficio Capital Partners LLC acquired a new stake in shares of Snap-on in the fourth quarter valued at approximately $57,738,000. Finally, Benjamin Edwards Inc. raised its holdings in shares of Snap-on by 2,691.2% during the third quarter. Benjamin Edwards Inc. now owns 158,092 shares of the company’s stock valued at $45,810,000 after buying an additional 152,428 shares during the last quarter. 84.88% of the stock is owned by institutional investors and hedge funds.

Snap-on Company Profile

Snap-on Incorporated manufactures and markets tools, equipment, diagnostics, and repair information and systems solutions for professional users worldwide. It operates through Commercial & Industrial Group, Snap-on Tools Group, Repair Systems & Information Group, and Financial Services segments.