Snap-On Incorporated (NYSE:SNA) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued on Monday, October 9th.
According to Zacks, “Snap-On has registered an excellent earnings surprise history over the trailing four quarters, beating estimates all through. The company is committed to its RCI program, which has been instrumental in fuelling sales, margins and savings in the recent quarters. Also, it 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. Diversified portfolio and impressive traction of new products add to its strength. Despite these positives, year to date, Snap-on’s shares have underperformed the industry average. Sluggish oil market activities, volatility in the prices and high currency fluctuation risks pose as major concerns. This apart, stiff competition, volatility in price of raw materials and ongoing sluggishness in Tools Storage products add to the company’s woes.”
A number of other research firms also recently commented on SNA. BidaskClub upgraded shares of Snap-On from a “strong sell” rating to a “sell” rating in a research note on Wednesday, July 5th. Jefferies Group LLC reaffirmed a “hold” rating and issued a $175.00 target price on shares of Snap-On in a report on Thursday, July 6th. FBR & Co reaffirmed an “outperform” rating and issued a $205.00 target price on shares of Snap-On in a report on Tuesday, July 11th. Robert W. Baird reaffirmed an “outperform” rating and issued a $197.00 target price on shares of Snap-On in a report on Wednesday, August 2nd. Finally, Longbow Research cut shares of Snap-On from a “buy” rating to a “neutral” rating in a report on Monday, August 21st. Two research analysts have rated the stock with a sell rating, two have given a hold rating and five have issued a buy rating to the stock. Snap-On presently has an average rating of “Hold” and an average price target of $197.00.
Snap-On (SNA) traded up 1.52% on Monday, hitting $154.57. The stock had a trading volume of 382,114 shares. Snap-On has a 12-month low of $140.83 and a 12-month high of $181.73. The company’s 50 day moving average price is $148.30 and its 200-day moving average price is $156.64. The company has a market cap of $8.90 billion, a price-to-earnings ratio of 16.00 and a beta of 1.05.
Snap-On (NYSE:SNA) last announced its earnings results on Thursday, July 20th. The company reported $2.60 earnings per share for the quarter, topping the Zacks’ consensus estimate of $2.55 by $0.05. Snap-On had a net margin of 16.22% and a return on equity of 20.90%. The firm had revenue of $921.40 million during the quarter, compared to analyst estimates of $920.87 million. During the same period in the prior year, the business earned $2.36 EPS. The company’s revenue for the quarter was up 5.6% compared to the same quarter last year. Equities research analysts anticipate that Snap-On will post $10.09 EPS for the current year.
Snap-On announced that its board has initiated a stock buyback program on Monday, August 7th that permits the company to buyback $500.00 million in outstanding shares. This buyback authorization permits the company to reacquire shares of its stock through open market purchases. Stock buyback programs are often a sign that the company’s management believes its stock is undervalued.
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In other Snap-On news, VP Iain Boyd sold 18,418 shares of the firm’s stock in a transaction that occurred on Monday, July 24th. The shares were sold at an average price of $147.54, for a total value of $2,717,391.72. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, Director Ruth Ann M. Gillis bought 265 shares of the business’s stock in a transaction on Friday, August 4th. The stock was bought at an average price of $152.58 per share, for a total transaction of $40,433.70. The disclosure for this purchase can be found here. Company insiders own 3.70% of the company’s stock.
Several large investors have recently modified their holdings of the company. Eqis Capital Management Inc. lifted its holdings in shares of Snap-On by 8.8% during the third quarter. Eqis Capital Management Inc. now owns 11,083 shares of the company’s stock worth $1,651,000 after purchasing an additional 900 shares during the period. Park National Corp OH raised its stake in Snap-On by 93.3% during the third quarter. Park National Corp OH now owns 6,496 shares of the company’s stock worth $968,000 after buying an additional 3,135 shares during the last quarter. Toronto Dominion Bank raised its stake in Snap-On by 25.3% during the second quarter. Toronto Dominion Bank now owns 19,631 shares of the company’s stock worth $3,100,000 after buying an additional 3,968 shares during the last quarter. Cetera Investment Advisers bought a new position in Snap-On during the second quarter worth $461,000. Finally, Colony Group LLC bought a new position in Snap-On during the second quarter worth $1,387,000. Institutional investors own 93.13% of the company’s stock.
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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