Snap-On Incorporated (SNA) Posts Quarterly Earnings Results, Beats Expectations By $0.05 EPS
Snap-On Incorporated (NYSE:SNA) released its earnings results on Thursday. The company reported $2.60 earnings per share for the quarter, topping the consensus estimate of $2.55 by $0.05, MarketWatch Earnings reports. Snap-On had a return on equity of 20.94% and a net margin of 16.07%. The business had revenue of $921.40 million during the quarter, compared to the consensus estimate of $920.87 million. During the same period last year, the company earned $2.36 earnings per share. The business’s revenue for the quarter was up 5.6% compared to the same quarter last year.
Snap-On (SNA) opened at 160.72 on Thursday. Snap-On has a one year low of $145.17 and a one year high of $181.73. The firm has a market capitalization of $9.31 billion, a P/E ratio of 17.04 and a beta of 1.06. The firm has a 50-day moving average price of $157.23 and a 200-day moving average price of $166.78.
Several equities analysts have issued reports on SNA shares. Zacks Investment Research upgraded Snap-On from a “sell” rating to a “hold” rating in a research note on Wednesday. Jefferies Group LLC reiterated a “hold” rating and issued a $175.00 target price on shares of Snap-On in a research note on Thursday, July 6th. CIBC restated an “outperform” rating and set a $200.00 price target on shares of Snap-On in a research note on Wednesday, April 12th. Oppenheimer Holdings, Inc. initiated coverage on Snap-On in a research note on Tuesday, April 11th. They set an “outperform” rating and a $200.00 price target on the stock. Finally, FBR & Co restated an “outperform” rating and set a $205.00 price target on shares of Snap-On in a research note on Tuesday, July 11th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and four have given a buy rating to the stock. Snap-On currently has a consensus rating of “Hold” and a consensus price target of $198.00.
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In other Snap-On news, VP Jeanne M. Moreno sold 12,459 shares of Snap-On stock in a transaction that occurred on Monday, April 24th. The stock was sold at an average price of $176.54, for a total value of $2,199,511.86. Following the transaction, the vice president now directly owns 10,486 shares in the company, valued at approximately $1,851,198.44. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Thomas J. Ward sold 42,000 shares of Snap-On stock in a transaction that occurred on Monday, April 24th. The shares were sold at an average price of $174.88, for a total value of $7,344,960.00. The disclosure for this sale can be found here. Company insiders own 3.70% of the company’s stock.
Several hedge funds have recently bought and sold shares of SNA. Highland Capital Management LLC acquired a new stake in Snap-On during the second quarter worth $669,000. First National Bank of Omaha increased its stake in Snap-On by 25.2% in the second quarter. First National Bank of Omaha now owns 28,314 shares of the company’s stock worth $4,474,000 after buying an additional 5,694 shares during the period. Aperio Group LLC increased its stake in Snap-On by 21.4% in the second quarter. Aperio Group LLC now owns 20,299 shares of the company’s stock worth $3,207,000 after buying an additional 3,574 shares during the period. Main Street Research LLC increased its stake in Snap-On by 11.5% in the second quarter. Main Street Research LLC now owns 45,832 shares of the company’s stock worth $7,241,000 after buying an additional 4,724 shares during the period. Finally, Nisa Investment Advisors LLC increased its stake in Snap-On by 56.0% in the second quarter. Nisa Investment Advisors LLC now owns 15,374 shares of the company’s stock worth $2,443,000 after buying an additional 5,518 shares during the period. Hedge funds and other institutional investors own 91.13% of the company’s stock.
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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