Snap-On’s (NYSE:SNA) “Buy” Rating Reiterated at FBR & Co
Snap-On Incorporated (NYSE:SNA)‘s stock had its “buy” rating restated by equities researchers at FBR & Co in a research report issued on Friday. They presently have a $205.00 price objective on the stock. FBR & Co’s price objective points to a potential upside of 36.67% from the stock’s current price.
The analysts wrote, “SNA shares offer investors a compelling opportunity after being off about 5% on mixed 2Q17 results vs. the S&P 500 essentially flat. We believe all three businesses still have favorable outlooks. Despite slowing growth in the core van channel business, there are additional growth drivers that include enhancing the core Snap-on van channel, expanding the customer base, extending its reach in critical industries, and capitalizing on the development of emerging markets. With three business segments generating low- to mid-single-digit annual organic revenue growth, the company continues to generate positive operating leverage from a more favorable product mix and continuous improvement initiatives.””
SNA has been the topic of a number of other reports. Jefferies Group LLC restated a “hold” rating and set a $175.00 price target (up from $165.00) on shares of Snap-On in a research report on Sunday, April 23rd. Oppenheimer Holdings, Inc. initiated coverage on shares of Snap-On in a research report on Tuesday, April 11th. They set an “outperform” rating and a $200.00 price target on the stock. Zacks Investment Research lowered shares of Snap-On from a “hold” rating to a “sell” rating in a research report on Wednesday, July 12th. CIBC restated an “outperform” rating and set a $200.00 price target on shares of Snap-On in a research report on Wednesday, April 12th. Finally, BidaskClub lowered shares of Snap-On from a “sell” rating to a “strong sell” rating in a research report on Wednesday, July 12th. One research analyst has rated the stock with a sell rating, two have given a hold rating and four have assigned a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus price target of $198.00.
Snap-On (NYSE SNA) traded down 0.23% on Friday, hitting $150.00. 1,522,415 shares of the company’s stock traded hands. The stock has a 50-day moving average of $156.90 and a 200-day moving average of $166.66. Snap-On has a one year low of $145.17 and a one year high of $181.73. The stock has a market cap of $8.69 billion, a PE ratio of 15.91 and a beta of 1.06.
Snap-On (NYSE:SNA) last released its earnings results on Thursday, July 20th. The company reported $2.60 EPS for the quarter, topping analysts’ consensus estimates of $2.55 by $0.05. The business had revenue of $921.40 million during the quarter, compared to analysts’ expectations of $920.87 million. Snap-On had a net margin of 16.22% and a return on equity of 20.90%. The company’s quarterly revenue was up 5.6% on a year-over-year basis. During the same quarter in the previous year, the company earned $2.36 earnings per share. On average, equities analysts forecast that Snap-On will post $10.09 earnings per share for the current fiscal year.
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In other Snap-On news, SVP Thomas J. Ward sold 42,000 shares of the business’s stock in a transaction dated Monday, April 24th. The shares were sold at an average price of $174.88, for a total value of $7,344,960.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, VP Jeanne M. Moreno sold 12,459 shares of the business’s 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 completion of the transaction, the vice president now owns 10,486 shares in the company, valued at $1,851,198.44. The disclosure for this sale can be found here. Insiders own 3.70% of the company’s stock.
A number of institutional investors have recently bought and sold shares of the stock. Trust Department MB Financial Bank N A raised its position in Snap-On by 0.5% in the first quarter. Trust Department MB Financial Bank N A now owns 1,832 shares of the company’s stock valued at $309,000 after buying an additional 9 shares during the last quarter. Doyle Wealth Management raised its position in Snap-On by 0.3% in the second quarter. Doyle Wealth Management now owns 3,996 shares of the company’s stock valued at $631,000 after buying an additional 13 shares during the last quarter. Adirondack Trust Co. raised its position in Snap-On by 2.5% in the first quarter. Adirondack Trust Co. now owns 624 shares of the company’s stock valued at $105,000 after buying an additional 15 shares during the last quarter. Intrust Bank NA raised its position in Snap-On by 0.8% in the first quarter. Intrust Bank NA now owns 3,062 shares of the company’s stock valued at $516,000 after buying an additional 23 shares during the last quarter. Finally, Investment Management of Virginia LLC raised its position in Snap-On by 0.4% in the first quarter. Investment Management of Virginia LLC now owns 8,450 shares of the company’s stock valued at $1,425,000 after buying an additional 30 shares during the last quarter. 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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