$2.43 Earnings Per Share Expected for Snap-On Incorporated (SNA) This Quarter
Wall Street analysts expect Snap-On Incorporated (NYSE:SNA) to post $2.43 earnings per share for the current fiscal quarter, according to Zacks Investment Research. Six analysts have provided estimates for Snap-On’s earnings, with the highest EPS estimate coming in at $2.50 and the lowest estimate coming in at $2.34. Snap-On reported earnings of $2.22 per share during the same quarter last year, which would suggest a positive year over year growth rate of 9.5%. The business is scheduled to issue its next earnings results on Thursday, October 19th.
Zacks’ earnings per share calculations are an average based on a survey of sell-side analysts that follow Snap-On.
Snap-On (NYSE:SNA) last released its quarterly earnings results on Thursday, July 20th. The company reported $2.60 EPS for the quarter, beating the consensus estimate of $2.55 by $0.05. The firm had revenue of $921.40 million during the quarter, compared to the consensus estimate of $920.87 million. Snap-On had a net margin of 16.22% and a return on equity of 20.90%. Snap-On’s revenue for the quarter was up 5.6% on a year-over-year basis. During the same quarter in the prior year, the firm earned $2.36 EPS.
A number of equities research analysts have issued reports on SNA shares. FBR & Co set a $205.00 target price on Snap-On and gave the company a “buy” rating in a research note on Friday, July 21st. Zacks Investment Research upgraded Snap-On from a “sell” rating to a “hold” rating in a research note on Wednesday, July 19th. 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. Longbow Research cut Snap-On from a “buy” rating to a “neutral” rating in a research note on Monday, August 21st. Finally, Robert W. Baird reiterated an “outperform” rating and issued a $197.00 target price on shares of Snap-On in a research note on Wednesday, August 2nd. One investment analyst has rated the stock with a sell rating, three have given a hold rating and five have given a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus target price of $197.86.
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Snap-On (SNA) opened at 146.34 on Friday. Snap-On has a 52 week low of $140.83 and a 52 week high of $181.73. The firm has a 50-day moving average of $149.26 and a 200 day moving average of $160.61. The firm has a market capitalization of $8.43 billion, a PE ratio of 15.15 and a beta of 1.05.
The company also recently announced a quarterly dividend, which will be paid on Friday, September 8th. Investors of record on Friday, August 18th will be issued a dividend of $0.71 per share. This represents a $2.84 dividend on an annualized basis and a yield of 1.94%. The ex-dividend date is Wednesday, August 16th. Snap-On’s payout ratio is currently 29.34%.
Snap-On declared that its board has initiated a share repurchase program on Monday, August 7th that permits the company to buyback $500.00 million in outstanding shares. This buyback authorization permits the company to repurchase shares of its stock through open market purchases. Shares buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.
In related news, VP Iain Boyd sold 18,418 shares of Snap-On stock in a transaction dated Monday, July 24th. The stock was sold at an average price of $147.54, for a total value of $2,717,391.72. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Ruth Ann M. Gillis purchased 265 shares of the company’s stock in a transaction that occurred on Friday, August 4th. The stock was bought at an average cost of $152.58 per share, for a total transaction of $40,433.70. The disclosure for this purchase can be found here. 3.70% of the stock is owned by insiders.
A number of institutional investors and hedge funds have recently modified their holdings of SNA. BlackRock Inc. increased its stake in Snap-On by 2,077.9% in the 1st quarter. BlackRock Inc. now owns 3,638,208 shares of the company’s stock worth $613,657,000 after purchasing an additional 3,471,155 shares in the last quarter. Koch Industries Inc. increased its stake in Snap-On by 64,484.7% in the 2nd quarter. Koch Industries Inc. now owns 917,748 shares of the company’s stock worth $912,000 after purchasing an additional 916,327 shares in the last quarter. Boston Partners purchased a new position in Snap-On in the 2nd quarter worth about $100,171,000. Alliancebernstein L.P. increased its stake in Snap-On by 428.7% in the 1st quarter. Alliancebernstein L.P. now owns 547,616 shares of the company’s stock worth $92,366,000 after purchasing an additional 444,039 shares in the last quarter. Finally, Findlay Park Partners LLP purchased a new position in Snap-On in the 1st quarter worth about $73,371,000. 93.77% of the stock is currently owned by hedge funds and other 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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