Snap-On Incorporated to Post FY2018 Earnings of $11.20 Per Share, FBR & Co Forecasts (SNA)
Snap-On Incorporated (NYSE:SNA) – Equities researchers at FBR & Co increased their FY2018 earnings per share (EPS) estimates for Snap-On in a research report issued on Thursday. FBR & Co analyst L. Burke now expects that the company will post earnings per share of $11.20 for the year, up from their prior forecast of $11.08. FBR & Co has a “Buy” rating and a $205.00 price objective on the stock.
Snap-On (NYSE:SNA) last announced its quarterly earnings results on Thursday, October 19th. The company reported $2.45 earnings per share for the quarter, beating analysts’ consensus estimates of $2.43 by $0.02. Snap-On had a return on equity of 20.90% and a net margin of 16.22%. The firm had revenue of $903.80 million for the quarter, compared to analysts’ expectations of $889.22 million. During the same period in the prior year, the business posted $2.22 earnings per share. The business’s revenue was up 8.4% compared to the same quarter last year. WARNING: This piece was originally reported by American Banking News and is the sole property of of American Banking News. If you are accessing this piece on another publication, it was copied illegally and reposted in violation of international copyright & trademark legislation. The legal version of this piece can be viewed at https://www.americanbankingnews.com/2017/10/20/snap-on-incorporated-to-post-fy2018-earnings-of-11-20-per-share-fbr-co-forecasts-sna.html.
Several other brokerages have also recently weighed in on SNA. BidaskClub raised Snap-On from a “strong sell” rating to a “sell” rating in a report on Wednesday, July 5th. Zacks Investment Research raised Snap-On from a “sell” rating to a “hold” rating in a report on Wednesday, July 19th. Jefferies Group LLC reaffirmed a “hold” rating and issued a $175.00 price objective on shares of Snap-On in a report on Thursday, July 6th. Oppenheimer Holdings, Inc. reaffirmed a “buy” rating and issued a $177.00 price objective on shares of Snap-On in a report on Thursday. Finally, Robert W. Baird reaffirmed an “outperform” rating and issued a $197.00 price objective on shares of Snap-On in a report on Wednesday, August 2nd. Two equities 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 company’s stock. Snap-On has an average rating of “Hold” and a consensus price target of $193.17.
Shares of Snap-On (NYSE SNA) traded up 2.52% during mid-day trading on Friday, reaching $160.12. The company’s stock had a trading volume of 2,093,171 shares. The firm has a market cap of $9.22 billion, a price-to-earnings ratio of 16.58 and a beta of 1.05. The firm has a 50 day moving average price of $149.13 and a 200 day moving average price of $156.38. Snap-On has a 52-week low of $140.83 and a 52-week high of $181.73.
Several institutional investors have recently bought and sold shares of SNA. OppenheimerFunds Inc. raised its holdings in shares of Snap-On by 12.0% during the 1st quarter. OppenheimerFunds Inc. now owns 2,645 shares of the company’s stock worth $446,000 after buying an additional 283 shares in the last quarter. Teachers Advisors LLC raised its holdings in shares of Snap-On by 2.2% during the 1st quarter. Teachers Advisors LLC now owns 143,850 shares of the company’s stock worth $24,263,000 after buying an additional 3,055 shares in the last quarter. Global X Management Co. LLC raised its holdings in shares of Snap-On by 28.7% during the 1st quarter. Global X Management Co. LLC now owns 1,064 shares of the company’s stock worth $179,000 after buying an additional 237 shares in the last quarter. Mackenzie Financial Corp raised its holdings in shares of Snap-On by 9.8% during the 1st quarter. Mackenzie Financial Corp now owns 384,134 shares of the company’s stock worth $64,792,000 after buying an additional 34,196 shares in the last quarter. Finally, Vanguard Group Inc. raised its holdings in shares of Snap-On by 3.0% during the 1st quarter. Vanguard Group Inc. now owns 5,482,405 shares of the company’s stock worth $924,717,000 after buying an additional 158,474 shares in the last quarter. 93.13% of the stock is owned by institutional investors.
In other news, VP Iain Boyd sold 18,418 shares of the business’s stock in a transaction on Monday, July 24th. The stock was sold at an average price of $147.54, for a total transaction of $2,717,391.72. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Ruth Ann M. Gillis purchased 265 shares of the stock in a transaction dated Friday, August 4th. The shares were acquired at an average cost of $152.58 per share, with a total value of $40,433.70. The disclosure for this purchase can be found here. 3.70% of the stock is currently owned by insiders.
Snap-On declared that its board has approved a share repurchase program on Monday, August 7th that allows the company to buyback $500.00 million in shares. This buyback authorization allows the company to buy shares of its stock through open market purchases. Shares buyback programs are generally a sign that the company’s board believes its shares are undervalued.
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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