Snap-On’s (SNA) “Buy” Rating Reiterated at FBR & Co
Snap-On Incorporated (NYSE:SNA)‘s stock had its “buy” rating reiterated by analysts at FBR & Co in a research report issued to clients and investors on Thursday. They presently have a $205.00 price target on the stock. FBR & Co’s price objective points to a potential upside of 28.03% from the stock’s current price. FBR & Co also issued estimates for Snap-On’s FY2018 earnings at $11.20 EPS.
Several other research firms also recently weighed in on SNA. Zacks Investment Research upgraded shares of Snap-On from a “sell” rating to a “hold” rating in a report on Wednesday, July 19th. BidaskClub downgraded shares of Snap-On from a “sell” rating to a “strong sell” rating in a report on Tuesday, July 25th. Longbow Research downgraded shares of Snap-On from a “buy” rating to a “neutral” rating in a report on Monday, August 21st. Jefferies Group LLC restated a “hold” rating and set a $175.00 price objective on shares of Snap-On in a report on Thursday, July 6th. Finally, Robert W. Baird restated an “outperform” rating and set a $197.00 price objective on shares of Snap-On in a report on Wednesday, August 2nd. Two research analysts have rated the stock with a sell rating, two have issued a hold rating and five have assigned a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus target price of $193.17.
Shares of Snap-On (NYSE:SNA) traded up 2.52% during midday trading on Thursday, hitting $160.12. 2,093,171 shares of the company were exchanged. Snap-On has a one year low of $140.83 and a one year high of $181.73. The firm’s 50 day moving average price is $149.49 and its 200 day moving average price is $156.33. The firm has a market capitalization of $9.13 billion, a price-to-earnings ratio of 16.46 and a beta of 1.05.
Snap-On (NYSE:SNA) last issued its earnings results on Thursday, October 19th. The company reported $2.45 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $2.43 by $0.02. The business had revenue of $903.80 million for the quarter, compared to analyst estimates of $889.22 million. Snap-On had a net margin of 15.95% and a return on equity of 20.82%. Snap-On’s revenue was up 8.4% on a year-over-year basis. During the same period in the prior year, the firm earned $2.22 earnings per share. Analysts forecast that Snap-On will post $10.09 EPS for the current fiscal year.
Snap-On announced that its board has initiated a share repurchase program on Monday, August 7th that authorizes the company to buyback $500.00 million in shares. This buyback authorization authorizes the company to reacquire shares of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board believes its stock is undervalued.
In other Snap-On news, Director Ruth Ann M. Gillis bought 265 shares of the business’s stock in a transaction on Friday, August 4th. The stock was purchased at an average price of $152.58 per share, for a total transaction of $40,433.70. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Iain Boyd sold 18,418 shares of the stock in a transaction dated Monday, July 24th. The stock was sold at an average price of $147.54, for a total transaction of $2,717,391.72. The disclosure for this sale can be found here. Company insiders own 3.70% of the company’s stock.
A number of large investors have recently modified their holdings of SNA. OppenheimerFunds Inc. boosted its position in Snap-On by 12.0% during the first quarter. OppenheimerFunds Inc. now owns 2,645 shares of the company’s stock worth $446,000 after purchasing an additional 283 shares during the period. Teachers Advisors LLC boosted its position in Snap-On by 2.2% during the first quarter. Teachers Advisors LLC now owns 143,850 shares of the company’s stock worth $24,263,000 after purchasing an additional 3,055 shares during the period. Global X Management Co. LLC boosted its position in Snap-On by 28.7% during the first quarter. Global X Management Co. LLC now owns 1,064 shares of the company’s stock worth $179,000 after purchasing an additional 237 shares during the period. Mackenzie Financial Corp boosted its position in Snap-On by 9.8% during the first quarter. Mackenzie Financial Corp now owns 384,134 shares of the company’s stock worth $64,792,000 after purchasing an additional 34,196 shares during the period. Finally, Vanguard Group Inc. boosted its position in Snap-On by 3.0% during the first quarter. Vanguard Group Inc. now owns 5,482,405 shares of the company’s stock worth $924,717,000 after purchasing an additional 158,474 shares during the period. Hedge funds and other institutional investors own 93.13% 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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