Snap-On Incorporated (SNA) Raised to “Outperform” at Barrington Research
Snap-On Incorporated (NYSE:SNA) was upgraded by equities research analysts at Barrington Research from a “market perform” rating to an “outperform” rating in a report issued on Monday, MarketBeat Ratings reports.
SNA has been the subject of a number of other reports. BidaskClub downgraded shares of Snap-On from a “sell” rating to a “strong sell” rating in a report on Wednesday, August 23rd. Longbow Research downgraded shares of Snap-On from a “buy” rating to a “neutral” rating in a report on Monday, August 21st. Zacks Investment Research downgraded shares of Snap-On from a “hold” rating to a “sell” rating in a report on Wednesday, July 12th. Robert W. Baird reaffirmed an “outperform” rating and set a $197.00 price objective on shares of Snap-On in a report on Wednesday, August 2nd. Finally, FBR & Co reaffirmed a “buy” rating and set a $205.00 price objective on shares of Snap-On in a report on Thursday. Two research analysts have rated the stock with a sell rating, two have given a hold rating and six have given a buy rating to the company. The stock has a consensus rating of “Hold” and an average target price of $193.17.
Shares of Snap-On (SNA) opened at 160.71 on Monday. Snap-On has a 52 week low of $140.83 and a 52 week high of $181.73. The stock has a 50 day moving average of $149.49 and a 200-day moving average of $156.33. The firm has a market cap of $9.25 billion, a price-to-earnings ratio of 16.64 and a beta of 1.05.
Snap-On (NYSE:SNA) last issued 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 net margin of 15.95% and a return on equity of 20.82%. The firm had revenue of $903.80 million during the quarter, compared to the consensus estimate of $889.22 million. During the same period in the prior year, the firm earned $2.22 EPS. The business’s revenue was up 8.4% on a year-over-year basis. Equities research analysts expect that Snap-On will post $10.09 earnings per share for the current year.
Snap-On declared that its Board of Directors has initiated a stock repurchase plan on Monday, August 7th that permits the company to buyback $500.00 million in shares. This buyback authorization permits the company to purchase shares of its stock through open market purchases. Shares buyback plans are often a sign that the company’s leadership believes its stock is undervalued.
In other news, Director Ruth Ann M. Gillis purchased 265 shares of the business’s stock in a transaction that occurred on Friday, August 4th. The stock was purchased at an average cost of $152.58 per share, with a total value of $40,433.70. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 3.70% of the company’s stock.
A number of institutional investors and hedge funds have recently bought and sold shares of SNA. BlackRock Inc. increased its position in Snap-On by 2,077.9% in the 1st quarter. BlackRock Inc. now owns 3,638,208 shares of the company’s stock valued at $613,657,000 after acquiring an additional 3,471,155 shares in the last quarter. Koch Industries Inc. increased its position in Snap-On by 64,484.7% in the 2nd quarter. Koch Industries Inc. now owns 917,748 shares of the company’s stock valued at $912,000 after acquiring an additional 916,327 shares in the last quarter. Boston Partners acquired a new stake in Snap-On in the 2nd quarter valued at about $100,171,000. Schroder Investment Management Group increased its position in Snap-On by 59.2% in the 2nd quarter. Schroder Investment Management Group now owns 1,136,354 shares of the company’s stock valued at $177,850,000 after acquiring an additional 422,366 shares in the last quarter. Finally, Renaissance Technologies LLC increased its position in Snap-On by 1,814.9% in the 2nd quarter. Renaissance Technologies LLC now owns 436,600 shares of the company’s stock valued at $68,983,000 after acquiring an additional 413,800 shares in the last quarter. Hedge funds and other institutional investors own 93.13% of the company’s stock.
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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