Snap-On Incorporated (SNA) to Post FY2017 Earnings of $10.08 Per Share, Jefferies Group Forecasts
Snap-On Incorporated (NYSE:SNA) – Jefferies Group cut their FY2017 earnings per share estimates for Snap-On in a report issued on Thursday. Jefferies Group analyst B. Jordan now forecasts that the company will post earnings of $10.08 per share for the year, down from their prior forecast of $10.12. Jefferies Group currently has a “Hold” rating and a $175.00 price target on the stock. Jefferies Group also issued estimates for Snap-On’s Q4 2017 earnings at $2.65 EPS, Q1 2018 earnings at $2.60 EPS, Q2 2018 earnings at $2.77 EPS, Q4 2018 earnings at $2.80 EPS, FY2018 earnings at $10.87 EPS and FY2019 earnings at $11.58 EPS.
Other equities research analysts have also recently issued research reports about the stock. FBR & Co set a $205.00 target price on shares of Snap-On and gave the stock a “buy” rating in a research note on Friday, July 21st. Oppenheimer Holdings, Inc. restated a “buy” rating and set a $177.00 target price on shares of Snap-On in a research note on Thursday. Zacks Investment Research upgraded shares of Snap-On from a “sell” rating to a “hold” rating in a research note on Wednesday, July 19th. Longbow Research cut shares of Snap-On from a “buy” rating to a “neutral” rating in a research note on Monday, August 21st. Finally, Robert W. Baird restated an “outperform” rating and set a $197.00 target price on shares of Snap-On in a research note on Wednesday, August 2nd. Two investment analysts have rated the stock with a sell rating, two have given a hold rating and five have given a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus price target of $193.17.
Shares of Snap-On (NYSE SNA) opened at 160.12 on Monday. The stock has a 50 day moving average of $149.49 and a 200 day moving average of $156.33. The company has a market cap of $9.22 billion, a price-to-earnings ratio of 16.58 and a beta of 1.05. Snap-On has a 52-week low of $140.83 and a 52-week high of $181.73.
Snap-On (NYSE:SNA) last posted its quarterly earnings results on Thursday, October 19th. The company reported $2.45 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.43 by $0.02. Snap-On had a net margin of 15.95% and a return on equity of 20.82%. The company had revenue of $903.80 million for the quarter, compared to analyst estimates of $889.22 million. During the same quarter in the previous year, the firm posted $2.22 earnings per share. The company’s quarterly revenue was up 8.4% compared to the same quarter last year.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Morgan Dempsey Capital Management LLC raised its position in shares of Snap-On by 63.7% during the second quarter. Morgan Dempsey Capital Management LLC now owns 676 shares of the company’s stock valued at $107,000 after buying an additional 263 shares during the last quarter. Acrospire Investment Management LLC raised its position in shares of Snap-On by 700.0% during the second quarter. Acrospire Investment Management LLC now owns 800 shares of the company’s stock valued at $126,000 after buying an additional 700 shares during the last quarter. San Francisco Sentry Investment Group CA bought a new stake in shares of Snap-On during the second quarter valued at approximately $126,000. Lloyds Banking Group plc bought a new stake in shares of Snap-On during the second quarter valued at approximately $129,000. Finally, IHT Wealth Management LLC raised its position in shares of Snap-On by 13.8% during the first quarter. IHT Wealth Management LLC now owns 983 shares of the company’s stock valued at $160,000 after buying an additional 119 shares during the last quarter. Institutional investors own 93.13% of the company’s stock.
In other news, Director Ruth Ann M. Gillis bought 265 shares of the firm’s stock in a transaction on Friday, August 4th. The shares were bought at an average price of $152.58 per share, for a total transaction of $40,433.70. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website. 3.70% of the stock is currently owned by company insiders.
Snap-On announced that its board has initiated a stock repurchase plan on Monday, August 7th that authorizes the company to buyback $500.00 million in outstanding shares. This buyback authorization authorizes the company to buy shares of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s board of directors believes its stock is 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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