Brokers Issue Forecasts for Snap-On Incorporated’s FY2017 Earnings (SNA)
Snap-On Incorporated (NYSE:SNA) – Northcoast Research boosted their FY2017 earnings per share estimates for Snap-On in a note issued to investors on Tuesday. Northcoast Research analyst T. Hayes now expects that the company will earn $10.11 per share for the year, up from their previous estimate of $10.02. Northcoast Research also issued estimates for Snap-On’s Q4 2017 earnings at $2.68 EPS, Q1 2018 earnings at $2.67 EPS, Q2 2018 earnings at $2.90 EPS, Q3 2018 earnings at $2.51 EPS, Q4 2018 earnings at $2.85 EPS and FY2018 earnings at $10.93 EPS.
Snap-On (NYSE:SNA) last announced its earnings results on Thursday, October 19th. The company reported $2.45 earnings per share (EPS) for the quarter, topping 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 during the quarter, compared to analyst estimates of $889.22 million. During the same period in the previous year, the business earned $2.22 earnings per share. The firm’s quarterly revenue was up 8.4% compared to the same quarter last year.
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Other analysts also recently issued reports about the stock. FBR & Co set a $205.00 price target on shares of Snap-On and gave the company a “buy” rating in a report on Friday, July 21st. Oppenheimer Holdings, Inc. reiterated a “buy” rating and issued a $177.00 price target on shares of Snap-On in a report on Thursday, October 19th. Zacks Investment Research upgraded shares of Snap-On from a “sell” rating to a “hold” rating in a report on Wednesday, July 19th. Jefferies Group LLC reiterated a “hold” rating and issued a $175.00 price target on shares of Snap-On in a report on Thursday, July 6th. Finally, Longbow Research downgraded shares of Snap-On from a “buy” rating to a “neutral” rating in a report on Monday, August 21st. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating and six have given a buy rating to the company. The company presently has an average rating of “Hold” and an average target price of $192.00.
Snap-On (NYSE SNA) opened at 162.32 on Wednesday. The stock has a market capitalization of $9.35 billion, a price-to-earnings ratio of 16.80 and a beta of 1.05. Snap-On has a 12 month low of $140.83 and a 12 month high of $181.73. The company has a 50-day moving average of $150.30 and a 200 day moving average of $156.19.
Several large investors have recently modified their holdings of the business. Vaughan Nelson Investment Management L.P. grew its stake in shares of Snap-On by 107.4% in the 3rd quarter. Vaughan Nelson Investment Management L.P. now owns 694,612 shares of the company’s stock worth $103,506,000 after buying an additional 359,772 shares in the last quarter. Cardinal Capital Management grew its stake in shares of Snap-On by 18.2% in the 3rd quarter. Cardinal Capital Management now owns 7,709 shares of the company’s stock worth $1,148,000 after buying an additional 1,187 shares in the last quarter. First Trust Advisors LP grew its stake in shares of Snap-On by 28.9% in the 3rd quarter. First Trust Advisors LP now owns 175,031 shares of the company’s stock worth $26,081,000 after buying an additional 39,196 shares in the last quarter. Reinhart Partners Inc. purchased a new position in shares of Snap-On in the 3rd quarter worth $18,143,000. Finally, Strs Ohio grew its stake in shares of Snap-On by 5.4% in the 3rd quarter. Strs Ohio now owns 441,422 shares of the company’s stock worth $65,776,000 after buying an additional 22,690 shares in the last quarter. 93.10% of the stock is owned by institutional investors and hedge funds.
In other Snap-On news, Director Ruth Ann M. Gillis acquired 265 shares of the company’s stock in a transaction on Friday, August 4th. The stock was acquired at an average cost of $152.58 per share, with a total value of $40,433.70. The purchase was disclosed in a document filed with the SEC, which can be accessed through this link. Company insiders own 3.70% of the company’s stock.
Snap-On declared that its Board of Directors has approved a share repurchase program on Monday, August 7th that allows the company to repurchase $500.00 million in shares. This repurchase authorization allows the company to repurchase shares of its stock through open market purchases. Shares repurchase programs are often a sign that the company’s leadership 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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