Snap-on (NYSE:SNA) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Wednesday. The brokerage currently has a $206.00 price objective on the stock. Zacks Investment Research‘s target price points to a potential upside of 14.02% from the stock’s previous close.
According to Zacks, “Snap-On has registered an excellent earnings surprise history over the trailing four quarters, beating estimates all through. The company is committed to its RCI program, which has been instrumental in fuelling sales, margins and savings in the recent quarters. Going forward, the company plans to boost growth by focusing on franchise network, expanding footprint in vehicle repair garage & vital industries, and penetrating emerging markets. Diversified portfolio and impressive traction of new products add to its strength. Also, the company has been witnessing encouraging prospects in most of its business lines that will likely unlock new growth avenues going forward. Despite these positives, over the past year, Snap-on’s shares have underperformed the industry average. Sluggish oil market activities, volatility in the prices and high currency fluctuation risks pose as major concerns.”
Several other research analysts also recently commented on SNA. B. Riley reiterated a “buy” rating and issued a $205.00 target price on shares of Snap-on in a report on Thursday, January 4th. Barrington Research upgraded shares of Snap-on from a “market perform” rating to an “outperform” rating and set a $185.00 target price on the stock in a report on Monday, October 23rd. Jefferies Group reiterated a “hold” rating and issued a $175.00 target price on shares of Snap-on in a report on Friday, November 3rd. Oppenheimer reiterated a “buy” rating and issued a $177.00 target price on shares of Snap-on in a report on Thursday, October 19th. Finally, FBR & Co reiterated a “buy” rating and issued a $205.00 target price on shares of Snap-on in a report on Thursday, October 19th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and eight have assigned a buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus target price of $195.00.
Snap-on (NYSE:SNA) last released 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. The business had revenue of $903.80 million for the quarter, compared to the consensus estimate 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 for the quarter was up 8.4% on a year-over-year basis. During the same quarter last year, the firm earned $2.22 EPS. equities research analysts anticipate that Snap-on will post 10.09 EPS for the current year.
In other Snap-on news, CEO Nicholas T. Pinchuk sold 20,680 shares of the firm’s stock in a transaction on Friday, December 28th. The shares were sold at an average price of $174.55, for a total value of $3,609,694.00. The transaction 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.
Hedge funds and other institutional investors have recently bought and sold shares of the business. Jacobi Capital Management LLC grew its position in Snap-on by 16.7% in the 3rd quarter. Jacobi Capital Management LLC now owns 700 shares of the company’s stock worth $105,000 after purchasing an additional 100 shares during the last quarter. Adirondack Trust Co. boosted its position in shares of Snap-on by 2.5% during the 1st quarter. Adirondack Trust Co. now owns 624 shares of the company’s stock valued at $105,000 after acquiring an additional 15 shares in the last quarter. Sunbelt Securities Inc. acquired a new stake in shares of Snap-on during the 4th quarter valued at about $106,000. Morgan Dempsey Capital Management LLC boosted its position in shares of Snap-on by 63.7% during the 2nd quarter. Morgan Dempsey Capital Management LLC now owns 676 shares of the company’s stock valued at $107,000 after acquiring an additional 263 shares in the last quarter. Finally, Mizuho Asset Management Co. Ltd. boosted its position in shares of Snap-on by 48.4% during the 2nd quarter. Mizuho Asset Management Co. Ltd. now owns 711 shares of the company’s stock valued at $112,000 after acquiring an additional 232 shares in the last quarter. Institutional investors own 99.40% 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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