Snap-on (SNA) Lifted to “Buy” at Zacks Investment Research

Snap-on (NYSE:SNA) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Wednesday. The brokerage presently has a $178.00 price objective on the stock. Zacks Investment Research‘s target price would suggest a potential upside of 12.48% from the company’s current price.

According to Zacks, “Snap-On’s fourth-quarter 2017 earnings trumped the Zacks Consensus Estimate and rose 8.9% from the year-ago figure. 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, year to date, 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 have also recently issued reports on SNA. FBR & Co reissued a “buy” rating and issued a $205.00 price target on shares of Snap-on in a research note on Thursday, October 19th. Oppenheimer reissued a “buy” rating and issued a $177.00 price target on shares of Snap-on in a research note on Thursday, October 19th. Barrington Research upgraded Snap-on from a “market perform” rating to an “outperform” rating and set a $185.00 price objective for the company in a report on Monday, October 23rd. Jefferies Group restated a “hold” rating and issued a $175.00 price objective on shares of Snap-on in a report on Friday, November 3rd. Finally, B. Riley restated a “buy” rating on shares of Snap-on in a report on Wednesday, November 1st. One research analyst has rated the stock with a sell rating, two have issued a hold rating and seven have issued a buy rating to the company. The stock currently has an average rating of “Buy” and an average target price of $192.00.

Snap-on (SNA) traded up $0.61 during trading hours on Wednesday, hitting $158.25. The stock had a trading volume of 76,797 shares, compared to its average volume of 717,371. Snap-on has a 12 month low of $140.83 and a 12 month high of $185.47. The company has a market capitalization of $9,078.40, a PE ratio of 16.60, a price-to-earnings-growth ratio of 1.48 and a beta of 1.09. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.24 and a current ratio of 1.78.

Snap-on (NYSE:SNA) last released its quarterly earnings results on Thursday, February 8th. The company reported $2.69 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $2.66 by $0.03. Snap-on had a return on equity of 20.54% and a net margin of 15.13%. The company had revenue of $974.60 million during the quarter, compared to analysts’ expectations of $940.50 million. During the same quarter in the prior year, the business posted $2.47 earnings per share. The company’s revenue for the quarter was up 9.5% compared to the same quarter last year. equities analysts expect that Snap-on will post 11.35 EPS for the current fiscal year.

In other news, Director William Dudley Lehman sold 387 shares of the company’s stock in a transaction on Monday, February 12th. The stock was sold at an average price of $160.60, for a total value of $62,152.20. Following the completion of the sale, the director now owns 8,376 shares in the company, valued at $1,345,185.60. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, SVP Anup R. Banerjee sold 2,091 shares of the company’s stock in a transaction on Monday, February 12th. The shares were sold at an average price of $160.11, for a total value of $334,790.01. The disclosure for this sale can be found here. In the last 90 days, insiders sold 43,838 shares of company stock valued at $7,616,330. Insiders own 3.70% of the company’s stock.

Several institutional investors have recently made changes to their positions in SNA. JPMorgan Chase & Co. lifted its holdings in shares of Snap-on by 8.9% during the third quarter. JPMorgan Chase & Co. now owns 3,316,671 shares of the company’s stock valued at $488,847,000 after purchasing an additional 270,905 shares during the last quarter. Schroder Investment Management Group lifted its holdings in shares of Snap-on by 13.0% during the third quarter. Schroder Investment Management Group now owns 1,284,391 shares of the company’s stock valued at $189,306,000 after purchasing an additional 148,037 shares during the last quarter. Bessemer Group Inc. lifted its holdings in shares of Snap-on by 7.9% during the fourth quarter. Bessemer Group Inc. now owns 933,862 shares of the company’s stock valued at $162,774,000 after purchasing an additional 68,432 shares during the last quarter. Principal Financial Group Inc. lifted its holdings in shares of Snap-on by 30.7% during the third quarter. Principal Financial Group Inc. now owns 849,256 shares of the company’s stock valued at $126,547,000 after purchasing an additional 199,647 shares during the last quarter. Finally, Vaughan Nelson Investment Management L.P. lifted its holdings in shares of Snap-on by 14.1% during the fourth quarter. Vaughan Nelson Investment Management L.P. now owns 792,225 shares of the company’s stock valued at $138,086,000 after purchasing an additional 97,613 shares during the last quarter. Institutional investors and hedge funds own 99.00% of the company’s stock.

COPYRIGHT VIOLATION WARNING: “Snap-on (SNA) Lifted to “Buy” at Zacks Investment Research” was originally published by American Banking News and is owned by of American Banking News. If you are viewing this story on another site, it was stolen and reposted in violation of US and international copyright & trademark law. The legal version of this story can be accessed at https://www.americanbankingnews.com/2018/02/14/snap-on-sna-lifted-to-buy-at-zacks-investment-research-2.html.

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.

Get a free copy of the Zacks research report on Snap-on (SNA)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Analyst Recommendations for Snap-on (NYSE:SNA)

Receive News & Ratings for Snap-on Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Snap-on and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply