Zacks Investment Research upgraded shares of Snap-on (NYSE:SNA) from a hold rating to a buy rating in a report published on Wednesday. Zacks Investment Research currently has $206.00 price target on the stock.
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.”
SNA has been the subject of a number of other research reports. FBR & Co reaffirmed a buy rating and issued a $205.00 price target on shares of Snap-on in a research note on Thursday, October 19th. Jefferies Group reaffirmed a hold rating and issued a $175.00 price target on shares of Snap-on in a research note on Friday, November 3rd. Oppenheimer reaffirmed a buy rating and issued a $177.00 price target on shares of Snap-on in a research note on Thursday, October 19th. B. Riley reaffirmed a buy rating and issued a $205.00 price target on shares of Snap-on in a research note on Thursday, January 4th. Finally, Barrington Research raised Snap-on from a market perform rating to an outperform rating and set a $185.00 price objective for the company in a research report on Monday, October 23rd. One analyst has rated the stock with a sell rating, two have given a hold rating and eight have issued a buy rating to the company’s stock. The company has an average rating of Buy and a consensus target price of $195.00.
Snap-on (NYSE:SNA) last announced its quarterly earnings results on Thursday, October 19th. The company reported $2.45 EPS for the quarter, topping analysts’ consensus estimates of $2.43 by $0.02. Snap-on had a return on equity of 20.82% and a net margin of 15.95%. The company had revenue of $903.80 million during the quarter, compared to analyst estimates of $889.22 million. During the same quarter last year, the firm posted $2.22 earnings per share. The firm’s revenue was up 8.4% on a year-over-year basis. analysts expect that Snap-on will post 10.09 EPS for the current fiscal 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 stock was sold at an average price of $174.55, for a total transaction of $3,609,694.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 3.70% of the company’s stock.
A number of institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. lifted its position in Snap-on by 2.8% during the second quarter. Vanguard Group Inc. now owns 5,634,205 shares of the company’s stock valued at $890,204,000 after buying an additional 151,800 shares during the period. BlackRock Inc. lifted its position in Snap-on by 0.8% during the second quarter. BlackRock Inc. now owns 3,665,849 shares of the company’s stock valued at $579,203,000 after buying an additional 27,641 shares during the period. JPMorgan Chase & Co. raised its position in shares of Snap-on by 8.9% in the 3rd quarter. JPMorgan Chase & Co. now owns 3,316,671 shares of the company’s stock worth $488,847,000 after purchasing an additional 270,905 shares during the last quarter. Schroder Investment Management Group raised its position in shares of Snap-on by 13.0% in the 3rd quarter. Schroder Investment Management Group now owns 1,284,391 shares of the company’s stock worth $189,306,000 after purchasing an additional 148,037 shares during the last quarter. Finally, Koch Industries Inc. raised its position in shares of Snap-on by 64,484.7% in the 2nd quarter. Koch Industries Inc. now owns 917,748 shares of the company’s stock worth $912,000 after purchasing an additional 916,327 shares during the last quarter. 99.40% of the stock is owned by institutional investors and hedge funds.
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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