Snap-on (NYSE:SNA) Lowered to Sell at Zacks Investment Research

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Snap-on (NYSE:SNA) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued on Tuesday, Zacks.com reports. They presently have a $166.00 price objective on the stock. Zacks Investment Research‘s price objective points to a potential upside of 7.97% from the company’s previous close.

According to Zacks, “Although shares of Snap-on underperformed the industry year to date, its robust earnings surprise trend remain encouraging. In first-quarter 2019, the company reported bottom-line beat, after delivering in-line earnings in the previous quarter. It is benefiting from robust business model and focus on value-creation processes. The company’s RCI program, designed to enhance organizational effectiveness and minimize costs, has been driving margins and profits. The company’s Tools Group segment reported sales growth backed by higher organic sales and robust U.S. franchise business. However, the segment continued witnessing decline in international operations sales, which partly affected its growth. This apart, the company’s soft sales trend continued for the fourth straight time in the first quarter, mainly due to currency headwinds.”

A number of other equities research analysts have also weighed in on the stock. Barrington Research raised their price target on shares of Lions Gate Entertainment to $18.00 and gave the company an “outperform” rating in a report on Wednesday, May 29th. Northcoast Research reaffirmed a “neutral” rating on shares of Snap-on in a report on Friday, May 17th. Robert W. Baird raised their price target on shares of Cerner from $67.00 to $71.00 and gave the company an “outperform” rating in a report on Wednesday, April 10th. Bank of America lowered shares of Propetro from a “buy” rating to a “neutral” rating in a report on Tuesday, April 16th. Finally, Longbow Research reaffirmed a “hold” rating on shares of Snap-on in a report on Monday, July 1st. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and one has given a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average price target of $169.75.

SNA opened at $153.75 on Tuesday. The company’s fifty day moving average price is $161.32. The firm has a market cap of $8.90 billion, a price-to-earnings ratio of 13.02, a price-to-earnings-growth ratio of 1.55 and a beta of 1.24. Snap-on has a twelve month low of $135.29 and a twelve month high of $189.46. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.66 and a current ratio of 2.42.

Snap-on (NYSE:SNA) last released its quarterly earnings results on Thursday, April 18th. The company reported $3.01 earnings per share for the quarter, beating the Zacks’ consensus estimate of $2.91 by $0.10. The business had revenue of $921.70 million during the quarter, compared to analyst estimates of $933.13 million. Snap-on had a net margin of 18.64% and a return on equity of 21.66%. The business’s revenue was down 1.5% on a year-over-year basis. During the same period last year, the business earned $2.79 EPS. Analysts forecast that Snap-on will post 12.35 earnings per share for the current year.

In other Snap-on news, Chairman Nicholas T. Pinchuk sold 19,403 shares of the firm’s stock in a transaction on Wednesday, June 19th. The shares were sold at an average price of $164.60, for a total transaction of $3,193,733.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 3.90% of the stock is owned by company insiders.

A number of hedge funds have recently made changes to their positions in SNA. CSat Investment Advisory L.P. grew its holdings in Snap-on by 81.4% during the 4th quarter. CSat Investment Advisory L.P. now owns 205 shares of the company’s stock worth $30,000 after acquiring an additional 92 shares in the last quarter. Signaturefd LLC grew its holdings in Snap-on by 326.7% during the 1st quarter. Signaturefd LLC now owns 192 shares of the company’s stock worth $30,000 after acquiring an additional 147 shares in the last quarter. FTB Advisors Inc. grew its holdings in Snap-on by 120.5% during the 1st quarter. FTB Advisors Inc. now owns 366 shares of the company’s stock worth $56,000 after acquiring an additional 200 shares in the last quarter. Zions Bancorporation N.A. acquired a new position in Snap-on during the 1st quarter worth $56,000. Finally, Quadrant Capital Group LLC grew its holdings in Snap-on by 408.9% during the 1st quarter. Quadrant Capital Group LLC now owns 402 shares of the company’s stock worth $60,000 after acquiring an additional 323 shares in the last quarter.

About Snap-on

Snap-on Incorporated manufactures and markets tools, equipment, diagnostics, and repair information and systems solutions for professional users worldwide. It operates through Commercial and Industrial Group, Snap-on Tools Group, and Repair Systems & Information Group segments. The company offers hand tools, including wrenches, sockets, ratchet wrenches, pliers, screwdrivers, punches and chisels, saws and cutting tools, pruning tools, torque measuring instruments, and other products; power tools, such as cordless, pneumatic, hydraulic, and corded tools; and tool storage products comprising tool chests, roll cabinets, and other products.

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