Zacks Investment Research downgraded shares of Snap-On (NYSE:SNA) from a buy rating to a hold rating in a research report report published on Friday.
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. Also, strategic acquisitions are expected to boost inorganic growth. 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. This apart, stiff competition, volatility in price of raw materials and ongoing sluggishness in Tools line of products add to the company’s woes.”
SNA has been the topic of a number of other reports. B. Riley reaffirmed a buy rating on shares of Snap-On in a research note on Wednesday, November 1st. Barrington Research raised shares of Snap-On from a market perform rating to an outperform rating and set a $185.00 price objective on the stock in a research note on Monday, October 23rd. Oppenheimer reaffirmed a buy rating and issued a $177.00 price objective 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 objective on shares of Snap-On in a research note on Friday, November 3rd. Finally, FBR & Co reaffirmed a buy rating and issued a $205.00 price objective on shares of Snap-On in a research note on Thursday, October 19th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and seven have assigned a buy rating to the company’s stock. The stock has an average rating of Buy and an average target price of $193.56.
Shares of Snap-On (NYSE SNA) traded down $0.17 during midday trading on Friday, reaching $183.59. 584,600 shares of the company traded hands, compared to its average volume of 544,095. The company has a market capitalization of $10,470.00, a price-to-earnings ratio of 18.87, a PEG ratio of 1.40 and a beta of 1.14. Snap-On has a fifty-two week low of $140.83 and a fifty-two week high of $185.47. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.22 and a current ratio of 1.75.
Snap-On (NYSE:SNA) last issued its earnings results on Thursday, October 19th. The company reported $2.45 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $2.43 by $0.02. The business had revenue of $903.80 million for the quarter, compared to analyst estimates 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 was up 8.4% on a year-over-year basis. During the same period in the prior year, the firm earned $2.22 earnings per share. equities analysts anticipate that Snap-On will post 10.09 EPS for the current year.
In other Snap-On news, Chairman Nicholas T. Pinchuk sold 20,680 shares of the firm’s stock in a transaction on Thursday, 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 is available through the SEC website. 3.70% of the stock is currently owned by company insiders.
Several hedge funds have recently made changes to their positions in SNA. Koch Industries Inc. raised its holdings in shares of Snap-On by 64,484.7% in the second quarter. Koch Industries Inc. now owns 917,748 shares of the company’s stock valued at $912,000 after purchasing an additional 916,327 shares during the last quarter. Renaissance Technologies LLC raised its holdings in shares of Snap-On by 1,814.9% in the second quarter. Renaissance Technologies LLC now owns 436,600 shares of the company’s stock valued at $68,983,000 after purchasing an additional 413,800 shares during the last quarter. Vaughan Nelson Investment Management L.P. raised its holdings in shares of Snap-On by 107.4% in the third quarter. Vaughan Nelson Investment Management L.P. now owns 694,612 shares of the company’s stock valued at $103,506,000 after purchasing an additional 359,772 shares during the last quarter. Findlay Park Partners LLP raised its holdings in shares of Snap-On by 64.4% in the third quarter. Findlay Park Partners LLP now owns 715,000 shares of the company’s stock valued at $106,542,000 after purchasing an additional 280,000 shares during the last quarter. Finally, JPMorgan Chase & Co. raised its holdings in shares of Snap-On by 8.9% in 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. Institutional investors own 99.40% of the company’s stock.
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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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