Snap-on (NYSE:SNA) Cut to “Hold” at Zacks Investment Research

Snap-on (NYSE:SNA) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued on Friday, January 12th.

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.”

A number of other equities research analysts have also recently weighed in on the stock. B. Riley restated a “buy” rating and set a $205.00 price objective on shares of Snap-on in a research note on Thursday, January 4th. Jefferies Group reiterated a “hold” rating and issued a $175.00 price target on shares of Snap-on in a research report on Friday, November 3rd. Barrington Research upgraded shares of Snap-on from a “market perform” rating to an “outperform” rating and set a $185.00 price target on the stock in a research report on Monday, October 23rd. 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. Finally, 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. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and eight have given a buy rating to the stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $195.00.

Snap-on (NYSE:SNA) traded up $3.03 during trading on Friday, reaching $182.79. 542,134 shares of the company’s stock were exchanged, compared to its average volume of 523,003. The company has a current ratio of 1.75, a quick ratio of 1.22 and a debt-to-equity ratio of 0.26. The firm has a market capitalization of $10,420.00, a P/E ratio of 18.79, a PEG ratio of 1.37 and a beta of 1.14. Snap-on has a 1 year low of $140.83 and a 1 year high of $185.47.

Snap-on (NYSE:SNA) last posted its earnings results on Thursday, October 19th. The company reported $2.45 earnings per share (EPS) for the quarter, beating 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 for the quarter, compared to analysts’ expectations of $889.22 million. During the same period last year, the business posted $2.22 earnings per share. The firm’s quarterly revenue was up 8.4% compared to the same quarter last year. research analysts predict that Snap-on will post 10.09 EPS for the current year.

In related news, CEO Nicholas T. Pinchuk sold 20,680 shares of the business’s stock in a transaction that occurred on Friday, December 28th. The stock was 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 Securities & Exchange Commission, which can be accessed through the SEC website. 3.70% of the stock is currently owned by insiders.

Several hedge funds have recently modified their holdings of the company. State of Alaska Department of Revenue lifted its holdings in shares of Snap-on by 55.3% during the fourth quarter. State of Alaska Department of Revenue now owns 10,025 shares of the company’s stock worth $1,745,000 after buying an additional 3,570 shares during the last quarter. Livforsakringsbolaget Skandia Omsesidigt increased its position in shares of Snap-on by 43.1% during the fourth quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 14,600 shares of the company’s stock valued at $2,545,000 after purchasing an additional 4,400 shares during the period. Schwab Charles Investment Management Inc. increased its position in shares of Snap-on by 5.8% during the fourth quarter. Schwab Charles Investment Management Inc. now owns 283,940 shares of the company’s stock valued at $49,491,000 after purchasing an additional 15,473 shares during the period. Sicart Associates LLC increased its position in shares of Snap-on by 83.3% during the fourth quarter. Sicart Associates LLC now owns 4,950 shares of the company’s stock valued at $863,000 after purchasing an additional 2,250 shares during the period. Finally, Wasatch Advisors Inc. increased its position in shares of Snap-on by 80.0% during the fourth quarter. Wasatch Advisors Inc. now owns 2,700 shares of the company’s stock valued at $471,000 after purchasing an additional 1,200 shares during the period. Institutional investors own 99.40% of the company’s stock.

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About Snap-on

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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