Zacks Investment Research Downgrades Snap-on (NYSE:SNA) to Hold

Snap-on (NYSE:SNA) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note 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.”

Other equities analysts have also recently issued reports about the company. FBR & Co reissued a “buy” rating and issued a $205.00 target price on shares of Snap-on in a report on Thursday, October 19th. Oppenheimer restated a “buy” rating and set a $177.00 price target on shares of Snap-on in a research report on Thursday, October 19th. Barrington Research upgraded 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. Jefferies Group reiterated a “hold” rating and issued a $175.00 price objective on shares of Snap-on in a research report on Friday, November 3rd. Finally, B. Riley reiterated a “buy” rating on shares of Snap-on in a research report on Wednesday, November 1st. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and seven have given a buy rating to the company’s stock. Snap-on currently has a consensus rating of “Buy” and a consensus price target of $196.63.

Snap-on (NYSE:SNA) traded up $1.20 during trading on Friday, reaching $169.09. The company’s stock had a trading volume of 247,578 shares, compared to its average volume of 604,760. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.22 and a current ratio of 1.75. The firm has a market cap of $9,570.94, a PE ratio of 17.29, a price-to-earnings-growth ratio of 1.28 and a beta of 1.09. Snap-on has a 12-month low of $140.83 and a 12-month high of $185.47.

In other Snap-on news, CEO Nicholas T. Pinchuk sold 20,680 shares of Snap-on stock in a transaction dated 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 filing with the SEC, which is accessible through this link. Company insiders own 3.70% of the company’s stock.

A number of institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. boosted its holdings in shares of Snap-on by 2.8% during the second quarter. Vanguard Group Inc. now owns 5,634,205 shares of the company’s stock worth $890,204,000 after acquiring an additional 151,800 shares during the period. BlackRock Inc. raised its position in shares of Snap-on by 0.8% in 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 in the last quarter. JPMorgan Chase & Co. raised its position 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 buying an additional 270,905 shares in the last quarter. Schroder Investment Management Group raised its position in shares of Snap-on by 13.0% in the third quarter. Schroder Investment Management Group now owns 1,284,391 shares of the company’s stock valued at $189,306,000 after buying an additional 148,037 shares in the last quarter. Finally, Bessemer Group Inc. raised its position in shares of Snap-on by 7.9% in the fourth quarter. Bessemer Group Inc. now owns 933,862 shares of the company’s stock valued at $162,774,000 after buying an additional 68,432 shares in the last quarter. Institutional investors and hedge funds own 99.98% of the company’s stock.

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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.

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