Snap-on (SNA) Shares Gap Up on Better-Than-Expected Earnings

Snap-on (NYSE:SNA) gapped up prior to trading on Friday following a better than expected earnings announcement. The stock had previously closed at $153.18, but opened at $152.59. Snap-on shares last traded at $146.82, with a volume of 626065 shares traded.

The company reported $2.79 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.73 by $0.06. Snap-on had a return on equity of 20.54% and a net margin of 15.13%. The business had revenue of $935.50 million during the quarter, compared to the consensus estimate of $926.52 million. During the same period last year, the company earned $2.39 EPS. The company’s revenue for the quarter was up 5.5% on a year-over-year basis.

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SNA has been the subject of a number of recent research reports. B. Riley reaffirmed a “buy” rating and issued a $205.00 target price on shares of Snap-on in a research note on Thursday, January 4th. Zacks Investment Research downgraded Snap-on from a “buy” rating to a “hold” rating in a research note on Friday, January 12th. Robert W. Baird reaffirmed a “buy” rating and issued a $220.00 target price (up from $184.00) on shares of Snap-on in a research note on Monday, January 29th. They noted that the move was a valuation call. Finally, Barrington Research reaffirmed a “buy” rating on shares of Snap-on in a research note on Thursday, March 8th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and five have issued a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus price target of $190.71.

In related news, Director William Dudley Lehman sold 387 shares of the firm’s stock in a transaction dated Monday, February 12th. The stock was sold at an average price of $160.60, for a total transaction of $62,152.20. Following the completion of the sale, the director now directly owns 8,376 shares of the company’s stock, valued at approximately $1,345,185.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Thomas L. Kassouf sold 96,000 shares of the firm’s stock in a transaction dated Monday, February 26th. The stock was sold at an average price of $160.40, for a total value of $15,398,400.00. The disclosure for this sale can be found here. Insiders have sold a total of 104,995 shares of company stock valued at $16,839,572 over the last three months. Corporate insiders own 4.00% of the company’s stock.

Several large investors have recently modified their holdings of SNA. First Trust Advisors LP increased its position in shares of Snap-on by 147.6% during the 4th quarter. First Trust Advisors LP now owns 433,341 shares of the company’s stock worth $75,531,000 after purchasing an additional 258,310 shares during the last quarter. Elkfork Partners LLC acquired a new stake in shares of Snap-on during the 4th quarter worth about $36,979,000. Deprince Race & Zollo Inc. acquired a new stake in shares of Snap-on during the 4th quarter worth about $27,660,000. Fenimore Asset Management Inc. increased its position in shares of Snap-on by 221.5% during the 4th quarter. Fenimore Asset Management Inc. now owns 220,331 shares of the company’s stock worth $38,404,000 after purchasing an additional 151,797 shares during the last quarter. Finally, Teacher Retirement System of Texas increased its position in shares of Snap-on by 2,817.0% during the 4th quarter. Teacher Retirement System of Texas now owns 127,792 shares of the company’s stock worth $22,274,000 after purchasing an additional 123,411 shares during the last quarter. 99.40% of the stock is owned by hedge funds and other institutional investors.

The stock has a market capitalization of $8,147.41, a PE ratio of 14.51, a PEG ratio of 1.21 and a beta of 1.16. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.78 and a quick ratio of 1.24.

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Snap-on Company Profile

Snap-on Incorporated manufactures and markets tools, equipment, diagnostics, and repair information and systems solutions for professional users worldwide. The company operates through Commercial & Industrial Group, Snap-on Tools Group, Repair Systems & Information Group, and Financial Services segments.

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