Zacks Investment Research Upgrades Snap-On Incorporated (SNA) to “Hold”

Snap-On Incorporated (NYSE:SNA) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued on Monday.

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. Also, it has devised a comprehensive blueprint to drive long-run growth, by enhancing franchise network, expanding footprint in vehicle repair garage & vital industries, and penetrating emerging markets. Diversified portfolio and impressive traction of new products add to its strength. Despite these positives, year to date, 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 Storage products add to the company’s woes.”

A number of other equities research analysts have also weighed in on the company. BidaskClub lowered Snap-On from a “sell” rating to a “strong sell” rating in a report on Wednesday, August 23rd. Longbow Research lowered Snap-On from a “buy” rating to a “neutral” rating in a report on Monday, August 21st. Robert W. Baird reaffirmed an “outperform” rating and issued a $197.00 price objective on shares of Snap-On in a report on Wednesday, August 2nd. FBR & Co set a $205.00 price objective on Snap-On and gave the company a “buy” rating in a report on Friday, July 21st. Finally, Jefferies Group LLC reaffirmed a “hold” rating and issued a $175.00 price objective on shares of Snap-On in a report on Thursday, July 6th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and five have issued a buy rating to the stock. The stock has an average rating of “Hold” and a consensus target price of $197.00.

Snap-On (NYSE:SNA) opened at 150.25 on Monday. The firm has a market cap of $8.65 billion, a PE ratio of 15.55 and a beta of 1.05. The company has a 50-day moving average price of $147.40 and a 200-day moving average price of $156.97. Snap-On has a 12-month low of $140.83 and a 12-month high of $181.73.

Snap-On (NYSE:SNA) last announced its quarterly earnings data on Thursday, July 20th. The company reported $2.60 earnings per share for the quarter, beating the Zacks’ consensus estimate of $2.55 by $0.05. Snap-On had a return on equity of 20.90% and a net margin of 16.22%. The company had revenue of $921.40 million for the quarter, compared to analyst estimates of $920.87 million. During the same quarter in the previous year, the company earned $2.36 EPS. The firm’s revenue for the quarter was up 5.6% compared to the same quarter last year. On average, equities analysts predict that Snap-On will post $10.09 earnings per share for the current year.

Snap-On announced that its Board of Directors has approved a stock buyback program on Monday, August 7th that permits the company to buyback $500.00 million in outstanding shares. This buyback authorization permits the company to buy shares of its stock through open market purchases. Shares buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.

COPYRIGHT VIOLATION WARNING: This article was originally posted by The Ledger Gazette and is owned by of The Ledger Gazette. If you are viewing this article on another publication, it was copied illegally and republished in violation of United States and international copyright legislation. The original version of this article can be read at https://ledgergazette.com/2017/10/11/zacks-investment-research-upgrades-snap-on-incorporated-sna-to-hold.html.

In other news, VP Iain Boyd sold 18,418 shares of the business’s stock in a transaction that occurred on Monday, July 24th. The stock was sold at an average price of $147.54, for a total transaction of $2,717,391.72. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Ruth Ann M. Gillis purchased 265 shares of the firm’s stock in a transaction dated Friday, August 4th. The shares were purchased at an average cost of $152.58 per share, for a total transaction of $40,433.70. The disclosure for this purchase can be found here. 3.70% of the stock is owned by insiders.

Large investors have recently made changes to their positions in the company. Morgan Dempsey Capital Management LLC boosted its stake in shares of Snap-On by 63.7% during the 2nd quarter. Morgan Dempsey Capital Management LLC now owns 676 shares of the company’s stock worth $107,000 after acquiring an additional 263 shares in the last quarter. San Francisco Sentry Investment Group CA purchased a new stake in shares of Snap-On during the 2nd quarter worth approximately $126,000. Acrospire Investment Management LLC boosted its stake in shares of Snap-On by 700.0% during the 2nd quarter. Acrospire Investment Management LLC now owns 800 shares of the company’s stock worth $126,000 after acquiring an additional 700 shares in the last quarter. Lloyds Banking Group plc purchased a new stake in shares of Snap-On during the 2nd quarter worth approximately $129,000. Finally, Van ECK Associates Corp boosted its stake in shares of Snap-On by 7.5% during the 1st quarter. Van ECK Associates Corp now owns 845 shares of the company’s stock worth $143,000 after acquiring an additional 59 shares in the last quarter. 93.14% of the stock is currently owned by institutional investors and hedge funds.

About Snap-On

Snap-on Incorporated is a manufacturer and marketer of tools, equipment, di

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. Also, it has devised a comprehensive blueprint to drive long-run growth, by enhancing franchise network, expanding footprint in vehicle repair garage & vital industries, and penetrating emerging markets. Diversified portfolio and impressive traction of new products add to its strength. Despite these positives, year to date, 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 Storage products add to the company’s woes.”

A number of other equities research analysts have also weighed in on the company. BidaskClub lowered Snap-On from a “sell” rating to a “strong sell” rating in a report on Wednesday, August 23rd. Longbow Research lowered Snap-On from a “buy” rating to a “neutral” rating in a report on Monday, August 21st. Robert W. Baird reaffirmed an “outperform” rating and issued a $197.00 price objective on shares of Snap-On in a report on Wednesday, August 2nd. FBR & Co set a $205.00 price objective on Snap-On and gave the company a “buy” rating in a report on Friday, July 21st. Finally, Jefferies Group LLC reaffirmed a “hold” rating and issued a $175.00 price objective on shares of Snap-On in a report on Thursday, July 6th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and five have issued a buy rating to the stock. The stock has an average rating of “Hold” and a consensus target price of $197.00.

Snap-On (NYSE:SNA) opened at 150.25 on Monday. The firm has a market cap of $8.65 billion, a PE ratio of 15.55 and a beta of 1.05. The company has a 50-day moving average price of $147.40 and a 200-day moving average price of $156.97. Snap-On has a 12-month low of $140.83 and a 12-month high of $181.73.

Snap-On (NYSE:SNA) last announced its quarterly earnings data on Thursday, July 20th. The company reported $2.60 earnings per share for the quarter, beating the Zacks’ consensus estimate of $2.55 by $0.05. Snap-On had a return on equity of 20.90% and a net margin of 16.22%. The company had revenue of $921.40 million for the quarter, compared to analyst estimates of $920.87 million. During the same quarter in the previous year, the company earned $2.36 EPS. The firm’s revenue for the quarter was up 5.6% compared to the same quarter last year. On average, equities analysts predict that Snap-On will post $10.09 earnings per share for the current year.

Snap-On announced that its Board of Directors has approved a stock buyback program on Monday, August 7th that permits the company to buyback $500.00 million in outstanding shares. This buyback authorization permits the company to buy shares of its stock through open market purchases. Shares buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.

COPYRIGHT VIOLATION WARNING: This article was originally posted by The Ledger Gazette and is owned by of The Ledger Gazette. If you are viewing this article on another publication, it was copied illegally and republished in violation of United States and international copyright legislation. The original version of this article can be read at https://ledgergazette.com/2017/10/11/zacks-investment-research-upgrades-snap-on-incorporated-sna-to-hold.html.

In other news, VP Iain Boyd sold 18,418 shares of the business’s stock in a transaction that occurred on Monday, July 24th. The stock was sold at an average price of $147.54, for a total transaction of $2,717,391.72. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Ruth Ann M. Gillis purchased 265 shares of the firm’s stock in a transaction dated Friday, August 4th. The shares were purchased at an average cost of $152.58 per share, for a total transaction of $40,433.70. The disclosure for this purchase can be found here. 3.70% of the stock is owned by insiders.

Large investors have recently made changes to their positions in the company. Morgan Dempsey Capital Management LLC boosted its stake in shares of Snap-On by 63.7% during the 2nd quarter. Morgan Dempsey Capital Management LLC now owns 676 shares of the company’s stock worth $107,000 after acquiring an additional 263 shares in the last quarter. San Francisco Sentry Investment Group CA purchased a new stake in shares of Snap-On during the 2nd quarter worth approximately $126,000. Acrospire Investment Management LLC boosted its stake in shares of Snap-On by 700.0% during the 2nd quarter. Acrospire Investment Management LLC now owns 800 shares of the company’s stock worth $126,000 after acquiring an additional 700 shares in the last quarter. Lloyds Banking Group plc purchased a new stake in shares of Snap-On during the 2nd quarter worth approximately $129,000. Finally, Van ECK Associates Corp boosted its stake in shares of Snap-On by 7.5% during the 1st quarter. Van ECK Associates Corp now owns 845 shares of the company’s stock worth $143,000 after acquiring an additional 59 shares in the last quarter. 93.14% of the stock is currently owned by institutional investors and hedge funds.

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.

Analyst Recommendations for Snap-On (NYSE:SNA)

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