Snap-On (NYSE:SNA) Lifted to Buy at Zacks Investment Research

Snap-On (NYSE:SNA) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Wednesday, December 20th. The firm presently has a $193.00 price target on the stock. Zacks Investment Research‘s price target points to a potential upside of 5.13% from the company’s current price.

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. Diversified portfolio and impressive traction of new products add to its strength. Also, the company has been witnessing encouraging prospects in most of its business lines that will likely unlock new growth avenues going forward. 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.”

A number of other equities research analysts also recently commented on the stock. FBR & Co reaffirmed a “buy” rating and issued a $205.00 target price on shares of Snap-On in a research report on Thursday, October 19th. Oppenheimer reissued a “buy” rating and set a $177.00 price objective on shares of Snap-On in a research report on Thursday, October 19th. Barrington Research raised shares of Snap-On from a “market perform” rating to an “outperform” rating and set a $185.00 price objective for the company in a research report on Monday, October 23rd. BidaskClub cut shares of Snap-On from a “sell” rating to a “strong sell” rating in a research note on Wednesday, August 23rd. Finally, Jefferies Group restated a “hold” rating and set a $175.00 target price on shares of Snap-On in a research note on Friday, November 3rd. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and seven have issued a buy rating to the company’s stock. The company has an average rating of “Buy” and an average price target of $193.56.

Snap-On (SNA) opened at $183.59 on Wednesday. The stock has a market cap of $10,470.00, a P/E ratio of 18.87, a PEG ratio of 1.36 and a beta of 1.14. The company has a current ratio of 1.75, a quick ratio of 1.22 and a debt-to-equity ratio of 0.26. Snap-On has a 1-year low of $140.83 and a 1-year high of $185.47.

Snap-On (NYSE:SNA) last announced its quarterly earnings results on Thursday, October 19th. The company reported $2.45 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $2.43 by $0.02. Snap-On had a net margin of 15.95% and a return on equity of 20.82%. The company had revenue of $903.80 million during the quarter, compared to the consensus estimate of $889.22 million. During the same quarter last year, the firm earned $2.22 earnings per share. The firm’s quarterly revenue was up 8.4% compared to the same quarter last year. sell-side analysts predict that Snap-On will post 10.09 EPS for the current fiscal year.

In other news, CEO Nicholas T. Pinchuk sold 20,680 shares of the business’s stock in a transaction dated Friday, 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 filing with the SEC, which is available through the SEC website. Insiders own 3.70% of the company’s stock.

A number of large investors have recently modified their holdings of the stock. Royce & Associates LP lifted its position in shares of Snap-On by 7.4% in the 2nd quarter. Royce & Associates LP now owns 36,500 shares of the company’s stock worth $5,767,000 after purchasing an additional 2,500 shares during the period. Strs Ohio lifted its position in Snap-On by 5.4% during the third quarter. Strs Ohio now owns 441,422 shares of the company’s stock valued at $65,776,000 after acquiring an additional 22,690 shares during the last quarter. Reinhart Partners Inc. purchased a new position in shares of Snap-On in the third quarter worth $18,143,000. Fjarde AP Fonden Fourth Swedish National Pension Fund raised its holdings in shares of Snap-On by 20.7% in the second quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 14,930 shares of the company’s stock worth $2,359,000 after buying an additional 2,561 shares during the last quarter. Finally, Schwab Charles Investment Management Inc. raised its holdings in shares of Snap-On by 3.9% in the second quarter. Schwab Charles Investment Management Inc. now owns 257,225 shares of the company’s stock worth $40,642,000 after buying an additional 9,614 shares during the last quarter. Institutional investors own 99.40% 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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