Zacks Investment Research upgraded shares of Snap-on (NYSE:SNA) from a hold rating to a buy rating in a research report report published on Wednesday. Zacks Investment Research currently has $178.00 price target on the stock.
According to Zacks, “Snap-On’s fourth-quarter 2017 earnings trumped the Zacks Consensus Estimate and rose 8.9% from the year-ago figure. 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.”
SNA has been the topic of a number of other research reports. FBR & Co restated a buy rating and set a $205.00 target price on shares of Snap-on in a research note on Thursday, October 19th. 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. Oppenheimer reiterated a buy rating and set a $177.00 price objective on shares of Snap-on in a research report on Thursday, October 19th. B. Riley reiterated a buy rating and set a $205.00 price objective on shares of Snap-on in a research report on Thursday, January 4th. Finally, Barrington Research upgraded shares of Snap-on from a market perform rating to an outperform rating and set a $185.00 price objective on the stock in a research report on Monday, October 23rd. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and seven have given a buy rating to the stock. The stock currently has an average rating of Buy and a consensus price target of $192.00.
Snap-on (NYSE:SNA) last released its earnings results on Thursday, February 8th. The company reported $2.69 EPS for the quarter, topping analysts’ consensus estimates of $2.66 by $0.03. Snap-on had a net margin of 15.13% and a return on equity of 20.54%. The company had revenue of $974.60 million for the quarter, compared to analysts’ expectations of $940.50 million. During the same quarter last year, the business earned $2.47 EPS. The firm’s revenue was up 9.5% compared to the same quarter last year. equities analysts forecast that Snap-on will post 11.48 earnings per share for the current year.
In other news, CEO Nicholas T. Pinchuk sold 20,680 shares of Snap-on stock in a transaction that occurred on Thursday, December 28th. The shares were sold at an average price of $174.55, for a total transaction of $3,609,694.00. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, SVP Anup R. Banerjee sold 2,091 shares of Snap-on stock in a transaction that occurred on Monday, February 12th. The shares were sold at an average price of $160.11, for a total transaction of $334,790.01. The disclosure for this sale can be found here. In the last quarter, insiders have sold 43,838 shares of company stock worth $7,616,330. Company insiders own 3.70% of the company’s stock.
Several hedge funds have recently bought and sold shares of the stock. JPMorgan Chase & Co. grew its holdings 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 purchasing an additional 270,905 shares in the last quarter. Schroder Investment Management Group grew its holdings 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 purchasing an additional 148,037 shares in the last quarter. Bessemer Group Inc. boosted its stake in Snap-on by 7.9% during the fourth quarter. Bessemer Group Inc. now owns 933,862 shares of the company’s stock worth $162,774,000 after buying an additional 68,432 shares during the period. Principal Financial Group Inc. boosted its stake in Snap-on by 30.7% during the third quarter. Principal Financial Group Inc. now owns 849,256 shares of the company’s stock worth $126,547,000 after buying an additional 199,647 shares during the period. Finally, Vaughan Nelson Investment Management L.P. boosted its stake in Snap-on by 14.1% during the fourth quarter. Vaughan Nelson Investment Management L.P. now owns 792,225 shares of the company’s stock worth $138,086,000 after buying an additional 97,613 shares during the period. 99.00% of the stock is owned by hedge funds and other institutional investors.
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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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