BidaskClub Lowers Snap-On Incorporated (NYSE:SNA) to Strong Sell

Snap-On Incorporated (NYSE:SNA) was downgraded by research analysts at BidaskClub from a “sell” rating to a “strong sell” rating in a report issued on Wednesday, July 12th.

A number of other research firms have also commented on SNA. Jefferies Group LLC reissued a “hold” rating and issued a $175.00 price target (up previously from $165.00) on shares of Snap-On in a research report on Sunday, April 23rd. CIBC reissued an “outperform” rating and issued a $200.00 price target on shares of Snap-On in a research report on Wednesday, April 12th. Oppenheimer Holdings, Inc. started coverage on shares of Snap-On in a research report on Tuesday, April 11th. They issued an “outperform” rating and a $200.00 price target on the stock. FBR & Co reissued an “outperform” rating and issued a $205.00 price target on shares of Snap-On in a research report on Tuesday, July 11th. Finally, Zacks Investment Research lowered shares of Snap-On from a “hold” rating to a “sell” rating in a research report on Wednesday, July 12th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and five have given a buy rating to the company. Snap-On has an average rating of “Buy” and a consensus target price of $197.86.

Snap-On (NYSE:SNA) traded down 0.20% during midday trading on Wednesday, hitting $152.46. 603,067 shares of the stock traded hands. The company has a market cap of $8.78 billion, a P/E ratio of 15.78 and a beta of 1.05. Snap-On has a one year low of $145.17 and a one year high of $181.73. The company’s 50 day moving average is $154.18 and its 200-day moving average is $164.25.

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

Snap-On announced that its Board of Directors has initiated a stock buyback plan on Monday, August 7th that allows the company to repurchase $500.00 million in outstanding shares. This repurchase authorization allows the company to reacquire shares of its stock through open market purchases. Shares repurchase plans are often a sign that the company’s board of directors believes its stock is undervalued.

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In other news, Director Ruth Ann M. Gillis bought 265 shares of Snap-On stock in a transaction dated Friday, August 4th. The shares were bought at an average price of $152.58 per share, for a total transaction of $40,433.70. The purchase was disclosed in a legal filing with the SEC, which is accessible through this link. Also, VP Iain Boyd sold 18,418 shares of the business’s stock in a transaction on Monday, July 24th. The shares were sold at an average price of $147.54, for a total transaction of $2,717,391.72. The disclosure for this sale can be found here. Insiders own 3.70% of the company’s stock.

Several large investors have recently modified their holdings of SNA. Dimensional Fund Advisors LP increased its stake in shares of Snap-On by 9.9% in the second quarter. Dimensional Fund Advisors LP now owns 314,173 shares of the company’s stock valued at $49,637,000 after buying an additional 28,259 shares in the last quarter. Virtu KCG Holdings LLC increased its position in shares of Snap-On by 64.3% in the second quarter. Virtu KCG Holdings LLC now owns 4,778 shares of the company’s stock valued at $755,000 after buying an additional 1,870 shares during the period. Teachers Retirement System of The State of Kentucky increased its position in shares of Snap-On by 2.9% in the second quarter. Teachers Retirement System of The State of Kentucky now owns 49,639 shares of the company’s stock valued at $7,843,000 after buying an additional 1,412 shares during the period. Renaissance Technologies LLC increased its position in shares of Snap-On by 1,814.9% in the second quarter. Renaissance Technologies LLC now owns 436,600 shares of the company’s stock valued at $68,983,000 after buying an additional 413,800 shares during the period. Finally, Parametric Portfolio Associates LLC increased its position in shares of Snap-On by 11.5% in the second quarter. Parametric Portfolio Associates LLC now owns 87,690 shares of the company’s stock valued at $13,855,000 after buying an additional 9,019 shares during the period. Institutional investors own 92.25% of the company’s stock.

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.

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