Snap-On Incorporated (SNA) Rating Increased to Sell at BidaskClub

Snap-On Incorporated (NYSE:SNA) was upgraded by analysts at BidaskClub from a “strong sell” rating to a “sell” rating in a report released on Monday, July 31st.

Several other equities research analysts have also weighed in on SNA. FBR & Co reiterated an “outperform” rating and issued a $205.00 target price on shares of Snap-On in a report on Tuesday, July 11th. Jefferies Group LLC restated a “hold” rating and set a $175.00 price objective on shares of Snap-On in a report on Wednesday, May 31st. Zacks Investment Research downgraded shares of Snap-On from a “hold” rating to a “sell” rating in a research report on Wednesday, July 12th. Oppenheimer Holdings, Inc. assumed coverage on shares of Snap-On in a research report on Tuesday, April 11th. They issued an “outperform” rating and a $200.00 target price for the company. Finally, CIBC reaffirmed an “outperform” rating and issued a $200.00 target price on shares of Snap-On in a research report on Wednesday, April 12th. One 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’s stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $197.86.

Snap-On (NYSE SNA) opened at 147.96 on Monday. The firm has a market cap of $8.52 billion, a price-to-earnings ratio of 15.32 and a beta of 1.05. The firm’s 50-day moving average price is $153.49 and its 200-day moving average price is $163.21. Snap-On has a 1-year low of $145.17 and a 1-year 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 Thomson Reuters’ consensus estimate of $2.55 by $0.05. The business had revenue of $921.40 million for the quarter, compared to analyst estimates of $920.87 million. Snap-On had a net margin of 16.22% and a return on equity of 20.90%. Snap-On’s revenue was up 5.6% compared to the same quarter last year. During the same period in the prior year, the business posted $2.36 earnings per share. On average, equities research analysts anticipate that Snap-On will post $10.09 earnings per share for the current year.

Snap-On declared that its Board of Directors has approved a stock repurchase plan on Monday, August 7th that permits the company to repurchase $500.00 million in shares. This repurchase authorization permits the company to purchase shares of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s management believes its shares are undervalued.

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In related news, Director Ruth Ann M. Gillis purchased 265 shares of the firm’s stock in a transaction that occurred on Friday, August 4th. The shares were bought at an average cost of $152.58 per share, with a total value of $40,433.70. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, VP Iain Boyd sold 18,418 shares of Snap-On stock in a transaction that occurred 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. 3.70% of the stock is currently owned by insiders.

A number of large investors have recently bought and sold shares of the company. Adirondack Trust Co. raised its stake in Snap-On by 2.5% in the first quarter. Adirondack Trust Co. now owns 624 shares of the company’s stock worth $105,000 after buying an additional 15 shares during the last quarter. Morgan Dempsey Capital Management LLC raised its stake in Snap-On by 63.7% in the second quarter. Morgan Dempsey Capital Management LLC now owns 676 shares of the company’s stock worth $107,000 after buying an additional 263 shares in the last quarter. TrimTabs Asset Management LLC raised its stake in Snap-On by 88.4% in the first quarter. TrimTabs Asset Management LLC now owns 665 shares of the company’s stock worth $112,000 after buying an additional 312 shares in the last quarter. Acrospire Investment Management LLC raised its stake in Snap-On by 700.0% in the second quarter. Acrospire Investment Management LLC now owns 800 shares of the company’s stock worth $126,000 after buying an additional 700 shares in the last quarter. Finally, San Francisco Sentry Investment Group CA bought a new position in Snap-On during the second quarter worth about $126,000. 93.32% of the stock is currently owned by hedge funds and other institutional investors.

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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