Snap-on (NYSE:SNA) was downgraded by research analysts at Bank of America from a “buy” rating to a “neutral” rating in a research report issued to clients and investors on Tuesday, MarketBeat.com reports. They presently have a $168.00 target price on the stock. Bank of America‘s price objective points to a potential upside of 7.44% from the stock’s previous close.
SNA has been the subject of a number of other research reports. Zacks Investment Research cut Snap-on from a “hold” rating to a “sell” rating in a report on Monday, February 4th. TheStreet cut Snap-on from a “b” rating to a “c+” rating in a research note on Wednesday, December 19th. Finally, Robert W. Baird cut Snap-on from an “outperform” rating to a “neutral” rating and decreased their price target for the company from $186.00 to $160.00 in a research note on Wednesday, April 10th. Five research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus target price of $183.90.
SNA traded down $0.03 on Tuesday, reaching $156.37. The stock had a trading volume of 10,953 shares, compared to its average volume of 555,472. Snap-on has a fifty-two week low of $135.29 and a fifty-two week high of $189.46. The company has a quick ratio of 1.62, a current ratio of 2.33 and a debt-to-equity ratio of 0.30. The stock has a market cap of $8.67 billion, a PE ratio of 13.21, a PEG ratio of 1.44 and a beta of 1.26.
In related news, Director William Dudley Lehman sold 387 shares of the company’s stock in a transaction dated Friday, February 15th. The stock was sold at an average price of $157.19, for a total transaction of $60,832.53. Following the sale, the director now owns 9,996 shares in the company, valued at approximately $1,571,271.24. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, VP Iain Boyd sold 26,500 shares of the company’s stock in a transaction dated Wednesday, February 20th. The shares were sold at an average price of $158.79, for a total value of $4,207,935.00. Following the sale, the vice president now owns 19,038 shares in the company, valued at approximately $3,023,044.02. The disclosure for this sale can be found here. In the last three months, insiders sold 57,327 shares of company stock valued at $9,123,183. Insiders own 3.90% of the company’s stock.
Several institutional investors have recently made changes to their positions in SNA. BlackRock Inc. boosted its position in shares of Snap-on by 17.9% during the 4th quarter. BlackRock Inc. now owns 4,525,663 shares of the company’s stock valued at $657,532,000 after purchasing an additional 687,661 shares in the last quarter. Morgan Stanley boosted its position in shares of Snap-on by 348.6% during the 3rd quarter. Morgan Stanley now owns 623,240 shares of the company’s stock valued at $114,427,000 after purchasing an additional 484,317 shares in the last quarter. Norges Bank bought a new stake in shares of Snap-on during the 4th quarter valued at about $62,430,000. Investec Asset Management LTD boosted its position in shares of Snap-on by 55.2% during the 4th quarter. Investec Asset Management LTD now owns 1,114,605 shares of the company’s stock valued at $161,941,000 after purchasing an additional 396,566 shares in the last quarter. Finally, Federated Investors Inc. PA boosted its position in shares of Snap-on by 11,813.7% during the 3rd quarter. Federated Investors Inc. PA now owns 333,225 shares of the company’s stock valued at $61,180,000 after purchasing an additional 330,428 shares in the last quarter.
Snap-on Company Profile
Snap-on Incorporated manufactures and markets tools, equipment, diagnostics, and repair information and systems solutions for professional users worldwide. It operates through Commercial and Industrial Group, Snap-on Tools Group, and Repair Systems & Information Group segments. The company offers hand tools, including wrenches, sockets, ratchet wrenches, pliers, screwdrivers, punches and chisels, saws and cutting tools, pruning tools, torque measuring instruments, and other products; power tools, such as cordless, pneumatic, hydraulic, and corded tools; and tool storage products comprising tool chests, roll cabinets, and other products.
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