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Snap-On Incorporated (SNA) Raised to Sell at BidaskClub

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

Several other analysts have also recently commented on the company. FBR & Co set a $205.00 target price on Snap-On and gave the stock a “buy” rating in a research report on Friday, July 21st. Zacks Investment Research raised Snap-On from a “sell” rating to a “hold” rating in a research report on Wednesday, July 19th. Jefferies Group LLC reiterated a “hold” rating and set a $175.00 price objective on shares of Snap-On in a report on Thursday, July 6th. Oppenheimer Holdings, Inc. reiterated an “outperform” rating and set a $200.00 price objective on shares of Snap-On in a report on Thursday, June 1st. Finally, CIBC reiterated an “outperform” rating and set a $200.00 price objective on shares of Snap-On in a report on Wednesday, April 12th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and five have issued a buy rating to the stock. The company presently has an average rating of “Buy” and an average price target of $197.86.

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Shares of Snap-On (NYSE SNA) traded down 0.20% during midday trading on Monday, reaching $152.46. The company had a trading volume of 603,067 shares. The stock has a market capitalization of $8.78 billion, a PE ratio of 15.78 and a beta of 1.05. Snap-On has a 52-week low of $145.17 and a 52-week high of $181.73. The company’s 50 day moving average price is $154.25 and its 200 day moving average price is $164.40.

Snap-On (NYSE:SNA) last issued its earnings results on Thursday, July 20th. The company reported $2.60 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $2.55 by $0.05. The business had revenue of $921.40 million during the quarter, compared to analysts’ expectations of $920.87 million. Snap-On had a return on equity of 20.90% and a net margin of 16.22%. Snap-On’s revenue was up 5.6% compared to the same quarter last year. During the same quarter last year, the firm posted $2.36 earnings per share. Equities research analysts expect that Snap-On will post $10.09 earnings per share for the current year.

Snap-On declared that its board has approved a share repurchase program on Monday, August 7th that allows the company to repurchase $500.00 million in outstanding shares. This repurchase authorization allows the company to purchase shares of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s board believes its stock is undervalued.

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In other news, Director Ruth Ann M. Gillis bought 265 shares of the firm’s stock in a transaction that occurred on Friday, August 4th. The shares were acquired at an average cost of $152.58 per share, with a total value of $40,433.70. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Iain Boyd sold 18,418 shares of Snap-On stock in a transaction dated Monday, July 24th. The stock was sold at an average price of $147.54, for a total value of $2,717,391.72. The disclosure for this sale can be found here. Insiders own 3.70% of the company’s stock.

A number of large investors have recently added to or reduced their stakes in SNA. Cadence Capital Management LLC increased its stake in Snap-On by 0.4% in the second quarter. Cadence Capital Management LLC now owns 1,891 shares of the company’s stock worth $299,000 after buying an additional 8 shares during the last quarter. Trust Department MB Financial Bank N A increased its stake in Snap-On by 0.5% in the first quarter. Trust Department MB Financial Bank N A now owns 1,832 shares of the company’s stock worth $309,000 after buying an additional 9 shares during the last quarter. Doyle Wealth Management increased its stake in Snap-On by 0.3% in the second quarter. Doyle Wealth Management now owns 3,996 shares of the company’s stock worth $631,000 after buying an additional 13 shares during the last quarter. Adirondack Trust Co. increased 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. Finally, Intrust Bank NA increased its stake in Snap-On by 0.8% in the first quarter. Intrust Bank NA now owns 3,062 shares of the company’s stock worth $516,000 after buying an additional 23 shares during the last quarter. 92.25% of the stock is currently owned by 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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