Snap-on (SNA) Stock Rating Lowered by Zacks Investment Research

Zacks Investment Research downgraded shares of Snap-on (NYSE:SNA) from a buy rating to a hold rating in a report issued on Friday.

According to Zacks, “Snap-On has registered an excellent earnings surprise history over the trailing four quarters, beating estimates all through. 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. Also, strategic acquisitions are expected to boost inorganic growth. 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. This apart, stiff competition, volatility in price of raw materials and ongoing sluggishness in Tools line of products add to the company’s woes.”

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Several other equities analysts also recently commented on SNA. B. Riley reiterated a buy rating and set a $205.00 price target on shares of Snap-on in a report on Thursday, January 4th. Robert W. Baird reiterated a buy rating and set a $220.00 price target (up from $184.00) on shares of Snap-on in a report on Monday, January 29th. They noted that the move was a valuation call. Finally, Barrington Research reiterated a buy rating on shares of Snap-on in a report on Thursday, March 8th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and five have issued a buy rating to the company’s stock. Snap-on presently has a consensus rating of Hold and a consensus target price of $190.86.

Shares of NYSE:SNA opened at $147.06 on Friday. The stock has a market cap of $8,256.32, a P/E ratio of 14.53, a PEG ratio of 1.23 and a beta of 1.16. Snap-on has a 12 month low of $140.83 and a 12 month high of $185.47. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.24 and a current ratio of 1.78.

Snap-on (NYSE:SNA) last issued its quarterly earnings results on Thursday, February 8th. The company reported $2.69 EPS for the quarter, beating the consensus estimate of $2.66 by $0.03. The company had revenue of $974.60 million for the quarter, compared to the consensus estimate of $940.50 million. Snap-on had a net margin of 15.13% and a return on equity of 20.54%. The firm’s revenue was up 9.5% compared to the same quarter last year. During the same period in the prior year, the firm posted $2.47 EPS. equities analysts forecast that Snap-on will post 11.46 EPS for the current year.

In other Snap-on news, SVP Thomas L. Kassouf sold 96,000 shares of the business’s stock in a transaction dated Monday, February 26th. The shares were sold at an average price of $160.40, for a total value of $15,398,400.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director William Dudley Lehman sold 387 shares of the business’s stock in a transaction dated Monday, February 12th. The shares were sold at an average price of $160.60, for a total transaction of $62,152.20. Following the completion of the sale, the director now directly owns 8,376 shares of the company’s stock, valued at $1,345,185.60. The disclosure for this sale can be found here. Over the last three months, insiders sold 104,995 shares of company stock valued at $16,839,572. 4.00% of the stock is owned by corporate insiders.

A number of institutional investors have recently added to or reduced their stakes in the business. Bessemer Group Inc. boosted its position in Snap-on by 7.9% in the 4th quarter. Bessemer Group Inc. now owns 933,862 shares of the company’s stock valued at $162,774,000 after buying an additional 68,432 shares during the period. Vaughan Nelson Investment Management L.P. boosted its position in Snap-on by 14.1% in the 4th quarter. Vaughan Nelson Investment Management L.P. now owns 792,225 shares of the company’s stock valued at $138,086,000 after buying an additional 97,613 shares during the period. Ariel Investments LLC boosted its position in Snap-on by 1.7% in the 4th quarter. Ariel Investments LLC now owns 776,792 shares of the company’s stock valued at $135,395,000 after buying an additional 12,758 shares during the period. Cooke & Bieler LP boosted its position in Snap-on by 3.7% in the 4th quarter. Cooke & Bieler LP now owns 737,719 shares of the company’s stock valued at $128,585,000 after buying an additional 26,338 shares during the period. Finally, Geode Capital Management LLC boosted its position in Snap-on by 1.9% in the 4th quarter. Geode Capital Management LLC now owns 721,090 shares of the company’s stock valued at $125,460,000 after buying an additional 13,375 shares during the period. 99.40% of the stock is owned by institutional investors.

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About Snap-on

Snap-on Incorporated manufactures and markets tools, equipment, diagnostics, and repair information and systems solutions for professional users worldwide. The company operates through Commercial & Industrial Group, Snap-on Tools Group, Repair Systems & Information Group, and Financial Services segments.

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