Zacks Investment Research lowered shares of Snap-On Incorporated (NYSE:SNA) from a buy rating to a hold rating in a research report sent to investors on Tuesday.
According to Zacks, “Snap-On’s fourth-quarter 2016 net earnings surpassed the Zacks Consensus Estimate by 2.5%, and rose 11.3% on a year-over-year basis, driven by robust organic top-line growth. Entering into 2017, Snap-on has plans to enhance the franchise network, expand business ties, and foray into critical industries to strengthen hold in emerging markets. Solid prospects across business segments, diversified portfolio and impressive traction of the newly launched products add to its strength. The recent Car-O-Liner and Richmont acquisitions will further boost growth. However, weakness in certain geographic segments continues to pose a threat to the company’s financials. Also, volatile oil markets, along with weak military sales volumes, will likely hinder the company’s growth. This apart, factors like stiff competition, volatility in price of raw materials and currency fluctuations add to the company’s woes.”
Separately, Wunderlich raised their price target on shares of Snap-On from $190.00 to $205.00 and gave the stock a buy rating in a research note on Friday, February 3rd.
Snap-On (NYSE:SNA) traded down 0.17% during midday trading on Tuesday, reaching $166.53. The company’s stock had a trading volume of 242,566 shares. The stock has a market capitalization of $9.66 billion, a price-to-earnings ratio of 18.10 and a beta of 1.06. Snap-On has a 52-week low of $135.91 and a 52-week high of $181.73. The firm has a 50-day moving average price of $174.52 and a 200 day moving average price of $161.45.
Snap-On (NYSE:SNA) last announced its quarterly earnings results on Thursday, February 2nd. The company reported $2.47 EPS for the quarter, topping analysts’ consensus estimates of $2.41 by $0.06. The firm earned $889.80 million during the quarter, compared to analysts’ expectations of $884.09 million. Snap-On had a net margin of 15.93% and a return on equity of 20.89%. The company’s revenue for the quarter was up 4.5% compared to the same quarter last year. During the same quarter last year, the company earned $2.22 earnings per share. Equities research analysts predict that Snap-On will post $10.07 EPS for the current fiscal year.
In other news, Chairman Nicholas T. Pinchuk sold 20,544 shares of the firm’s stock in a transaction that occurred on Tuesday, November 22nd. The shares were sold at an average price of $170.10, for a total transaction of $3,494,534.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Aldo John Pagliari sold 1,700 shares of the firm’s stock in a transaction that occurred on Tuesday, January 3rd. The stock was sold at an average price of $171.42, for a total transaction of $291,414.00. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 50,889 shares of company stock valued at $8,578,934. Company insiders own 3.40% of the company’s stock.
Several hedge funds have recently bought and sold shares of the company. Jacobi Capital Management LLC raised its stake in shares of Snap-On by 16.7% in the third quarter. Jacobi Capital Management LLC now owns 700 shares of the company’s stock worth $105,000 after buying an additional 100 shares in the last quarter. Robecosam AG bought a new stake in shares of Snap-On during the third quarter worth $146,000. Penserra Capital Management LLC raised its stake in shares of Snap-On by 95.1% in the third quarter. Penserra Capital Management LLC now owns 989 shares of the company’s stock worth $149,000 after buying an additional 482 shares in the last quarter. Global X Management Co. LLC raised its stake in shares of Snap-On by 104.6% in the third quarter. Global X Management Co. LLC now owns 982 shares of the company’s stock worth $149,000 after buying an additional 502 shares in the last quarter. Finally, SRB Corp raised its stake in shares of Snap-On by 16.6% in the third quarter. SRB Corp now owns 1,017 shares of the company’s stock worth $155,000 after buying an additional 145 shares in the last quarter. 88.60% of the stock is owned by institutional investors.
Snap-On Incorporated is a manufacturer and marketer of tools, equipment, diagnostics, repair information and systems solutions for professional users. The Company’s segments include Commercial & Industrial Group, the Snap-on Tools Group, the Repair Systems & Information Group and Financial Services. Its Commercial & Industrial Group segment consists of business operations serving a range of industrial and commercial customers across the world.
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