Shares of Snap-On Incorporated (NYSE:SNA) have received a consensus recommendation of “Buy” from the eight research firms that are covering the firm, MarketBeat Ratings reports. One analyst has rated the stock with a sell rating, two have given a hold rating and five have assigned a buy rating to the company. The average 1 year price objective among brokerages that have updated their coverage on the stock in the last year is $197.00.
SNA has been the topic of a number of research analyst reports. BidaskClub downgraded Snap-On from a “sell” rating to a “strong sell” rating in a report on Wednesday, July 12th. Jefferies Group LLC reaffirmed a “hold” rating and issued a $175.00 target price (up previously from $165.00) on shares of Snap-On in a report on Sunday, April 23rd. FBR & Co set a $205.00 target price on Snap-On and gave the company a “buy” rating in a report on Friday, July 21st. Oppenheimer Holdings, Inc. reaffirmed an “outperform” rating and issued a $200.00 target price on shares of Snap-On in a report on Thursday, June 1st. Finally, Zacks Investment Research raised Snap-On from a “sell” rating to a “hold” rating in a report on Wednesday, July 19th.
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Snap-On (SNA) opened at 152.46 on Friday. The firm has a market cap of $8.78 billion, a price-to-earnings ratio of 15.78 and a beta of 1.05. Snap-On has a 1-year low of $145.17 and a 1-year high of $181.73. The firm has a 50-day moving average price of $154.18 and a 200-day moving average price of $164.25.
Snap-On (NYSE:SNA) last issued its earnings results on Thursday, July 20th. The company reported $2.60 earnings per share for the quarter, beating the Zacks’ consensus estimate of $2.55 by $0.05. The firm had revenue of $921.40 million for the quarter, compared to the consensus estimate of $920.87 million. Snap-On had a return on equity of 20.90% and a net margin of 16.22%. The company’s revenue was up 5.6% compared to the same quarter last year. During the same quarter last year, the business posted $2.36 EPS. On average, analysts expect that Snap-On will post $10.09 earnings per share for the current fiscal year.
Snap-On announced that its board has authorized a stock buyback plan on Monday, August 7th that permits the company to buyback $500.00 million in outstanding shares. This buyback authorization permits the company to reacquire shares of its stock through open market purchases. Shares buyback plans are generally an indication that the company’s leadership believes its stock is undervalued.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 8th. Investors of record on Friday, August 18th will be issued a dividend of $0.71 per share. This represents a $2.84 annualized dividend and a dividend yield of 1.86%. The ex-dividend date of this dividend is Wednesday, August 16th. Snap-On’s dividend payout ratio (DPR) is 29.34%.
In other Snap-On news, 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 transaction of $2,717,391.72. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Ruth Ann M. Gillis bought 265 shares of the business’s stock in a transaction on Friday, August 4th. The shares were bought at an average cost of $152.58 per share, for a total transaction of $40,433.70. The disclosure for this purchase can be found here. Company insiders own 3.70% of the company’s stock.
A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. increased its position in shares of Snap-On by 2.8% in the second quarter. Vanguard Group Inc. now owns 5,634,205 shares of the company’s stock valued at $890,204,000 after buying an additional 151,800 shares during the last quarter. BlackRock Inc. increased its position in shares of Snap-On by 0.8% in the second quarter. BlackRock Inc. now owns 3,665,849 shares of the company’s stock valued at $579,203,000 after buying an additional 27,641 shares during the last quarter. State Street Corp increased its position in shares of Snap-On by 4.3% in the first quarter. State Street Corp now owns 2,505,691 shares of the company’s stock valued at $422,636,000 after buying an additional 102,268 shares during the last quarter. FMR LLC increased its position in shares of Snap-On by 0.3% in the first quarter. FMR LLC now owns 1,140,188 shares of the company’s stock valued at $192,316,000 after buying an additional 3,670 shares during the last quarter. Finally, Schroder Investment Management Group increased its position in shares of Snap-On by 59.2% in the second quarter. Schroder Investment Management Group now owns 1,136,354 shares of the company’s stock valued at $177,850,000 after buying an additional 422,366 shares during the last quarter. 92.25% of the stock is currently owned by hedge funds and other institutional investors.
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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