Snap-on Incorporated (NYSE:SNA – Get Rating) – Equities researchers at Oppenheimer lifted their Q2 2023 earnings estimates for Snap-on in a report released on Thursday, April 20th. Oppenheimer analyst C. Glynn now expects that the company will post earnings per share of $4.55 for the quarter, up from their previous forecast of $4.52. The consensus estimate for Snap-on’s current full-year earnings is $17.46 per share. Oppenheimer also issued estimates for Snap-on’s FY2023 earnings at $18.00 EPS and FY2024 earnings at $19.15 EPS.
Snap-on (NYSE:SNA – Get Rating) last issued its earnings results on Thursday, April 20th. The company reported $4.60 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.14 by $0.46. Snap-on had a net margin of 20.60% and a return on equity of 21.17%. The firm had revenue of $1.18 billion during the quarter, compared to analysts’ expectations of $1.13 billion. During the same quarter last year, the company posted $4.00 earnings per share. The firm’s revenue was up 7.8% compared to the same quarter last year.
Snap-on Stock Up 1.6 %
Shares of NYSE SNA opened at $263.01 on Monday. The firm has a market cap of $13.97 billion, a price-to-earnings ratio of 15.09, a price-to-earnings-growth ratio of 2.17 and a beta of 1.09. Snap-on has a 52-week low of $190.08 and a 52-week high of $263.86. The company’s 50-day simple moving average is $242.84 and its 200-day simple moving average is $236.20. The company has a quick ratio of 2.40, a current ratio of 3.48 and a debt-to-equity ratio of 0.26.
Hedge Funds Weigh In On Snap-on
Hedge funds and other institutional investors have recently made changes to their positions in the company. Denali Advisors LLC lifted its holdings in shares of Snap-on by 2,010.0% in the first quarter. Denali Advisors LLC now owns 2,110 shares of the company’s stock worth $521,000 after acquiring an additional 2,010 shares during the last quarter. Cottage Street Advisors LLC bought a new position in shares of Snap-on in the first quarter worth about $1,540,000. GHP Investment Advisors Inc. lifted its holdings in shares of Snap-on by 0.6% in the first quarter. GHP Investment Advisors Inc. now owns 25,918 shares of the company’s stock worth $6,399,000 after acquiring an additional 164 shares during the last quarter. Eads & Heald Wealth Management increased its stake in shares of Snap-on by 1.6% in the first quarter. Eads & Heald Wealth Management now owns 6,405 shares of the company’s stock valued at $1,581,000 after buying an additional 99 shares during the period. Finally, Avantax Planning Partners Inc. increased its stake in shares of Snap-on by 12.4% in the first quarter. Avantax Planning Partners Inc. now owns 1,054 shares of the company’s stock valued at $260,000 after buying an additional 116 shares during the period. 85.19% of the stock is owned by institutional investors.
Insiders Place Their Bets
In other Snap-on news, SVP Timothy L. Chambers sold 6,769 shares of the business’s stock in a transaction on Thursday, February 2nd. The shares were sold at an average price of $259.08, for a total value of $1,753,712.52. Following the sale, the senior vice president now owns 13,905 shares of the company’s stock, valued at approximately $3,602,507.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In related news, SVP Timothy L. Chambers sold 6,769 shares of the stock in a transaction that occurred on Thursday, February 2nd. The shares were sold at an average price of $259.08, for a total value of $1,753,712.52. Following the sale, the senior vice president now directly owns 13,905 shares in the company, valued at approximately $3,602,507.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Iain Boyd sold 2,736 shares of the firm’s stock in a transaction that occurred on Friday, February 3rd. The stock was sold at an average price of $259.01, for a total transaction of $708,651.36. Following the sale, the vice president now owns 6,249 shares in the company, valued at $1,618,553.49. The disclosure for this sale can be found here. Insiders sold a total of 41,744 shares of company stock valued at $10,207,319 in the last quarter. Insiders own 4.20% of the company’s stock.
Snap-on Announces Dividend
The company also recently declared a quarterly dividend, which was paid on Friday, March 10th. Stockholders of record on Thursday, February 23rd were given a $1.62 dividend. This represents a $6.48 dividend on an annualized basis and a dividend yield of 2.46%. The ex-dividend date was Wednesday, February 22nd. Snap-on’s dividend payout ratio is 37.18%.
Snap-on Company Profile
Snap-On, Inc engages in the manufacture and marketing of tools, equipment, diagnostics, repair information, and systems solutions for professional users performing critical tasks. Its products and services include hand and power tools, tool storage, diagnostics software, handheld and PC-based diagnostic products, information and management systems, shop equipment and other solutions for vehicle dealerships and repair centers, as well as for customers in industries such as aviation and aerospace, agriculture, construction, government and military, mining, natural resources, power generation, and technical education.
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