StockNews.com Lowers Snap-on (NYSE:SNA) to Buy

Posted by on May 3rd, 2023

Snap-on (NYSE:SNA – Get Rating) was downgraded by stock analysts at StockNews.com from a “strong-buy” rating to a “buy” rating in a note issued to investors on Wednesday.

Other analysts also recently issued reports about the company. Robert W. Baird upped their price objective on Snap-on from $265.00 to $270.00 and gave the company a “neutral” rating in a research report on Friday, April 21st. MKM Partners increased their target price on Snap-on from $238.00 to $259.00 in a research report on Friday, February 3rd. Bank of America increased their target price on Snap-on from $230.00 to $240.00 and gave the stock an “underperform” rating in a research report on Friday, April 21st. Tigress Financial reiterated a “buy” rating and set a $302.00 target price (up from $298.00) on shares of Snap-on in a research report on Thursday, March 2nd. Finally, Barrington Research reiterated an “outperform” rating and set a $280.00 target price on shares of Snap-on in a research report on Monday, April 17th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus target price of $254.33.

Snap-on Stock Down 0.1 %

Shares of NYSE:SNA opened at $262.08 on Wednesday. The company has a quick ratio of 2.43, a current ratio of 3.48 and a debt-to-equity ratio of 0.26. Snap-on has a 52-week low of $190.08 and a 52-week high of $263.86. The stock’s fifty day simple moving average is $243.85 and its 200-day simple moving average is $238.62. The company has a market capitalization of $13.87 billion, a P/E ratio of 15.04, a P/E/G ratio of 2.11 and a beta of 1.09.

Snap-on (NYSE:SNA – Get Rating) last issued its quarterly earnings data on Thursday, April 20th. The company reported $4.60 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.14 by $0.46. Snap-on had a return on equity of 21.17% and a net margin of 20.60%. The business had revenue of $1.18 billion for the quarter, compared to the consensus estimate of $1.13 billion. During the same period in the prior year, the business earned $4.00 earnings per share. The business’s revenue was up 7.8% on a year-over-year basis. As a group, equities research analysts forecast that Snap-on will post 17.64 earnings per share for the current fiscal year.

Insider Activity

In other news, SVP Jesus Arregui sold 1,988 shares of the stock in a transaction dated Thursday, April 27th. The stock was sold at an average price of $256.64, for a total value of $510,200.32. Following the completion of the sale, the senior vice president now owns 3,986 shares in the company, valued at $1,022,967.04. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In other Snap-on news, Director William Dudley Lehman sold 363 shares of the firm’s stock in a transaction that occurred on Friday, February 10th. The stock was sold at an average price of $248.24, for a total transaction of $90,111.12. Following the completion of the sale, the director now owns 10,980 shares in the company, valued at approximately $2,725,675.20. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, SVP Jesus Arregui sold 1,988 shares of the firm’s stock in a transaction that occurred on Thursday, April 27th. The shares were sold at an average price of $256.64, for a total value of $510,200.32. Following the sale, the senior vice president now owns 3,986 shares of the company’s stock, valued at approximately $1,022,967.04. The disclosure for this sale can be found here. Over the last quarter, insiders sold 73,482 shares of company stock worth $18,439,132. 4.20% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Snap-on

A number of hedge funds have recently bought and sold shares of SNA. Norges Bank acquired a new stake in Snap-on during the 4th quarter valued at approximately $112,490,000. Wellington Management Group LLP grew its stake in Snap-on by 7,194.3% during the 1st quarter. Wellington Management Group LLP now owns 241,149 shares of the company’s stock valued at $49,551,000 after purchasing an additional 237,843 shares in the last quarter. Schroder Investment Management Group grew its position in shares of Snap-on by 33.0% in the 4th quarter. Schroder Investment Management Group now owns 487,040 shares of the company’s stock worth $111,284,000 after acquiring an additional 120,846 shares in the last quarter. Proficio Capital Partners LLC acquired a new position in shares of Snap-on in the 1st quarter worth approximately $117,000. Finally, Charles Schwab Investment Management Inc. grew its position in shares of Snap-on by 9.9% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,269,093 shares of the company’s stock worth $289,975,000 after acquiring an additional 114,488 shares in the last quarter. Institutional investors and hedge funds own 85.19% of the company’s stock.

About Snap-on

(Get Rating)

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.

Featured Articles

Analyst Recommendations for Snap-on (NYSE:SNA)

Receive News & Ratings for Snap-on Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Snap-on and related companies with MarketBeat.com's FREE daily email newsletter.