Snap-on Incorporated Forecasted to Post Q2 2023 Earnings of $4.17 Per Share (NYSE:SNA)

Posted by Defense World Staff on May 6th, 2023

Snap-on Incorporated (NYSE:SNA – Get Rating) – Stock analysts at Zacks Research lifted their Q2 2023 earnings per share (EPS) estimates for shares of Snap-on in a research note issued on Wednesday, May 3rd. Zacks Research analyst R. Lohia now expects that the company will post earnings per share of $4.17 for the quarter, up from their previous forecast of $4.15. The consensus estimate for Snap-on’s current full-year earnings is $17.64 per share. Zacks Research also issued estimates for Snap-on’s Q3 2023 earnings at $4.14 EPS, Q4 2023 earnings at $4.23 EPS, FY2023 earnings at $17.15 EPS, Q2 2024 earnings at $4.45 EPS, Q3 2024 earnings at $4.25 EPS, Q4 2024 earnings at $4.42 EPS and Q1 2025 earnings at $4.49 EPS.

A number of other analysts also recently issued reports on SNA. StockNews.com downgraded Snap-on from a “strong-buy” rating to a “buy” rating in a research report on Wednesday. Tigress Financial reaffirmed a “buy” rating and issued a $302.00 target price (up previously from $298.00) on shares of Snap-on in a research report on Thursday, March 2nd. MKM Partners lifted their target price on Snap-on from $238.00 to $259.00 in a research report on Friday, February 3rd. Bank of America lifted their target price on Snap-on from $230.00 to $240.00 and gave the company an “underperform” rating in a research report on Friday, April 21st. Finally, Robert W. Baird lifted their price target on Snap-on from $265.00 to $270.00 and gave the stock a “neutral” rating in a report on Friday, April 21st. One 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. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $254.33.

Snap-on Stock Performance

SNA opened at $260.81 on Friday. The business’s 50-day moving average price is $244.74 and its two-hundred day moving average price is $239.26. Snap-on has a 1 year low of $190.08 and a 1 year high of $265.02. The company has a market capitalization of $13.80 billion, a price-to-earnings ratio of 14.96, a P/E/G ratio of 2.14 and a beta of 1.09. The company has a debt-to-equity ratio of 0.26, a current ratio of 3.48 and a quick ratio of 2.43.

Snap-on (NYSE:SNA – Get Rating) last released its quarterly earnings results 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 firm had revenue of $1.18 billion for the quarter, compared to the consensus estimate of $1.13 billion. During the same quarter last year, the business posted $4.00 EPS. The company’s revenue for the quarter was up 7.8% on a year-over-year basis.

Institutional Trading of Snap-on

Institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. boosted its position in shares of Snap-on by 1.4% during the 3rd quarter. Vanguard Group Inc. now owns 6,564,799 shares of the company’s stock worth $1,321,822,000 after purchasing an additional 92,450 shares in the last quarter. BlackRock Inc. boosted its position in shares of Snap-on by 0.3% during the 3rd quarter. BlackRock Inc. now owns 4,653,001 shares of the company’s stock worth $936,881,000 after purchasing an additional 13,797 shares in the last quarter. Geode Capital Management LLC boosted its position in shares of Snap-on by 1.1% during the 4th quarter. Geode Capital Management LLC now owns 1,387,697 shares of the company’s stock worth $316,627,000 after purchasing an additional 15,479 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its position in shares of Snap-on by 9.9% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,269,093 shares of the company’s stock worth $289,975,000 after purchasing an additional 114,488 shares in the last quarter. Finally, Ariel Investments LLC boosted its position in shares of Snap-on by 1.8% during the 1st quarter. Ariel Investments LLC now owns 1,129,250 shares of the company’s stock worth $232,038,000 after purchasing an additional 20,485 shares in the last quarter. Institutional investors own 85.19% of the company’s stock.

Insider Buying and Selling at Snap-on

In other news, CEO Nicholas T. Pinchuk sold 22,800 shares of the company’s stock in a transaction on Thursday, March 16th. The shares were sold at an average price of $236.05, for a total transaction of $5,381,940.00. Following the completion of the transaction, the chief executive officer now directly owns 676,929 shares in the company, valued at $159,789,090.45. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other Snap-on news, CEO Nicholas T. Pinchuk sold 22,800 shares of the company’s stock in a transaction on Thursday, March 16th. The shares were sold at an average price of $236.05, for a total transaction of $5,381,940.00. Following the sale, the chief executive officer now owns 676,929 shares of the company’s stock, valued at $159,789,090.45. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Karen L. Daniel sold 2,046 shares of the company’s stock in a transaction on Wednesday, March 8th. The shares were sold at an average price of $245.38, for a total transaction of $502,047.48. Following the sale, the director now directly owns 8,028 shares in the company, valued at approximately $1,969,910.64. The disclosure for this sale can be found here. Insiders sold a total of 64,277 shares of company stock worth $16,055,683 over the last three months. Corporate insiders own 4.20% of the company’s stock.

Snap-on Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 9th. Shareholders of record on Friday, May 19th will be given a dividend of $1.62 per share. The ex-dividend date of this dividend is Thursday, May 18th. This represents a $6.48 annualized dividend and a yield of 2.48%. Snap-on’s dividend payout ratio is currently 37.18%.

Snap-on Company Profile

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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.