Snap-On (NYSE:SNA) Receives “Buy” Rating from Roth Capital

Snap-On (NYSE:SNA)‘s stock had its “buy” rating reiterated by equities researchers at Roth Capital in a report issued on Thursday,Benzinga reports. They presently have a $431.00 price target on the stock. Roth Capital’s price target would indicate a potential upside of 6.18% from the stock’s current price.

SNA has been the subject of a number of other research reports. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Snap-On in a report on Friday, July 17th. Robert W. Baird boosted their price objective on Snap-On from $380.00 to $395.00 and gave the company a “neutral” rating in a research report on Friday, April 24th. Finally, Barclays assumed coverage on Snap-On in a research note on Thursday, May 28th. They set an “overweight” rating and a $420.00 target price for the company. Five analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $408.20.

Snap-On Stock Performance

Shares of SNA traded down $0.27 during trading hours on Thursday, hitting $405.90. The stock had a trading volume of 118,911 shares, compared to its average volume of 368,450. The firm has a 50-day moving average price of $388.08 and a 200 day moving average price of $377.89. Snap-On has a fifty-two week low of $312.78 and a fifty-two week high of $419.68. The firm has a market capitalization of $21.03 billion, a price-to-earnings ratio of 20.93, a PEG ratio of 2.84 and a beta of 0.73. The company has a debt-to-equity ratio of 0.15, a quick ratio of 2.74 and a current ratio of 3.53.

Snap-On (NYSE:SNA) last released its quarterly earnings results on Thursday, July 23rd. The company reported $4.96 EPS for the quarter, beating the consensus estimate of $4.95 by $0.01. The company had revenue of $1.24 billion for the quarter, compared to analyst estimates of $1.22 billion. Snap-On had a net margin of 21.28% and a return on equity of 17.13%. The firm’s revenue was up 4.7% on a year-over-year basis. During the same quarter last year, the business earned $4.72 earnings per share. As a group, research analysts anticipate that Snap-On will post 19.7 EPS for the current year.

Snap-On announced that its Board of Directors has initiated a stock repurchase plan on Thursday, April 30th that allows the company to buyback $500.00 million in shares. This buyback authorization allows the company to buy up to 2.5% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s management believes its shares are undervalued.

Insider Buying and Selling

In other news, VP Richard Thomas Miller sold 2,000 shares of the company’s stock in a transaction that occurred on Wednesday, July 1st. The stock was sold at an average price of $405.92, for a total value of $811,840.00. Following the completion of the sale, the vice president directly owned 4,529 shares in the company, valued at $1,838,411.68. This represents a 30.63% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP Jesus Arregui sold 4,251 shares of the stock in a transaction that occurred on Wednesday, June 10th. The shares were sold at an average price of $383.92, for a total value of $1,632,043.92. Following the completion of the sale, the senior vice president directly owned 4,439 shares of the company’s stock, valued at approximately $1,704,220.88. This represents a 48.92% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders have sold 37,117 shares of company stock valued at $14,003,922. 3.80% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of SNA. Auto Owners Insurance Co boosted its position in shares of Snap-On by 34,360.0% during the 4th quarter. Auto Owners Insurance Co now owns 1,025,185 shares of the company’s stock valued at $353,279,000 after acquiring an additional 1,022,210 shares during the last quarter. Norges Bank acquired a new stake in Snap-On during the fourth quarter worth about $210,814,000. PFA Pension Forsikringsaktieselskab purchased a new position in Snap-On during the fourth quarter worth about $69,751,000. UBS Group AG raised its stake in Snap-On by 30.7% during the fourth quarter. UBS Group AG now owns 617,620 shares of the company’s stock worth $212,832,000 after purchasing an additional 144,926 shares during the period. Finally, Miller Howard Investments Inc. NY acquired a new position in Snap-On in the 1st quarter valued at about $51,244,000. Hedge funds and other institutional investors own 84.88% of the company’s stock.

About Snap-On

Snap‑On Incorporated (NYSE: SNA) is a designer, manufacturer and marketer of tools, diagnostic equipment, repair information and shop equipment for professional users. The company’s product range includes hand and power tools, tool storage and cabinets, diagnostic scan tools and software, shop equipment such as lifts and tire changers, and specialized specialty tools for automotive, aviation, marine and industrial applications. Snap‑On also offers information and workflow solutions that combine diagnostic data, repair procedures and parts information to support professional technicians.

Founded in 1920 and headquartered in Kenosha, Wisconsin, Snap‑On has established a long history in the professional tools market.