Barrington Research Raises Snap-on (NYSE:SNA) Price Target to $350.00

Snap-on (NYSE:SNA) had its price objective increased by research analysts at Barrington Research from $325.00 to $350.00 in a research report issued on Thursday, Benzinga reports. The brokerage currently has an “outperform” rating on the stock. Barrington Research’s price objective would suggest a potential upside of 7.33% from the company’s current price.

A number of other research analysts have also recently commented on SNA. Roth Mkm reiterated a “buy” rating and issued a $324.00 price target on shares of Snap-on in a research note on Tuesday, July 16th. Robert W. Baird cut their price target on Snap-on from $282.00 to $275.00 and set a “neutral” rating on the stock in a research note on Friday, July 12th. Finally, Tigress Financial reaffirmed a “buy” rating and issued a $336.00 price objective on shares of Snap-on in a research note on Thursday, July 25th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat.com, Snap-on currently has a consensus rating of “Hold” and a consensus price target of $327.40.

Snap-on Stock Performance

Snap-on stock opened at $326.09 on Thursday. The company has a quick ratio of 3.05, a current ratio of 4.06 and a debt-to-equity ratio of 0.22. The stock has a market cap of $17.18 billion, a PE ratio of 16.95, a P/E/G ratio of 2.06 and a beta of 0.98. Snap-on has a 12-month low of $249.84 and a 12-month high of $330.51. The business’s 50-day moving average price is $283.12 and its two-hundred day moving average price is $276.56.

Snap-on (NYSE:SNA) last released its quarterly earnings data on Thursday, July 18th. The company reported $5.07 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.94 by $0.13. Snap-on had a net margin of 21.90% and a return on equity of 19.90%. The business had revenue of $1.18 billion during the quarter, compared to analysts’ expectations of $1.20 billion. During the same period in the prior year, the company earned $4.89 EPS. The firm’s quarterly revenue was down 1.0% compared to the same quarter last year. As a group, analysts expect that Snap-on will post 18.95 earnings per share for the current fiscal year.

Snap-on announced that its board has approved a share buyback plan on Thursday, August 8th that permits the company to repurchase $500.00 million in outstanding shares. This repurchase authorization permits the company to repurchase up to 3.5% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s board believes its stock is undervalued.

Insider Transactions at Snap-on

In other Snap-on news, CEO Nicholas T. Pinchuk sold 24,145 shares of the company’s stock in a transaction on Monday, August 12th. The shares were sold at an average price of $268.95, for a total transaction of $6,493,797.75. Following the sale, the chief executive officer now owns 759,019 shares of the company’s stock, valued at approximately $204,138,160.05. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other Snap-on news, CEO Nicholas T. Pinchuk sold 24,145 shares of the business’s stock in a transaction that occurred on Monday, August 12th. The stock was sold at an average price of $268.95, for a total value of $6,493,797.75. Following the transaction, the chief executive officer now directly owns 759,019 shares of the company’s stock, valued at approximately $204,138,160.05. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP June C. Lemerand sold 1,186 shares of the stock in a transaction that occurred on Monday, August 26th. The stock was sold at an average price of $283.97, for a total value of $336,788.42. Following the transaction, the vice president now owns 2,283 shares in the company, valued at $648,303.51. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 35,848 shares of company stock worth $9,884,486 over the last three months. 4.10% of the stock is owned by company insiders.

Hedge Funds Weigh In On Snap-on

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Rockland Trust Co. bought a new stake in Snap-on in the 1st quarter valued at about $889,000. Manning & Napier Advisors LLC bought a new position in shares of Snap-on in the 2nd quarter worth $4,571,000. SG Americas Securities LLC grew its position in Snap-on by 32.7% in the 2nd quarter. SG Americas Securities LLC now owns 13,140 shares of the company’s stock valued at $3,435,000 after purchasing an additional 3,238 shares during the period. Strategic Financial Concepts LLC bought a new stake in Snap-on during the 2nd quarter valued at $3,653,000. Finally, Los Angeles Capital Management LLC raised its holdings in Snap-on by 34.8% during the first quarter. Los Angeles Capital Management LLC now owns 26,580 shares of the company’s stock worth $7,874,000 after buying an additional 6,858 shares during the last quarter. Institutional investors own 84.88% of the company’s stock.

About Snap-on

Snap-on Incorporated manufactures and markets tools, equipment, diagnostics, and repair information and systems solutions for professional users worldwide. It operates through Commercial & Industrial Group, Snap-on Tools Group, Repair Systems & Information Group, and Financial Services segments.