Snap-on (SNA) Shares Gap Up on Strong Earnings

Shares of Snap-on (NYSE:SNA) gapped up before the market opened on Friday after the company announced better than expected quarterly earnings. The stock had previously closed at $153.18, but opened at $152.59. Snap-on shares last traded at $146.82, with a volume of 626065 shares changing hands.

The company reported $2.79 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $2.73 by $0.06. Snap-on had a net margin of 15.13% and a return on equity of 20.54%. The business had revenue of $935.50 million for the quarter, compared to analysts’ expectations of $926.52 million. During the same quarter last year, the firm earned $2.39 EPS. The firm’s revenue for the quarter was up 5.5% compared to the same quarter last year.

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Several equities analysts have commented on the stock. Zacks Investment Research cut shares of Snap-on from a “buy” rating to a “hold” rating in a research report on Friday, January 12th. B. Riley reissued a “buy” rating and set a $205.00 target price on shares of Snap-on in a research report on Thursday, January 4th. Robert W. Baird reissued a “buy” rating and set a $220.00 target price (up previously from $184.00) on shares of Snap-on in a research report on Monday, January 29th. They noted that the move was a valuation call. Finally, Barrington Research reissued a “buy” rating on shares of Snap-on in a research report on Thursday, March 8th. One analyst has rated the stock with a sell rating, three have issued a hold rating and five have given a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average target price of $190.71.



In related news, SVP Anup R. Banerjee sold 2,091 shares of Snap-on stock in a transaction that occurred on Monday, February 12th. The shares were sold at an average price of $160.11, for a total value of $334,790.01. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Nathan J. Jones sold 774 shares of Snap-on stock in a transaction that occurred on Friday, February 16th. The stock was sold at an average price of $162.47, for a total transaction of $125,751.78. Following the completion of the sale, the director now directly owns 2,984 shares in the company, valued at approximately $484,810.48. The disclosure for this sale can be found here. In the last three months, insiders have sold 104,995 shares of company stock worth $16,839,572. Insiders own 4.00% of the company’s stock.

Large investors have recently bought and sold shares of the stock. Captrust Financial Advisors bought a new stake in shares of Snap-on in the 4th quarter worth approximately $146,000. Glenview State Bank Trust DEPT. bought a new stake in shares of Snap-on in the 4th quarter worth approximately $206,000. D.B. Root & Company LLC bought a new stake in shares of Snap-on in the 4th quarter worth approximately $229,000. Conning Inc. purchased a new position in Snap-on in the 4th quarter valued at approximately $230,000. Finally, Fort Point Capital Partners LLC purchased a new position in Snap-on in the 4th quarter valued at approximately $237,000. 99.40% of the stock is currently owned by institutional investors.

The company has a market cap of $8,147.41, a price-to-earnings ratio of 14.52, a P/E/G ratio of 1.21 and a beta of 1.16. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.24 and a current ratio of 1.78.

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Snap-on Company Profile

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

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