Snap-on (SNA) Shares Up 6.2% Following Better-Than-Expected Earnings

Snap-on (NYSE:SNA) shot up 6.2% on Thursday following a stronger than expected earnings report. The company traded as high as $158.63 and last traded at $152.59. 2,817,417 shares traded hands during trading, an increase of 295% from the average session volume of 713,380 shares. The stock had previously closed at $143.64.

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

Several brokerages recently commented on SNA. B. Riley set a $205.00 price objective on Snap-on and gave the stock a “buy” rating in a research note on Thursday, February 8th. Barrington Research reaffirmed a “buy” rating on shares of Snap-on in a research note on Monday. Zacks Investment Research upgraded Snap-on from a “hold” rating to a “buy” rating and set a $206.00 target price for the company in a report on Wednesday, January 17th. Finally, Robert W. Baird lowered their target price on Snap-on from $220.00 to $211.00 and set an “outperform” rating for the company in a report on Friday, February 9th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and five have assigned a buy rating to the company. The stock currently has an average rating of “Hold” and an average target price of $190.71.

In other Snap-on news, Director Nathan J. Jones sold 774 shares of the stock in a transaction dated 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 transaction, the director now owns 2,984 shares in the company, valued at approximately $484,810.48. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, SVP Thomas L. Kassouf sold 96,000 shares of the stock in a transaction dated Monday, February 26th. The stock was sold at an average price of $160.40, for a total value of $15,398,400.00. The disclosure for this sale can be found here. In the last quarter, insiders have sold 104,995 shares of company stock valued at $16,839,572. Corporate insiders own 4.00% of the company’s stock.

Several hedge funds and other institutional investors have recently made changes to their positions in SNA. First Trust Advisors LP grew its holdings in shares of Snap-on by 147.6% in the 4th quarter. First Trust Advisors LP now owns 433,341 shares of the company’s stock valued at $75,531,000 after acquiring an additional 258,310 shares in the last quarter. Elkfork Partners LLC bought a new position in shares of Snap-on in the 4th quarter valued at about $36,979,000. Deprince Race & Zollo Inc. bought a new position in shares of Snap-on in the 4th quarter valued at about $27,660,000. Fenimore Asset Management Inc. grew its holdings in shares of Snap-on by 221.5% in the 4th quarter. Fenimore Asset Management Inc. now owns 220,331 shares of the company’s stock valued at $38,404,000 after acquiring an additional 151,797 shares in the last quarter. Finally, Teacher Retirement System of Texas grew its holdings in shares of Snap-on by 2,817.0% in the 4th quarter. Teacher Retirement System of Texas now owns 127,792 shares of the company’s stock valued at $22,274,000 after acquiring an additional 123,411 shares in the last quarter. Institutional investors own 99.40% of the company’s stock.

The firm has a market cap of $8,192.79, a price-to-earnings ratio of 15.08, a PEG ratio of 1.22 and a beta of 1.16. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.78 and a quick ratio of 1.24.

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About Snap-on

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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