Bank of America Forecasts Strong Price Appreciation for Snap-On (NYSE:SNA) Stock

Snap-On (NYSE:SNA) had its price target lifted by equities research analysts at Bank of America from $265.00 to $285.00 in a research report issued to clients and investors on Friday,Benzinga reports. The brokerage currently has an “underperform” rating on the stock. Bank of America‘s price target would indicate a potential downside of 15.32% from the company’s current price.

A number of other research firms have also recently commented on SNA. Robert W. Baird reduced their price target on Snap-On from $349.00 to $320.00 and set a “neutral” rating for the company in a report on Monday, April 21st. Longbow Research upgraded Snap-On from a “neutral” rating to a “buy” rating and set a $400.00 price target for the company in a report on Monday, March 31st. Barrington Research reiterated an “outperform” rating and set a $350.00 price target on shares of Snap-On in a report on Tuesday, July 15th. Finally, Wall Street Zen upgraded Snap-On from a “hold” rating to a “buy” rating in a report on Friday, May 16th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, Snap-On presently has a consensus rating of “Moderate Buy” and an average price target of $356.17.

Snap-On Stock Performance

Shares of Snap-On stock opened at $336.55 on Friday. The stock’s fifty day simple moving average is $318.89 and its 200 day simple moving average is $327.74. The company has a market capitalization of $17.60 billion, a PE ratio of 17.95, a PEG ratio of 2.42 and a beta of 0.76. The company has a current ratio of 4.48, a quick ratio of 3.18 and a debt-to-equity ratio of 0.21. Snap-On has a 12 month low of $266.56 and a 12 month high of $373.90.

Snap-On (NYSE:SNA) last released its earnings results on Thursday, July 17th. The company reported $4.72 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.61 by $0.11. The firm had revenue of $1.18 billion during the quarter, compared to analysts’ expectations of $1.16 billion. Snap-On had a return on equity of 18.02% and a net margin of 20.98%. The company’s revenue was up .0% on a year-over-year basis. During the same quarter in the prior year, the company earned $5.07 EPS. On average, research analysts predict that Snap-On will post 19.79 EPS for the current year.

Insider Activity

In other Snap-On news, Director Karen L. Daniel sold 1,090 shares of the business’s stock in a transaction on Thursday, June 5th. The shares were sold at an average price of $319.92, for a total transaction of $348,712.80. Following the sale, the director owned 8,030 shares of the company’s stock, valued at approximately $2,568,957.60. The trade was a 11.95% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Nicholas T. Pinchuk sold 23,172 shares of the business’s stock in a transaction on Monday, June 2nd. The stock was sold at an average price of $315.85, for a total transaction of $7,318,876.20. Following the sale, the chief executive officer directly owned 804,510 shares in the company, valued at approximately $254,104,483.50. The trade was a 2.80% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 29,815 shares of company stock worth $9,482,532. Corporate insiders own 3.90% of the company’s stock.

Institutional Trading of Snap-On

A number of hedge funds and other institutional investors have recently modified their holdings of SNA. Connor Clark & Lunn Investment Management Ltd. acquired a new position in Snap-On in the fourth quarter valued at $1,068,000. Corient Private Wealth LLC lifted its holdings in Snap-On by 3.5% in the fourth quarter. Corient Private Wealth LLC now owns 22,987 shares of the company’s stock valued at $7,803,000 after buying an additional 783 shares during the period. Cibc World Markets Corp lifted its holdings in Snap-On by 16.1% in the fourth quarter. Cibc World Markets Corp now owns 8,301 shares of the company’s stock valued at $2,818,000 after buying an additional 1,153 shares during the period. Harvest Fund Management Co. Ltd lifted its holdings in Snap-On by 1,820.7% in the fourth quarter. Harvest Fund Management Co. Ltd now owns 557 shares of the company’s stock valued at $189,000 after buying an additional 528 shares during the period. Finally, Royal London Asset Management Ltd. lifted its holdings in Snap-On by 10.0% in the fourth quarter. Royal London Asset Management Ltd. now owns 25,571 shares of the company’s stock valued at $8,681,000 after buying an additional 2,324 shares during the period. Institutional investors own 84.88% of the company’s stock.

Snap-On Company Profile

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.