Northcoast Research Weighs in on Snap-On Inc.’s FY2016 Earnings (SNA)
Snap-On Inc. (NYSE:SNA) – Northcoast Research boosted their FY2016 EPS estimates for Snap-On in a report released on Tuesday. Northcoast Research analyst T. Hayes now anticipates that the brokerage will post earnings per share of $9.18 for the year, up from their prior forecast of $9.14. Northcoast Research also issued estimates for Snap-On’s Q4 2016 earnings at $2.44 EPS and Q4 2017 earnings at $2.74 EPS.
Separately, Zacks Investment Research raised Snap-On from a “hold” rating to a “buy” rating and set a $191.00 price target for the company in a research report on Wednesday. One equities research analyst has rated the stock with a hold rating, three have given a buy rating and one has given a strong buy rating to the company. The company presently has an average rating of “Buy” and a consensus target price of $178.87.
Shares of Snap-On (NYSE:SNA) opened at 170.58 on Friday. Snap-On has a 52-week low of $133.09 and a 52-week high of $174.52. The firm has a market cap of $9.90 billion, a price-to-earnings ratio of 19.04 and a beta of 1.08. The firm has a 50-day moving average price of $157.79 and a 200-day moving average price of $156.31.
Snap-On (NYSE:SNA) last posted its quarterly earnings results on Thursday, October 20th. The company reported $2.22 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.15 by $0.07. The company had revenue of $834.10 million for the quarter, compared to analyst estimates of $709.70 million. Snap-On had a return on equity of 20.73% and a net margin of 15.67%. Snap-On’s revenue for the quarter was up 1.5% compared to the same quarter last year. During the same quarter last year, the company earned $1.98 EPS.
A number of large investors have recently bought and sold shares of SNA. Jacobi Capital Management LLC increased its stake in Snap-On by 16.7% in the third quarter. Jacobi Capital Management LLC now owns 700 shares of the company’s stock worth $105,000 after buying an additional 100 shares during the period. Mizuho Asset Management Co. Ltd. increased its stake in Snap-On by 48.4% in the second quarter. Mizuho Asset Management Co. Ltd. now owns 711 shares of the company’s stock worth $112,000 after buying an additional 232 shares during the period. Northwestern Mutual Wealth Management Co. increased its stake in Snap-On by 117.4% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 776 shares of the company’s stock worth $122,000 after buying an additional 419 shares during the period. Robecosam AG purchased a new stake in Snap-On during the third quarter worth about $146,000. Finally, Penserra Capital Management LLC increased its stake in Snap-On by 95.1% in the third quarter. Penserra Capital Management LLC now owns 989 shares of the company’s stock worth $149,000 after buying an additional 482 shares during the period. 87.42% of the stock is owned by hedge funds and other institutional investors.
In other Snap-On news, VP Jeanne M. Moreno sold 500 shares of the business’s stock in a transaction dated Monday, October 24th. The stock was sold at an average price of $160.30, for a total transaction of $80,150.00. Following the completion of the sale, the vice president now owns 7,027 shares of the company’s stock, valued at $1,126,428.10. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, SVP Thomas L. Kassouf sold 20,000 shares of the business’s stock in a transaction dated Monday, November 21st. The shares were sold at an average price of $168.09, for a total value of $3,361,800.00. Following the sale, the senior vice president now directly owns 45,542 shares of the company’s stock, valued at approximately $7,655,154.78. The disclosure for this sale can be found here. 3.40% of the stock is owned by insiders.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 9th. Stockholders of record on Friday, November 18th will be given a $0.71 dividend. The ex-dividend date is Wednesday, November 16th. This represents a $2.84 dividend on an annualized basis and a dividend yield of 1.66%. This is an increase from Snap-On’s previous quarterly dividend of $0.61. Snap-On’s payout ratio is currently 31.70%.
Snap-On Incorporated is a manufacturer and marketer of tools, equipment, diagnostics, repair information and systems solutions for professional users. The Company’s segments include Commercial & Industrial Group, the Snap-on Tools Group, the Repair Systems & Information Group and Financial Services. Its Commercial & Industrial Group segment consists of business operations serving a range of industrial and commercial customers across the world.
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