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

Snap-On (NYSE:SNA - Free Report) had its target price raised by Bank of America from $265.00 to $285.00 in a research report sent to investors on Friday morning,Benzinga reports. They currently have an underperform rating on the stock.

Several other research analysts have also issued reports on the company. Longbow Research raised Snap-On from a "neutral" rating to a "buy" rating and set a $400.00 target price on the stock in a research report on Monday, March 31st. Wall Street Zen raised Snap-On from a "hold" rating to a "buy" rating in a report on Friday, May 16th. Robert W. Baird lowered their price target on Snap-On from $349.00 to $320.00 and set a "neutral" rating on the stock in a research report on Monday, April 21st. Finally, Barrington Research restated an "outperform" rating and issued a $350.00 target price on shares of Snap-On in a research report on Tuesday, July 15th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and five have assigned a buy rating to the company's stock. According to data from MarketBeat.com, Snap-On presently has an average rating of "Moderate Buy" and an average target price of $356.17.

Snap-On Trading Down 0.4%

Shares of Snap-On stock traded down $1.25 on Friday, reaching $336.55. The company had a trading volume of 619,623 shares, compared to its average volume of 369,908. The firm's 50-day moving average price is $318.89 and its two-hundred day moving average price is $327.74. Snap-On has a 1 year low of $266.56 and a 1 year high of $373.90. The company has a debt-to-equity ratio of 0.21, a current ratio of 4.48 and a quick ratio of 3.18. The firm has a market cap of $17.60 billion, a price-to-earnings ratio of 17.95, a P/E/G ratio of 2.42 and a beta of 0.76.

Snap-On (NYSE:SNA - Get Free Report) last issued its earnings results on Thursday, July 17th. The company reported $4.72 EPS for the quarter, topping analysts' consensus estimates of $4.61 by $0.11. Snap-On had a net margin of 20.98% and a return on equity of 18.02%. The business had revenue of $1.18 billion for the quarter, compared to analyst estimates of $1.16 billion. During the same period last year, the company posted $5.07 earnings per share. The company's quarterly revenue was up .0% compared to the same quarter last year. As a group, research analysts predict that Snap-On will post 19.79 earnings per share for the current fiscal year.

Snap-On Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, June 10th. Stockholders of record on Tuesday, May 20th were paid a $2.14 dividend. The ex-dividend date was Tuesday, May 20th. This represents a $8.56 dividend on an annualized basis and a dividend yield of 2.54%. Snap-On's payout ratio is presently 44.82%.

Insider Activity

In other Snap-On news, CEO Nicholas T. Pinchuk sold 23,172 shares of Snap-On stock in a transaction dated 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 completion of the sale, the chief executive officer directly owned 804,510 shares of the company's stock, valued at $254,104,483.50. The trade was a 2.80% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Karen L. Daniel sold 1,090 shares of Snap-On stock in a transaction dated Thursday, June 5th. The stock was sold at an average price of $319.92, for a total value of $348,712.80. Following the sale, the director directly owned 8,030 shares of the company's stock, valued at $2,568,957.60. This trade represents a 11.95% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 29,815 shares of company stock valued at $9,482,532. 3.90% of the stock is currently owned by corporate insiders.

Institutional Trading of Snap-On

Several institutional investors and hedge funds have recently made changes to their positions in SNA. Vanguard Group Inc. grew its holdings in shares of Snap-On by 0.3% in the 4th quarter. Vanguard Group Inc. now owns 6,404,599 shares of the company's stock worth $2,174,233,000 after acquiring an additional 19,328 shares during the period. Charles Schwab Investment Management Inc. grew its holdings in shares of Snap-On by 6.4% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 1,921,584 shares of the company's stock worth $647,593,000 after acquiring an additional 115,306 shares during the period. First Trust Advisors LP grew its holdings in shares of Snap-On by 29.2% in the 4th quarter. First Trust Advisors LP now owns 1,819,403 shares of the company's stock worth $617,651,000 after acquiring an additional 411,317 shares during the period. Geode Capital Management LLC grew its holdings in Snap-On by 1.7% during the 4th quarter. Geode Capital Management LLC now owns 1,641,159 shares of the company's stock valued at $556,022,000 after buying an additional 27,700 shares during the last quarter. Finally, Kingstone Capital Partners Texas LLC acquired a new stake in Snap-On during the 2nd quarter valued at $434,938,000. 84.88% of the stock is owned by hedge funds and other institutional investors.

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.