Zacks Research Equities Analysts Cut Earnings Estimates for Snap-on Incorporated (NYSE:SNA)

Snap-on Incorporated (NYSE:SNA - Free Report) - Equities researchers at Zacks Research cut their Q2 2024 earnings estimates for shares of Snap-on in a research note issued to investors on Thursday, May 9th. Zacks Research analyst R. Lohia now anticipates that the company will post earnings of $4.91 per share for the quarter, down from their previous estimate of $4.96. The consensus estimate for Snap-on's current full-year earnings is $19.02 per share. Zacks Research also issued estimates for Snap-on's FY2024 earnings at $19.21 EPS, FY2025 earnings at $20.11 EPS and Q1 2026 earnings at $5.23 EPS.

Snap-on (NYSE:SNA - Get Free Report) last announced its earnings results on Thursday, April 18th. The company reported $4.75 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $4.66 by $0.09. Snap-on had a net margin of 21.69% and a return on equity of 20.46%. The company had revenue of $1.18 billion during the quarter, compared to analysts' expectations of $1.20 billion. During the same quarter in the previous year, the business posted $4.60 earnings per share. The firm's quarterly revenue was down .1% compared to the same quarter last year.

A number of other analysts have also commented on the company. Barrington Research reaffirmed an "outperform" rating and set a $325.00 price objective on shares of Snap-on in a research note on Monday, April 15th. Tigress Financial reaffirmed a "buy" rating and set a $336.00 price target on shares of Snap-on in a research note on Friday, February 16th. Robert W. Baird cut their price objective on shares of Snap-on from $295.00 to $282.00 and set a "neutral" rating for the company in a research report on Friday, April 19th. Finally, Roth Mkm restated a "buy" rating and set a $324.00 target price on shares of Snap-on in a research report on Thursday, April 18th. Two research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $316.75.

Snap-on Price Performance

NYSE:SNA traded up $0.81 during trading hours on Friday, reaching $280.91. 137,301 shares of the company traded hands, compared to its average volume of 307,232. The company has a debt-to-equity ratio of 0.23, a current ratio of 3.82 and a quick ratio of 2.83. The firm's 50-day moving average is $284.48 and its 200-day moving average is $279.79. The stock has a market cap of $14.81 billion, a P/E ratio of 14.74, a P/E/G ratio of 1.87 and a beta of 1.00. Snap-on has a 1-year low of $247.68 and a 1-year high of $298.49.

Institutional Investors Weigh In On Snap-on

Several hedge funds and other institutional investors have recently added to or reduced their stakes in SNA. Charles Schwab Investment Management Inc. increased its position in shares of Snap-on by 2.1% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,276,205 shares of the company's stock worth $325,509,000 after acquiring an additional 26,260 shares during the last quarter. Nordea Investment Management AB raised its position in shares of Snap-on by 3.2% in the 1st quarter. Nordea Investment Management AB now owns 891,994 shares of the company's stock valued at $265,217,000 after purchasing an additional 27,429 shares in the last quarter. Northern Trust Corp grew its position in shares of Snap-on by 4.6% during the third quarter. Northern Trust Corp now owns 834,148 shares of the company's stock worth $212,758,000 after buying an additional 36,556 shares in the last quarter. Earnest Partners LLC increased its stake in shares of Snap-on by 5.8% in the third quarter. Earnest Partners LLC now owns 775,131 shares of the company's stock worth $197,705,000 after buying an additional 42,701 shares during the last quarter. Finally, Dimensional Fund Advisors LP raised its holdings in Snap-on by 0.4% in the fourth quarter. Dimensional Fund Advisors LP now owns 773,087 shares of the company's stock valued at $223,304,000 after acquiring an additional 3,449 shares in the last quarter. Hedge funds and other institutional investors own 84.88% of the company's stock.

Insider Buying and Selling

In other Snap-on news, SVP Jesus Arregui sold 2,562 shares of Snap-on stock in a transaction that occurred on Monday, February 26th. The shares were sold at an average price of $269.35, for a total transaction of $690,074.70. Following the transaction, the senior vice president now directly owns 8,663 shares of the company's stock, valued at $2,333,379.05. The sale was disclosed in a filing with the SEC, which is available at this link. In other news, SVP Jesus Arregui sold 2,562 shares of the company's stock in a transaction dated Monday, February 26th. The stock was sold at an average price of $269.35, for a total value of $690,074.70. Following the completion of the sale, the senior vice president now owns 8,663 shares of the company's stock, valued at $2,333,379.05. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, VP Richard Thomas Miller sold 704 shares of the firm's stock in a transaction dated Thursday, March 28th. The shares were sold at an average price of $298.16, for a total value of $209,904.64. Following the sale, the vice president now owns 3,213 shares in the company, valued at $957,988.08. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 49,930 shares of company stock valued at $14,089,523. 4.10% of the stock is currently owned by company insiders.

Snap-on Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 10th. Stockholders of record on Monday, May 20th will be issued a dividend of $1.86 per share. The ex-dividend date of this dividend is Friday, May 17th. This represents a $7.44 dividend on an annualized basis and a dividend yield of 2.65%. Snap-on's payout ratio is 39.03%.

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.