Snap-on (NYSE:SNA) Announces Quarterly Earnings Results, Beats Estimates By $0.09 EPS

Snap-on (NYSE:SNA) posted its quarterly earnings results on Thursday. The company reported $4.75 EPS for the quarter, beating the consensus estimate of $4.66 by $0.09, Briefing.com reports. The firm had revenue of $1.18 billion for the quarter, compared to analyst estimates of $1.20 billion. Snap-on had a net margin of 21.69% and a return on equity of 20.46%. Snap-on’s revenue for the quarter was down .1% compared to the same quarter last year. During the same quarter last year, the firm posted $4.60 earnings per share.

Snap-on Stock Performance

Snap-on stock opened at $268.80 on Friday. The company has a market cap of $14.20 billion, a PE ratio of 14.10, a P/E/G ratio of 1.87 and a beta of 0.99. The company has a fifty day moving average price of $283.78 and a two-hundred day moving average price of $278.27. The company has a debt-to-equity ratio of 0.23, a current ratio of 3.82 and a quick ratio of 2.81. Snap-on has a 12 month low of $245.73 and a 12 month high of $298.49.

Snap-on Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 11th. Shareholders of record on Monday, February 26th were issued a $1.86 dividend. This represents a $7.44 dividend on an annualized basis and a yield of 2.77%. The ex-dividend date was Friday, February 23rd. Snap-on’s dividend payout ratio is presently 39.03%.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on SNA shares. Roth Mkm reiterated a “buy” rating and set a $324.00 price objective on shares of Snap-on in a research note on Thursday. Tigress Financial reissued a “buy” rating and set a $336.00 price target on shares of Snap-on in a research report on Friday, February 16th. Barrington Research reissued an “outperform” rating and set a $325.00 price target on shares of Snap-on in a research report on Monday, April 15th. Finally, Robert W. Baird decreased their price target 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. One 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 stock. According to data from MarketBeat, Snap-on has a consensus rating of “Hold” and a consensus target price of $301.40.

Insiders Place Their Bets

In other Snap-on news, VP Richard Thomas Miller sold 704 shares of Snap-on stock in a transaction on Thursday, March 28th. The shares were sold at an average price of $298.16, for a total value of $209,904.64. Following the completion of the transaction, the vice president now owns 3,213 shares of the company’s stock, valued at $957,988.08. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In other news, VP Richard Thomas Miller sold 704 shares of the company’s stock in a transaction dated Thursday, March 28th. The shares were sold at an average price of $298.16, for a total transaction of $209,904.64. Following the completion of the transaction, the vice president now owns 3,213 shares in the company, valued at $957,988.08. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Nicholas T. Pinchuk sold 23,514 shares of the company’s stock in a transaction dated Tuesday, March 19th. The stock was sold at an average price of $287.48, for a total transaction of $6,759,804.72. Following the transaction, the chief executive officer now owns 742,383 shares of the company’s stock, valued at approximately $213,420,264.84. The disclosure for this sale can be found here. Insiders sold a total of 47,368 shares of company stock valued at $13,399,449 over the last 90 days. 4.10% of the stock is owned by company insiders.

Hedge Funds Weigh In On Snap-on

Several institutional investors have recently modified their holdings of the company. Norges Bank acquired a new stake in Snap-on in the fourth quarter worth about $112,490,000. Wellington Management Group LLP lifted its holdings in Snap-on by 7,194.3% in the first quarter. Wellington Management Group LLP now owns 241,149 shares of the company’s stock worth $49,551,000 after purchasing an additional 237,843 shares during the period. Morgan Stanley lifted its holdings in Snap-on by 12.8% in the fourth quarter. Morgan Stanley now owns 758,417 shares of the company’s stock worth $173,291,000 after purchasing an additional 85,896 shares during the period. National Pension Service lifted its holdings in Snap-on by 440.1% in the second quarter. National Pension Service now owns 103,772 shares of the company’s stock worth $29,778,000 after purchasing an additional 84,558 shares during the period. Finally, Renaissance Technologies LLC lifted its holdings in Snap-on by 145.7% in the first quarter. Renaissance Technologies LLC now owns 119,900 shares of the company’s stock worth $24,637,000 after purchasing an additional 71,100 shares during the period. Institutional investors own 84.88% of the company’s stock.

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.