Analysts at Weiss Ratings have reaffirmed a “buy” rating for Snap-On Incorporated (NYSE:SNA) in a recent research report. The announcement was made on Friday, signaling confidence in the company’s stock performance as it continues to attract attention from various financial analysts.
Several other financial institutions have also provided updates on Snap-On’s stock. Tigress Financial raised its price target from $395.00 to $405.00, maintaining a “buy” rating. Meanwhile, Robert W. Baird increased its price objective from $355.00 to $365.00, assigning a “neutral” rating. Additionally, Bank of America adjusted its price target from $265.00 to $285.00, rating the stock as “underperform.” On October 17, Roth Capital reiterated its “buy” rating with a price target of $385.00. Wall Street Zen also upgraded Snap-On from a “hold” to a “buy” rating on October 18.
Currently, five analysts have assigned a buy rating, one has issued a hold rating, and one has rated the stock as a sell. According to data from MarketBeat, Snap-On holds an average rating of “Moderate Buy” with a consensus price target of $365.00.
Recent Earnings and Stock Performance
Snap-On released its latest earnings report on October 16, revealing earnings per share of $4.71 for the quarter, surpassing analysts’ expectations of $4.59 by $0.12. The company’s revenue reached $1.19 billion, exceeding projections of $1.16 billion. Snap-On reported a return on equity of 17.71% and a net margin of 21.08%. Compared to the same quarter last year, revenue increased by 3.8%, with earnings per share rising from $4.70.
Looking ahead, analysts forecast that Snap-On will post earnings per share of $19.79 for the current fiscal year.
Insider Activity and Institutional Investment
In recent insider trading news, CEO Nicholas T. Pinchuk sold 23,042 shares of Snap-On on August 11 at an average price of $320.88, totaling approximately $7.39 million. Post-sale, he retains 815,219 shares, valued at around $261.59 million. This transaction represents a 2.75% decrease in his ownership stake.
Furthermore, CFO Aldo John Pagliari sold 125 shares on August 15 for $325.21 each, totaling about $40,651.25. Following this transaction, he holds 111,721 shares, valued at approximately $36.33 million, marking a 0.11% reduction in his position. Over the past ninety days, insiders have sold 27,898 shares worth approximately $8.98 million, with insiders owning 3.90% of the total stock.
Institutional investors have also been active, with several adjusting their holdings. GAMMA Investing LLC increased its position by 93.5%, acquiring an additional 1,008 shares, bringing its total to 2,086 shares valued at around $703,000. Cambridge Investment Research Advisors Inc. grew its holdings by 4.5%, now owning 15,982 shares valued at approximately $5.39 million.
Overall, institutional and hedge fund investors currently own 84.88% of Snap-On’s stock, reflecting strong institutional interest in the company.
Snap-On Incorporated is a prominent manufacturer of tools, equipment, diagnostics, and repair information systems designed for professional users globally. The company operates through various segments, including the Commercial & Industrial Group, Snap-on Tools Group, Repair Systems & Information Group, and Financial Services.
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