Roth Capital Has Positive Outlook of Snap-on FY2024 Earnings

Snap-on Incorporated (NYSE:SNA) – Equities research analysts at Roth Capital boosted their FY2024 earnings per share estimates for shares of Snap-on in a research note issued on Tuesday, October 22nd. Roth Capital analyst S. Stember now anticipates that the company will earn $19.16 per share for the year, up from their previous forecast of $19.09. The consensus estimate for Snap-on’s current full-year earnings is $19.04 per share. Roth Capital also issued estimates for Snap-on’s Q4 2024 earnings at $4.80 EPS, Q3 2025 earnings at $5.13 EPS and FY2026 earnings at $22.14 EPS.

Several other research analysts have also recently issued reports on SNA. Tigress Financial lifted their target price on shares of Snap-on from $336.00 to $385.00 and gave the stock a “buy” rating in a report on Friday. Barrington Research boosted their price objective on shares of Snap-on from $325.00 to $350.00 and gave the stock an “outperform” rating in a report on Thursday, October 17th. Roth Mkm increased their target price on Snap-on from $324.00 to $365.00 and gave the company a “buy” rating in a research note on Tuesday. Bank of America lifted their target price on Snap-on from $255.00 to $280.00 and gave the stock an “underperform” rating in a report on Friday, October 18th. Finally, Robert W. Baird increased their price objective on Snap-on from $290.00 to $347.00 and gave the company a “neutral” rating in a research report on Friday, October 18th. One analyst has rated the stock with a sell rating, one has given a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $345.40.

Snap-on Price Performance

SNA opened at $326.62 on Thursday. The firm has a market cap of $17.15 billion, a PE ratio of 16.81, a P/E/G ratio of 2.14 and a beta of 0.98. The stock has a 50-day moving average price of $289.40 and a 200-day moving average price of $277.91. Snap-on has a 1 year low of $250.30 and a 1 year high of $330.51. The company has a debt-to-equity ratio of 0.22, a current ratio of 4.18 and a quick ratio of 3.14.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. Financial Advocates Investment Management raised its stake in Snap-on by 2.6% during the 3rd quarter. Financial Advocates Investment Management now owns 3,449 shares of the company’s stock valued at $999,000 after purchasing an additional 89 shares during the period. Pinnacle Associates Ltd. bought a new stake in shares of Snap-on during the third quarter valued at approximately $214,000. First Trust Direct Indexing L.P. lifted its holdings in shares of Snap-on by 11.6% in the third quarter. First Trust Direct Indexing L.P. now owns 1,348 shares of the company’s stock worth $391,000 after buying an additional 140 shares in the last quarter. Abich Financial Wealth Management LLC bought a new position in shares of Snap-on during the third quarter worth $152,000. Finally, abrdn plc grew its stake in Snap-on by 5.9% during the third quarter. abrdn plc now owns 22,797 shares of the company’s stock valued at $6,561,000 after acquiring an additional 1,272 shares in the last quarter. Hedge funds and other institutional investors own 84.88% of the company’s stock.

Insider Transactions at Snap-on

In other Snap-on news, VP Richard Thomas Miller sold 1,750 shares of the business’s stock in a transaction dated Friday, October 18th. The stock was sold at an average price of $330.00, for a total transaction of $577,500.00. Following the completion of the sale, the vice president now directly owns 3,218 shares in the company, valued at $1,061,940. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other news, VP Richard Thomas Miller sold 1,750 shares of the business’s stock in a transaction on Friday, October 18th. The shares were sold at an average price of $330.00, for a total transaction of $577,500.00. Following the completion of the sale, the vice president now owns 3,218 shares of the company’s stock, valued at $1,061,940. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Nicholas T. Pinchuk sold 24,145 shares of the firm’s stock in a transaction on Monday, August 12th. The stock was sold at an average price of $268.95, for a total value of $6,493,797.75. Following the completion of the transaction, the chief executive officer now directly owns 759,019 shares in the company, valued at approximately $204,138,160.05. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 37,598 shares of company stock worth $10,461,986 in the last ninety days. Insiders own 4.10% of the company’s stock.

Snap-on Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 10th. Stockholders of record on Monday, August 19th were issued a dividend of $1.86 per share. The ex-dividend date was Monday, August 19th. This represents a $7.44 annualized dividend and a dividend yield of 2.28%. Snap-on’s payout ratio is 38.29%.

Snap-on announced that its Board of Directors has initiated a stock buyback program on Thursday, August 8th that permits the company to buyback $500.00 million in outstanding shares. This buyback authorization permits the company to purchase up to 3.5% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board of directors believes its shares are undervalued.

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.