Roth Capital Comments on Snap-on Incorporated’s Q2 2024 Earnings (NYSE:SNA)

Snap-on Incorporated (NYSE:SNA) – Equities researchers at Roth Capital decreased their Q2 2024 earnings per share (EPS) estimates for Snap-on in a note issued to investors on Friday, April 19th. Roth Capital analyst S. Stember now forecasts that the company will earn $4.86 per share for the quarter, down from their prior estimate of $5.00. The consensus estimate for Snap-on’s current full-year earnings is $19.24 per share. Roth Capital also issued estimates for Snap-on’s Q1 2025 earnings at $5.13 EPS, Q2 2025 earnings at $5.42 EPS and FY2025 earnings at $20.79 EPS.

Snap-on (NYSE:SNA) last issued its quarterly earnings data 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 return on equity of 20.46% and a net margin of 21.69%. The firm had revenue of $1.18 billion during the quarter, compared to the consensus estimate of $1.20 billion. During the same period last year, the company earned $4.60 EPS. The company’s quarterly revenue was down .1% on a year-over-year basis.

Several other research firms also recently weighed in on SNA. Barrington Research reiterated an “outperform” rating and issued a $325.00 target price on shares of Snap-on in a report on Monday, April 15th. Robert W. Baird cut their price objective on Snap-on from $295.00 to $282.00 and set a “neutral” rating on the stock in a report on Friday. Roth Mkm reissued a “buy” rating and set a $324.00 target price on shares of Snap-on in a research note on Thursday, April 18th. Finally, Tigress Financial reaffirmed a “buy” rating and issued a $336.00 target price on shares of Snap-on in a research report on Friday, February 16th. Two analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $316.75.

Snap-on Price Performance

Shares of SNA opened at $268.56 on Monday. The firm has a 50-day simple moving average of $283.80 and a two-hundred day simple moving average of $278.68. The stock has a market cap of $14.16 billion, a PE ratio of 14.09, a P/E/G ratio of 1.92 and a beta of 0.99. Snap-on has a 1-year low of $247.68 and a 1-year high of $298.49. The company has a debt-to-equity ratio of 0.23, a current ratio of 3.82 and a quick ratio of 2.83.

Institutional Trading of Snap-on

Hedge funds and other institutional investors have recently bought and sold shares of the business. Checchi Capital Advisers LLC increased its holdings in shares of Snap-on by 2.0% in the 4th quarter. Checchi Capital Advisers LLC now owns 1,830 shares of the company’s stock valued at $529,000 after acquiring an additional 36 shares during the last quarter. Avantax Planning Partners Inc. raised its holdings in Snap-on by 3.5% during the third quarter. Avantax Planning Partners Inc. now owns 1,131 shares of the company’s stock worth $288,000 after purchasing an additional 38 shares in the last quarter. Phoenix Wealth Advisors lifted its position in shares of Snap-on by 3.1% during the 3rd quarter. Phoenix Wealth Advisors now owns 1,309 shares of the company’s stock worth $334,000 after buying an additional 39 shares during the last quarter. Venturi Wealth Management LLC boosted its holdings in shares of Snap-on by 17.2% in the 4th quarter. Venturi Wealth Management LLC now owns 272 shares of the company’s stock valued at $79,000 after buying an additional 40 shares in the last quarter. Finally, Czech National Bank grew its position in shares of Snap-on by 0.4% in the 1st quarter. Czech National Bank now owns 9,286 shares of the company’s stock valued at $2,751,000 after buying an additional 41 shares during the last quarter. 84.88% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Snap-on

In other Snap-on news, VP Richard Thomas Miller sold 704 shares of the company’s stock in a transaction dated Thursday, March 28th. The stock was sold at an average price of $298.16, for a total transaction of $209,904.64. Following the sale, the vice president now owns 3,213 shares in the company, valued at approximately $957,988.08. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In related news, VP Richard Thomas Miller sold 704 shares of Snap-on stock in a transaction that occurred 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 in the company, valued at $957,988.08. The sale 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 stock in a transaction that occurred on Tuesday, March 19th. The shares were sold at an average price of $287.48, for a total transaction of $6,759,804.72. Following the completion of the sale, the chief executive officer now directly owns 742,383 shares in the company, valued at $213,420,264.84. The disclosure for this sale can be found here. Over the last three months, insiders sold 47,368 shares of company stock worth $13,399,449. Company insiders own 4.10% of the company’s stock.

Snap-on Dividend Announcement

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