The Vanguard Group, Inc. recently announced the acquisition of new stake in Snap-on Incorporated (NYSE:SNA). The institutional investor has increased its shareholding in the Industrials company by 1.51% to 6.34 million shares with purchase of 94231.0 shares. This fresh investment now brings its stake to 11.93% valued currently at $1.45 billion. In addition, Geode Capital Management LLC raised its holdings by 47950.0 to 1.37 million shares. And Charles Schwab Investment Managem has lifted its position by 8.33% or 88826.0 shares – to 1.15 million shares.
With over 0.26 million Snap-on Incorporated (SNA) shares trading Tuesday and a closing price of $245.38 on the day, the dollar volume was approximately $62.91 million. The shares have shown a positive half year performance of 22.50% and its price on 01/17/23 lost nearly -1.38%. Currently, there are 53.20M common shares owned by the public and among those 52.24M shares have been available to trade.
An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 11 analysts who have offered their price forecasts for SNA have a consensus price objective of $225.75. The analysts have set the share’s price value over the next 12 months at a high of $280.00 and a low of $170.00. The average price target is -4.96% below its recent price level and a downside to the estimated low will see the stock lose -44.34% over that period. But an upside of 12.36% will see the stock hit the forecast high price target while median target price for the stock is $231.50.
Insiders at the company have transacted a total of 69 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 31 of these insider trades were purchases, accounting for 203,096 shares. Insider sales of the common stock occurred on 38 occasions, with total insider shares sold totaling 123,998 shares.
The top 3 mutual fund holders in Snap-on Incorporated are Vanguard Total Stock Market Index, Vanguard Mid Cap Index Fund, and Vanguard 500 Index Fund. Vanguard Total Stock Market Index owns 1.6 million shares of the company’s stock, all valued at over $366.56 million. The company bought an additional 7603.0 shares recently to bring their total holdings to about 3.02% of the shares outstanding. Vanguard Mid Cap Index Fund bought 2068.0 shares to see its total holdings expand to 1.25 million shares valued at over $284.74 million and representing 2.34% of the shares outstanding. Vanguard 500 Index Fund bought 1549.0 shares to bring its total holdings to over 1.22 million shares at a value of $278.92 million. Vanguard 500 Index Fund now owns shares totaling to 2.30% of the shares outstanding.
Shares of Snap-on Incorporated (NYSE: SNA) opened at $248.48, down -$0.33 from a prior closing price of $248.81. However, the script later moved the day high at 250.62, down -1.38%. The company’s stock has a 5-day price change of 2.07% and 17.07% over the past three months. SNA shares are trading 7.39% year to date (YTD), with the 12-month market performance up to 11.30% higher. It has a 12-month low price of $190.08 and touched a high of $249.77 over the same period. SNA has an average intraday trading volume of 298.42K shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 5.32%, 4.76%, and 12.00% respectively.
Institutional ownership of Snap-on Incorporated (NYSE: SNA) shares accounts for 89.50% of the company’s 53.20M shares outstanding. Mutual fund holders own 43.92%, while other institutional holders and individual stakeholders account for 46.12% and 2.83% respectively.
It has a market capitalization of $13.01B and a beta (3y monthly) value of 1.11. The stock’s trailing 12-month PE ratio is 14.87, while the earnings-per-share (ttm) stands at $16.50. The company has a PEG of 5.31 and a Quick Ratio of 2.30 with the debt-to-equity ratio at 0.28. Price movements for the stock have been influenced by the stock’s volatility, which stands at 1.59% over the week and 1.80% over the month.
Analysts forecast that Snap-on Incorporated (SNA) will achieve an EPS of $4.17 for the current quarter, $4.06 for the next quarter and $16.67 for 2023. The lowest estimate earnings-per-share for the quarter is $3.9 while analysts give the company a high EPS estimate of $4.45. Comparatively, EPS for the current quarter was $4.1 a year ago. Earnings per share for the fiscal year are expected to increase by 30.40%, and 0.69% over the next financial year. EPS should shrink at an annualized rate of 2.80% over the next five years, compared to 10.20% over the past 5-year period.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 11 brokerage firm advisors rate Snap-on Incorporated (SNA) as a “Hold” at a consensus score of 3.00. Specifically, 1 Wall Street analysts polled rate the stock as a buy, while 7 of the 11 advise that investors “hold,” and 2 rated it as a “Sell.”
MKM Partners coverage for the Snap-on Incorporated (SNA) stock in a research note released on June 10, 2022 offered a Neutral rating with a price target of $238. BofA Securities was of a view on September 17, 2021 that the stock is Underperform, while Robert W. Baird gave the stock Neutral rating on October 20, 2020, issuing a price target of $167. Longbow on their part issued Underperform rating on October 19, 2020.