Oppenheimer Keeps a Buy Rating on Snap-on

By Ryan Adsit

Oppenheimer analyst Christopher Glynn reiterated a Buy rating on Snap-on (NYSE: SNA) yesterday and set a price target of $200. The company’s shares closed yesterday at $154.90.

Glynn commented:

“We continue to view share price reaction to ongoing promulgation of short thesis points as overwrought, with respect to allegations around credit management practices and the use of assertion with piecemeal logic to bolster a P/E multiple eating tale of a credit company disguised as a tools company. The interrelationship of SOT (Snap-on Tools segment) and SOC (Snap-on Credit) is part of a broader value proposition that succeeds in the marketplace, only with the regular service, presence, and inventory of the franchisee interfacing with the end customer, and importantly, the pre-eminent stature of the product functionality and quality among end users (see technician survey responses below).”

According to TipRanks.com, Glynn is a top 100 analyst with an average return of 14.1% and a 73.0% success rate. Glynn covers the Industrial Goods sector, focusing on stocks such as Emerson Electric Company, Honeywell International, and Rockwell Automation Inc.

Snap-on has an analyst consensus of Moderate Buy, with a price target consensus of $187.50.

The company has a one year high of $181.73 and a one year low of $145.17. Currently, Snap-on has an average volume of 600.8K.

Based on the recent corporate insider activity of 59 insiders, corporate insider sentiment is negative on the stock. Most recently, in April 2017, Thomas J. Ward, the Sr VP & President – RS&I Group of SNA sold 42,000 shares for a total of $7,344,749.

TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.

Snap-On, Inc. engages in the development, manufacture, and market of tools, equipment, diagnostics, repair information and systems solutions for professional users. It operates through following segments: Commercial and Industrial Group; Snap-On Tools Group; Repair Systems and Information Group; and Financial Services.