Snap-on (NYSE:SNA) Hits New 52-Week High – Here’s What Happened

Snap-on Incorporated (NYSE:SNA) hit a new 52-week high on Tuesday . The stock traded as high as $363.49 and last traded at $362.77, with a volume of 218035 shares changing hands. The stock had previously closed at $361.85.

Wall Street Analyst Weigh In

SNA has been the subject of several recent research reports. Barrington Research increased their price target on Snap-on from $325.00 to $350.00 and gave the company an “outperform” rating in a research report on Thursday, October 17th. Roth Mkm increased their price objective on Snap-on from $324.00 to $365.00 and gave the company a “buy” rating in a report on Tuesday, October 22nd. Tigress Financial upped their price target on shares of Snap-on from $336.00 to $385.00 and gave the stock a “buy” rating in a research report on Friday, October 25th. Robert W. Baird increased their price target on shares of Snap-on from $290.00 to $347.00 and gave the company a “neutral” rating in a research note on Friday, October 18th. Finally, Bank of America boosted their price objective on shares of Snap-on from $255.00 to $280.00 and gave the stock an “underperform” rating in a research note on Friday, October 18th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average target price of $345.40.

Snap-on Stock Down 1.0 %

The company has a quick ratio of 3.14, a current ratio of 4.18 and a debt-to-equity ratio of 0.22. The firm has a market capitalization of $18.79 billion, a price-to-earnings ratio of 18.41, a price-to-earnings-growth ratio of 2.38 and a beta of 0.96. The firm has a 50 day moving average of $307.70 and a two-hundred day moving average of $284.36.

Snap-on (NYSE:SNA) last announced its quarterly earnings results on Thursday, October 17th. The company reported $4.70 EPS for the quarter, beating analysts’ consensus estimates of $4.58 by $0.12. The company had revenue of $1.15 billion during the quarter, compared to analysts’ expectations of $1.16 billion. Snap-on had a return on equity of 19.44% and a net margin of 22.13%. As a group, sell-side analysts anticipate that Snap-on Incorporated will post 19.05 EPS for the current fiscal year.

Snap-on Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 10th. Stockholders of record on Thursday, November 21st will be paid a $2.14 dividend. This is a boost from Snap-on’s previous quarterly dividend of $1.86. The ex-dividend date of this dividend is Thursday, November 21st. This represents a $8.56 annualized dividend and a dividend yield of 2.39%. Snap-on’s dividend payout ratio is presently 38.29%.

Snap-on announced that its board has authorized a share repurchase plan on Thursday, August 8th that permits the company to buyback $500.00 million in shares. This buyback authorization permits the company to reacquire up to 3.5% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s board believes its stock is undervalued.

Insider Buying and Selling

In other Snap-on news, VP Iain Boyd sold 6,044 shares of the business’s stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $298.99, for a total transaction of $1,807,095.56. Following the completion of the sale, the vice president now owns 10,493 shares in the company, valued at approximately $3,137,302.07. The trade was a 36.55 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Aldo John Pagliari sold 4,473 shares of the business’s stock in a transaction dated Thursday, August 22nd. The stock was sold at an average price of $278.74, for a total transaction of $1,246,804.02. Following the sale, the chief financial officer now directly owns 99,244 shares of the company’s stock, valued at approximately $27,663,272.56. The trade was a 4.31 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 26,190 shares of company stock valued at $8,212,284 over the last quarter. Insiders own 4.10% of the company’s stock.

Institutional Trading of Snap-on

Several institutional investors and hedge funds have recently made changes to their positions in the company. Aurora Investment Counsel lifted its holdings in Snap-on by 0.9% during the third quarter. Aurora Investment Counsel now owns 3,549 shares of the company’s stock valued at $1,028,000 after purchasing an additional 30 shares during the last quarter. Lake Street Advisors Group LLC boosted its holdings in Snap-on by 3.1% in the 3rd quarter. Lake Street Advisors Group LLC now owns 1,074 shares of the company’s stock worth $311,000 after buying an additional 32 shares during the period. Metis Global Partners LLC raised its holdings in Snap-on by 1.9% during the 3rd quarter. Metis Global Partners LLC now owns 1,691 shares of the company’s stock valued at $490,000 after acquiring an additional 32 shares during the period. Verdence Capital Advisors LLC lifted its position in shares of Snap-on by 2.5% during the third quarter. Verdence Capital Advisors LLC now owns 1,526 shares of the company’s stock worth $442,000 after acquiring an additional 37 shares in the last quarter. Finally, TFB Advisors LLC boosted its holdings in shares of Snap-on by 3.2% in the second quarter. TFB Advisors LLC now owns 1,226 shares of the company’s stock worth $320,000 after acquiring an additional 38 shares during the period. Hedge funds and other institutional investors own 84.88% of the company’s stock.

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.