Snap-On (NYSE:SNA) announced that its Board of Directors has initiated a stock buyback plan, which allows the company to repurchase $500.00 million in outstanding shares on Monday, August 7th, EventVestor reports. This repurchase authorization allows the company to reacquire shares of its stock through open market purchases. Shares repurchase plans are often a sign that the company’s board of directors believes its stock is undervalued.

Shares of Snap-On (SNA) traded up 0.97% on Monday, reaching $154.24. 118,050 shares of the company traded hands. The firm’s 50 day moving average is $154.83 and its 200 day moving average is $165.25. The company has a market capitalization of $8.88 billion, a P/E ratio of 15.97 and a beta of 1.05. Snap-On has a one year low of $145.17 and a one year high of $181.73.

Snap-On (NYSE:SNA) last released its earnings results on Thursday, July 20th. The company reported $2.60 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $2.55 by $0.05. Snap-On had a return on equity of 20.90% and a net margin of 16.22%. The firm had revenue of $921.40 million for the quarter, compared to analysts’ expectations of $920.87 million. During the same quarter in the previous year, the business posted $2.36 earnings per share. The business’s revenue for the quarter was up 5.6% on a year-over-year basis. Analysts expect that Snap-On will post $10.09 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 8th. Shareholders of record on Friday, August 18th will be given a $0.71 dividend. This represents a $2.84 dividend on an annualized basis and a yield of 1.86%. The ex-dividend date of this dividend is Wednesday, August 16th. Snap-On’s dividend payout ratio is presently 29.34%.

Several equities research analysts have issued reports on the stock. Robert W. Baird reissued an “outperform” rating and issued a $197.00 price target on shares of Snap-On in a report on Wednesday, August 2nd. BidaskClub raised shares of Snap-On from a “strong sell” rating to a “sell” rating in a report on Monday, July 31st. FBR & Co set a $205.00 target price on shares of Snap-On and gave the stock a “buy” rating in a report on Friday, July 21st. Zacks Investment Research raised shares of Snap-On from a “sell” rating to a “hold” rating in a report on Wednesday, July 19th. Finally, Jefferies Group LLC reaffirmed a “hold” rating and issued a $175.00 target price on shares of Snap-On in a report on Thursday, July 6th. One analyst has rated the stock with a sell rating, two have given a hold rating and five have given a buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus target price of $197.86.

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In other Snap-On news, VP Iain Boyd sold 18,418 shares of Snap-On stock in a transaction dated Monday, July 24th. The stock was sold at an average price of $147.54, for a total value of $2,717,391.72. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Ruth Ann M. Gillis bought 265 shares of the firm’s stock in a transaction on Friday, August 4th. The stock was acquired at an average price of $152.58 per share, for a total transaction of $40,433.70. The disclosure for this purchase can be found here. Insiders own 3.70% of the company’s stock.

About Snap-On

Snap-on Incorporated is a manufacturer and marketer of tools, equipment, diagnostics, repair information and systems solutions. The Company’s segments include the Commercial & Industrial Group, the Snap-on Tools Group, the Repair Systems & Information Group, and Financial Services. The Commercial & Industrial Group consists of business operations serving a range of industrial and commercial customers, including customers in the aerospace, natural resources, government, power generation, transportation and technical education markets.

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