Insider Selling: Snap-On (NYSE:SNA) CEO Sells $8,905,069.44 in Stock

Snap-On Incorporated (NYSE:SNA) CEO Nicholas Pinchuk sold 23,229 shares of the firm’s stock in a transaction that occurred on Monday, February 23rd. The stock was sold at an average price of $383.36, for a total value of $8,905,069.44. Following the transaction, the chief executive officer owned 846,562 shares of the company’s stock, valued at $324,538,008.32. This trade represents a 2.67% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink.

Snap-On Stock Performance

Snap-On stock opened at $386.94 on Thursday. The firm has a market capitalization of $20.09 billion, a P/E ratio of 20.16, a P/E/G ratio of 2.67 and a beta of 0.81. The stock has a fifty day moving average price of $366.21 and a two-hundred day moving average price of $347.03. Snap-On Incorporated has a 52-week low of $289.81 and a 52-week high of $390.13. The company has a debt-to-equity ratio of 0.20, a current ratio of 4.79 and a quick ratio of 3.68.

Snap-On (NYSE:SNA) last posted its earnings results on Thursday, February 5th. The company reported $4.94 earnings per share for the quarter, topping the consensus estimate of $4.86 by $0.08. Snap-On had a net margin of 21.44% and a return on equity of 17.34%. The business had revenue of $1.23 billion for the quarter, compared to analyst estimates of $1.24 billion. During the same quarter in the prior year, the firm earned $4.82 EPS. The firm’s quarterly revenue was up 2.8% compared to the same quarter last year. As a group, analysts anticipate that Snap-On Incorporated will post 19.79 EPS for the current fiscal year.

Snap-On Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, March 10th. Stockholders of record on Tuesday, February 24th will be issued a $2.44 dividend. This represents a $9.76 annualized dividend and a dividend yield of 2.5%. The ex-dividend date of this dividend is Tuesday, February 24th. Snap-On’s payout ratio is presently 50.86%.

Hedge Funds Weigh In On Snap-On

Several hedge funds have recently added to or reduced their stakes in SNA. Norges Bank bought a new stake in Snap-On during the 4th quarter worth about $210,814,000. First Trust Advisors LP grew its position in shares of Snap-On by 40.7% during the 2nd quarter. First Trust Advisors LP now owns 1,892,708 shares of the company’s stock worth $588,973,000 after buying an additional 547,527 shares during the period. Victory Capital Management Inc. raised its stake in shares of Snap-On by 346.0% during the third quarter. Victory Capital Management Inc. now owns 279,484 shares of the company’s stock worth $96,850,000 after buying an additional 216,813 shares during the last quarter. PFA Pension Forsikringsaktieselskab acquired a new position in Snap-On in the fourth quarter valued at approximately $69,751,000. Finally, Rakuten Investment Management Inc. bought a new position in Snap-On in the third quarter valued at approximately $61,134,000. Institutional investors own 84.88% of the company’s stock.

Wall Street Analysts Forecast Growth

SNA has been the subject of several research analyst reports. Weiss Ratings reissued a “buy (b)” rating on shares of Snap-On in a research note on Wednesday, January 21st. Roth Mkm reaffirmed a “buy” rating and issued a $409.00 price target (up from $385.00) on shares of Snap-On in a report on Tuesday, February 10th. Wall Street Zen lowered shares of Snap-On from a “buy” rating to a “hold” rating in a report on Saturday, February 7th. Finally, Robert W. Baird set a $375.00 price objective on shares of Snap-On in a research report on Friday, February 6th. Five investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, Snap-On has a consensus rating of “Moderate Buy” and an average price target of $370.67.

Snap-On Company Profile

Snap‑On Incorporated (NYSE: SNA) is a designer, manufacturer and marketer of tools, diagnostic equipment, repair information and shop equipment for professional users. The company’s product range includes hand and power tools, tool storage and cabinets, diagnostic scan tools and software, shop equipment such as lifts and tire changers, and specialized specialty tools for automotive, aviation, marine and industrial applications. Snap‑On also offers information and workflow solutions that combine diagnostic data, repair procedures and parts information to support professional technicians.

Founded in 1920 and headquartered in Kenosha, Wisconsin, Snap‑On has established a long history in the professional tools market.