Insider Selling: Snap-On (NYSE:SNA) CEO Sells $8,791,514.92 in Stock

Snap-On Incorporated (NYSE:SNA) CEO Nicholas Pinchuk sold 23,396 shares of the firm’s stock in a transaction dated Tuesday, May 5th. The shares were sold at an average price of $375.77, for a total value of $8,791,514.92. Following the sale, the chief executive officer owned 856,918 shares in the company, valued at approximately $322,004,076.86. The trade was a 2.66% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Snap-On Stock Performance

Shares of NYSE:SNA opened at $371.12 on Friday. The company has a market cap of $19.22 billion, a P/E ratio of 19.16, a PEG ratio of 2.71 and a beta of 0.75. The company has a debt-to-equity ratio of 0.15, a quick ratio of 2.74 and a current ratio of 3.53. Snap-On Incorporated has a one year low of $301.82 and a one year high of $400.88. The business’s 50-day simple moving average is $373.96 and its 200 day simple moving average is $361.25.

Snap-On (NYSE:SNA) last announced its earnings results on Thursday, April 23rd. The company reported $4.69 EPS for the quarter, missing the consensus estimate of $4.75 by ($0.06). The company had revenue of $1.21 billion for the quarter, compared to analysts’ expectations of $1.19 billion. Snap-On had a net margin of 21.28% and a return on equity of 17.13%. The business’s quarterly revenue was up 5.8% compared to the same quarter last year. During the same quarter in the previous year, the business posted $4.51 earnings per share. On average, sell-side analysts forecast that Snap-On Incorporated will post 19.75 earnings per share for the current fiscal year.

Snap-On Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, June 10th. Investors of record on Wednesday, May 20th will be issued a dividend of $2.44 per share. This represents a $9.76 annualized dividend and a dividend yield of 2.6%. The ex-dividend date is Wednesday, May 20th. Snap-On’s dividend payout ratio (DPR) is presently 50.39%.

Snap-On announced that its Board of Directors has approved a stock repurchase plan on Thursday, April 30th that authorizes the company to buyback $500.00 million in outstanding shares. This buyback authorization authorizes the company to purchase up to 2.6% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s board believes its stock is undervalued.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. Thurston Springer Miller Herd & Titak Inc. acquired a new position in Snap-On during the 4th quarter valued at approximately $25,000. DV Equities LLC acquired a new position in Snap-On during the 4th quarter valued at approximately $25,000. GoalVest Advisory LLC acquired a new position in Snap-On during the 4th quarter valued at approximately $28,000. Montag A & Associates Inc. boosted its position in Snap-On by 331.8% during the 4th quarter. Montag A & Associates Inc. now owns 95 shares of the company’s stock valued at $33,000 after purchasing an additional 73 shares during the period. Finally, SJS Investment Consulting Inc. boosted its position in Snap-On by 1,880.0% during the 3rd quarter. SJS Investment Consulting Inc. now owns 99 shares of the company’s stock valued at $34,000 after purchasing an additional 94 shares during the period. Institutional investors and hedge funds own 84.88% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on SNA shares. Roth Mkm reiterated a “buy” rating and set a $431.00 target price on shares of Snap-On in a report on Friday, April 24th. Robert W. Baird raised their target price on Snap-On from $380.00 to $395.00 and gave the company a “neutral” rating in a report on Friday, April 24th. Weiss Ratings reiterated a “buy (b)” rating on shares of Snap-On in a report on Monday, April 20th. Tigress Financial lifted their price objective on Snap-On from $405.00 to $445.00 and gave the stock a “buy” rating in a report on Friday, February 27th. Finally, Wall Street Zen downgraded Snap-On from a “buy” rating to a “hold” rating in a report on Saturday, February 7th. Four 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’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $381.20.

About Snap-On

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.