Snap-On (NYSE:SNA) CEO Sells 22,889 Shares

Snap-On Incorporated (NYSE:SNA) CEO Nicholas Pinchuk sold 22,889 shares of Snap-On stock in a transaction on Tuesday, August 18th. The shares were sold at an average price of $399.69, for a total value of $9,148,504.41. Following the completion of the sale, the chief executive officer directly owned 867,779 shares of the company’s stock, valued at $346,842,588.51. This trade represents a 2.57% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Snap-On Stock Down 0.4%

Shares of Snap-On stock traded down $1.71 during trading hours on Wednesday, reaching $394.00. The company’s stock had a trading volume of 315,858 shares, compared to its average volume of 368,739. The company has a market capitalization of $20.38 billion, a P/E ratio of 20.09, a P/E/G ratio of 2.84 and a beta of 0.73. Snap-On Incorporated has a one year low of $319.20 and a one year high of $423.02. The company has a debt-to-equity ratio of 0.15, a quick ratio of 2.64 and a current ratio of 3.43. The stock’s fifty day simple moving average is $402.75 and its two-hundred day simple moving average is $384.13.

Snap-On (NYSE:SNA) last issued its quarterly earnings results on Thursday, July 23rd. The company reported $4.96 EPS for the quarter, topping analysts’ consensus estimates of $4.95 by $0.01. The firm had revenue of $1.24 billion for the quarter, compared to analysts’ expectations of $1.22 billion. Snap-On had a return on equity of 17.07% and a net margin of 21.25%.The business’s revenue for the quarter was up 4.7% compared to the same quarter last year. During the same period in the previous year, the firm posted $4.72 EPS. On average, research analysts forecast that Snap-On Incorporated will post 19.7 earnings per share for the current year.

Snap-On declared that its board has authorized a stock repurchase plan on Thursday, April 30th that permits the company to repurchase $500.00 million in outstanding shares. This repurchase authorization permits the company to repurchase up to 2.5% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s board of directors believes its stock is undervalued.

Snap-On Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 10th. Shareholders of record on Wednesday, August 19th will be given a dividend of $2.44 per share. This represents a $9.76 dividend on an annualized basis and a yield of 2.5%. The ex-dividend date is Wednesday, August 19th. Snap-On’s payout ratio is presently 49.77%.

Hedge Funds Weigh In On Snap-On

Several large investors have recently added to or reduced their stakes in the business. DV Equities LLC purchased a new stake in shares of Snap-On in the 4th quarter valued at $25,000. Western Wealth Management LLC purchased a new stake in Snap-On in the first quarter valued at approximately $29,000. Montag A & Associates Inc. lifted its stake in Snap-On by 331.8% in the 4th quarter. Montag A & Associates Inc. now owns 95 shares of the company’s stock valued at $33,000 after buying an additional 73 shares in the last quarter. Quattro Advisors LLC purchased a new stake in Snap-On in the fourth quarter valued at approximately $35,000. Finally, Annis Gardner Whiting Capital Advisors LLC increased its stake in Snap-On by 36.4% in the fourth quarter. Annis Gardner Whiting Capital Advisors LLC now owns 105 shares of the company’s stock valued at $36,000 after purchasing an additional 28 shares during the period. Institutional investors own 84.88% of the company’s stock.

Analyst Ratings Changes

SNA has been the topic of several recent analyst reports. Roth Capital reissued a “buy” rating and set a $461.00 price objective (up from $409.00) on shares of Snap-On in a research note on Friday, July 24th. Weiss Ratings restated a “buy (b)” rating on shares of Snap-On in a research note on Friday, July 17th. Barclays started coverage on shares of Snap-On in a research note on Thursday, May 28th. They issued an “overweight” rating and a $420.00 target price on the stock. Robert W. Baird set a $415.00 target price on Snap-On in a research note on Friday, July 24th. Finally, Tigress Financial boosted their price objective on Snap-On from $445.00 to $485.00 and gave the stock a “buy” rating in a research report on Friday, July 31st. Five equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $426.20.

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.