Snap-On (NYSE:SNA) Hits New 1-Year High – Here’s What Happened

Snap-On Incorporated (NYSE:SNA) shares hit a new 52-week high on Wednesday . The stock traded as high as $404.46 and last traded at $402.4080, with a volume of 279913 shares. The stock had previously closed at $398.36.

Analyst Ratings Changes

Several equities analysts recently issued reports on the company. Robert W. Baird boosted their price target on Snap-On from $380.00 to $395.00 and gave the company a “neutral” rating in a research report on Friday, April 24th. Weiss Ratings reiterated a “buy (b)” rating on shares of Snap-On in a research note on Monday, April 20th. Barclays initiated coverage on Snap-On in a report on Thursday, May 28th. They issued an “overweight” rating and a $420.00 target price on the stock. Finally, Roth Mkm reaffirmed a “buy” rating and set a $431.00 price target on shares of Snap-On in a report on Friday, April 24th. Five research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, Snap-On currently has a consensus rating of “Moderate Buy” and a consensus price target of $387.67.

Snap-On Stock Performance

The stock’s 50-day moving average is $380.07 and its 200 day moving average is $372.25. The stock has a market cap of $21.35 billion, a price-to-earnings ratio of 21.27, a P/E/G ratio of 2.84 and a beta of 0.73. The company has a debt-to-equity ratio of 0.15, a current ratio of 3.53 and a quick ratio of 2.74.

Snap-On (NYSE:SNA) last released its earnings results on Thursday, April 23rd. The company reported $4.69 earnings per share (EPS) for the quarter, missing the consensus estimate of $4.75 by ($0.06). The business had revenue of $1.21 billion for the quarter, compared to analyst estimates of $1.19 billion. Snap-On had a return on equity of 17.13% and a net margin of 21.28%.The business’s revenue for the quarter was up 5.8% on a year-over-year basis. During the same quarter in the previous year, the firm posted $4.51 EPS. As a group, analysts predict that Snap-On Incorporated will post 19.7 earnings per share for the current fiscal year.

Snap-On Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, June 10th. Shareholders of record on Wednesday, May 20th were given a $2.44 dividend. The ex-dividend date was Wednesday, May 20th. This represents a $9.76 annualized dividend and a yield of 2.4%. Snap-On’s dividend payout ratio is presently 50.39%.

Snap-On announced that its board has approved a share repurchase plan on Thursday, April 30th that allows the company to repurchase $500.00 million in shares. This repurchase authorization allows the company to buy up to 2.5% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s board believes its shares are undervalued.

Insider Activity at Snap-On

In other news, VP Richard Thomas Miller sold 2,000 shares of the company’s stock in a transaction on Wednesday, July 1st. The shares were sold at an average price of $405.92, for a total transaction of $811,840.00. Following the transaction, the vice president directly owned 4,529 shares of the company’s stock, valued at $1,838,411.68. This represents a 30.63% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Aldo John Pagliari sold 5,713 shares of the firm’s stock in a transaction dated Thursday, May 14th. The shares were sold at an average price of $367.19, for a total transaction of $2,097,756.47. Following the completion of the sale, the chief financial officer owned 119,488 shares of the company’s stock, valued at $43,874,798.72. This trade represents a 4.56% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders sold 37,117 shares of company stock valued at $14,003,922. Company insiders own 3.80% of the company’s stock.

Institutional Investors Weigh In On Snap-On

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. raised its stake in shares of Snap-On by 0.5% during the 4th quarter. Vanguard Group Inc. now owns 6,525,488 shares of the company’s stock worth $2,248,683,000 after buying an additional 31,073 shares during the last quarter. State Street Corp raised its position in Snap-On by 1.3% during the fourth quarter. State Street Corp now owns 2,272,041 shares of the company’s stock worth $782,945,000 after acquiring an additional 28,071 shares during the last quarter. First Trust Advisors LP lifted its holdings in shares of Snap-On by 3.3% in the first quarter. First Trust Advisors LP now owns 2,033,129 shares of the company’s stock valued at $738,473,000 after purchasing an additional 65,521 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in shares of Snap-On by 2.0% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,011,914 shares of the company’s stock valued at $693,306,000 after purchasing an additional 39,765 shares in the last quarter. Finally, Nordea Investment Management AB grew its position in shares of Snap-On by 4.1% in the fourth quarter. Nordea Investment Management AB now owns 1,310,198 shares of the company’s stock valued at $454,206,000 after purchasing an additional 51,486 shares during the last quarter. 84.88% of the stock is currently owned by institutional investors and hedge funds.

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.