Nicholas Pinchuk Sells 22,889 Shares of Snap-On (NYSE:SNA) Stock

Snap-On Incorporated (NYSE:SNA) CEO Nicholas Pinchuk sold 22,889 shares of Snap-On stock in a transaction dated Tuesday, August 18th. The stock was sold at an average price of $399.69, for a total value of $9,148,504.41. Following 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 position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Snap-On Price Performance

Shares of NYSE:SNA opened at $391.28 on Friday. Snap-On Incorporated has a twelve month low of $319.20 and a twelve month high of $423.02. The company’s 50 day moving average is $403.18 and its 200 day moving average is $384.50. The company has a current ratio of 3.43, a quick ratio of 2.64 and a debt-to-equity ratio of 0.15. The company has a market cap of $20.24 billion, a PE ratio of 19.95, a price-to-earnings-growth ratio of 2.77 and a beta of 0.73.

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

Snap-On Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 10th. Investors of record on Wednesday, August 19th will be issued a dividend of $2.44 per share. This represents a $9.76 annualized dividend and a dividend yield of 2.5%. The ex-dividend date of this dividend is Wednesday, August 19th. Snap-On’s dividend payout ratio (DPR) is 49.77%.

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

Institutional Investors Weigh In On Snap-On

A number of institutional investors have recently modified their holdings of SNA. Miller Howard Investments Inc. NY acquired a new position in Snap-On during the 1st quarter worth $51,244,000. QRG Capital Management Inc. increased its holdings in Snap-On by 9.9% during the 1st quarter. QRG Capital Management Inc. now owns 86,849 shares of the company’s stock worth $31,545,000 after purchasing an additional 7,798 shares during the period. Fisher Asset Management LLC raised its position in Snap-On by 21.8% in the 4th quarter. Fisher Asset Management LLC now owns 66,017 shares of the company’s stock valued at $22,750,000 after purchasing an additional 11,808 shares in the last quarter. Novem Group purchased a new position in shares of Snap-On in the 4th quarter valued at about $980,000. Finally, Hsbc Holdings PLC boosted its stake in shares of Snap-On by 0.9% in the 4th quarter. Hsbc Holdings PLC now owns 374,236 shares of the company’s stock valued at $128,974,000 after buying an additional 3,321 shares during the period. 84.88% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

SNA has been the topic of several analyst reports. Barclays initiated coverage on Snap-On in a research report on Thursday, May 28th. They set an “overweight” rating and a $420.00 price target on the stock. Weiss Ratings restated a “buy (b)” rating on shares of Snap-On in a research note on Friday, July 17th. Roth Capital reaffirmed a “buy” rating and set a $461.00 target price (up from $409.00) on shares of Snap-On in a report on Friday, July 24th. Robert W. Baird set a $415.00 price target on Snap-On in a research report on Friday, July 24th. Finally, Tigress Financial boosted their price target on Snap-On from $445.00 to $485.00 and gave the company a “buy” rating in a 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. According to data from MarketBeat.com, 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.