Snap-On (NYSE:SNA) declared that its Board of Directors has approved a share buyback plan, which allows the company to repurchase $500.00 million in outstanding shares on Monday, August 7th, EventVestor reports. This repurchase authorization allows the company to reacquire shares of its stock through open market purchases. Shares repurchase plans are often an indication that the company’s management believes its stock is undervalued.

Snap-On (SNA) traded up 0.97% during midday trading on Monday, reaching $154.24. 118,050 shares of the company were exchanged. The firm’s 50-day moving average is $154.83 and its 200-day moving average is $165.25. Snap-On has a one year low of $145.17 and a one year high of $181.73. The firm has a market cap of $8.88 billion, a P/E ratio of 15.97 and a beta of 1.05.

Snap-On (NYSE:SNA) last issued its quarterly earnings data on Thursday, July 20th. The company reported $2.60 earnings per share for the quarter, topping the Zacks’ consensus estimate of $2.55 by $0.05. Snap-On had a net margin of 16.22% and a return on equity of 20.90%. The business had revenue of $921.40 million during the quarter, compared to analysts’ expectations of $920.87 million. During the same period in the previous year, the company earned $2.36 earnings per share. Snap-On’s revenue for the quarter was up 5.6% on a year-over-year basis. On average, equities analysts expect that Snap-On will post $10.09 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 8th. Stockholders of record on Friday, August 18th will be paid a $0.71 dividend. This represents a $2.84 dividend on an annualized basis and a dividend yield of 1.86%. The ex-dividend date is Wednesday, August 16th. Snap-On’s payout ratio is 29.34%.

SNA has been the topic of a number of research reports. FBR & Co set a $205.00 target price on shares of Snap-On and gave the company a “buy” rating in a research note on Friday, July 21st. Zacks Investment Research raised shares of Snap-On from a “sell” rating to a “hold” rating in a research note on Wednesday, July 19th. Jefferies Group LLC reissued a “hold” rating and issued a $175.00 target price on shares of Snap-On in a research note on Thursday, July 6th. CIBC reissued an “outperform” rating and issued a $200.00 target price on shares of Snap-On in a research note on Wednesday, April 12th. Finally, Oppenheimer Holdings, Inc. initiated coverage on shares of Snap-On in a research note on Tuesday, April 11th. They issued an “outperform” rating and a $200.00 target price on the stock. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and five have assigned a buy rating to the company. The stock currently has an average rating of “Buy” and an average price target of $197.86.

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In related news, Director Ruth Ann M. Gillis bought 265 shares of the business’s stock in a transaction that occurred on Friday, August 4th. The stock was purchased at an average cost of $152.58 per share, for a total transaction of $40,433.70. The purchase was disclosed in a filing with the SEC, which is available through this hyperlink. Also, VP Iain Boyd sold 18,418 shares of the company’s stock in a transaction on Monday, July 24th. The shares were sold at an average price of $147.54, for a total transaction of $2,717,391.72. The disclosure for this sale can be found here. 3.70% of the stock is currently owned by insiders.

About Snap-On

Snap-on Incorporated is a manufacturer and marketer of tools, equipment, diagnostics, repair information and systems solutions. The Company’s segments include the Commercial & Industrial Group, the Snap-on Tools Group, the Repair Systems & Information Group, and Financial Services. The Commercial & Industrial Group consists of business operations serving a range of industrial and commercial customers, including customers in the aerospace, natural resources, government, power generation, transportation and technical education markets.

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