Snap-on (NYSE:SNA) Shares Gap Down to $283.50

Snap-on Incorporated (NYSE:SNA) shares gapped down prior to trading on Thursday . The stock had previously closed at $283.50, but opened at $273.67. Snap-on shares last traded at $265.74, with a volume of 122,384 shares changing hands.

Analysts Set New Price Targets

SNA has been the topic of several recent research reports. Roth Mkm reissued a “buy” rating and issued a $324.00 price objective on shares of Snap-on in a research note on Thursday. Barrington Research reissued an “outperform” rating and issued a $325.00 price objective on shares of Snap-on in a research note on Monday, April 15th. Tigress Financial reissued a “buy” rating and issued a $336.00 price objective on shares of Snap-on in a research note on Friday, February 16th. Finally, Robert W. Baird dropped their price objective on shares of Snap-on from $295.00 to $282.00 and set a “neutral” rating on the stock in a research note on Friday. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, Snap-on currently has a consensus rating of “Hold” and a consensus target price of $301.40.

Snap-on Stock Up 2.7 %

The company has a market capitalization of $14.20 billion, a PE ratio of 14.10, a price-to-earnings-growth ratio of 1.87 and a beta of 0.99. The firm’s 50-day simple moving average is $283.78 and its 200 day simple moving average is $278.27. The company has a debt-to-equity ratio of 0.23, a quick ratio of 2.81 and a current ratio of 3.82.

Snap-on (NYSE:SNA) last issued its earnings results on Thursday, April 18th. The company reported $4.75 EPS for the quarter, topping the consensus estimate of $4.66 by $0.09. The company had revenue of $1.18 billion for the quarter, compared to analyst estimates of $1.20 billion. Snap-on had a net margin of 21.69% and a return on equity of 20.46%. The business’s revenue was down .1% on a year-over-year basis. During the same period in the previous year, the firm earned $4.60 EPS. As a group, equities research analysts forecast that Snap-on Incorporated will post 19.22 earnings per share for the current year.

Snap-on Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 11th. Investors of record on Monday, February 26th were given a $1.86 dividend. The ex-dividend date was Friday, February 23rd. This represents a $7.44 annualized dividend and a dividend yield of 2.77%. Snap-on’s dividend payout ratio is presently 39.03%.

Insider Buying and Selling

In related news, CEO Nicholas T. Pinchuk sold 23,514 shares of the business’s stock in a transaction dated Tuesday, March 19th. The shares were sold at an average price of $287.48, for a total value of $6,759,804.72. Following the sale, the chief executive officer now directly owns 742,383 shares in the company, valued at approximately $213,420,264.84. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In related news, CEO Nicholas T. Pinchuk sold 23,514 shares of the business’s stock in a transaction dated Tuesday, March 19th. The shares were sold at an average price of $287.48, for a total value of $6,759,804.72. Following the sale, the chief executive officer now directly owns 742,383 shares in the company, valued at approximately $213,420,264.84. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Aldo John Pagliari sold 3,231 shares of the business’s stock in a transaction dated Friday, February 23rd. The stock was sold at an average price of $270.58, for a total transaction of $874,243.98. Following the completion of the sale, the chief financial officer now owns 93,183 shares in the company, valued at $25,213,456.14. The disclosure for this sale can be found here. Insiders have sold 47,368 shares of company stock worth $13,399,449 in the last three months. Corporate insiders own 4.10% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Clear Street Markets LLC lifted its holdings in Snap-on by 96.3% in the 1st quarter. Clear Street Markets LLC now owns 106 shares of the company’s stock valued at $26,000 after purchasing an additional 52 shares in the last quarter. Parkside Financial Bank & Trust lifted its holdings in Snap-on by 57.3% in the 1st quarter. Parkside Financial Bank & Trust now owns 129 shares of the company’s stock valued at $27,000 after purchasing an additional 47 shares in the last quarter. Scarborough Advisors LLC purchased a new position in Snap-on in the 4th quarter valued at about $30,000. BKM Wealth Management LLC purchased a new position in Snap-on in the 4th quarter valued at about $33,000. Finally, Peoples Bank KS acquired a new position in shares of Snap-on during the 3rd quarter valued at about $40,000. 84.88% of the stock is currently owned by hedge funds and other institutional investors.

Snap-on Company Profile

Snap-on Incorporated manufactures and markets tools, equipment, diagnostics, and repair information and systems solutions for professional users worldwide. It operates through Commercial & Industrial Group, Snap-on Tools Group, Repair Systems & Information Group, and Financial Services segments.