Snap-On (NYSE:SNA) Sets New 12-Month High – Here’s Why

Snap-On Incorporated (NYSE:SNA) hit a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $414.62 and last traded at $414.07, with a volume of 368854 shares changing hands. The stock had previously closed at $412.09.

Analyst Upgrades and Downgrades

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

Snap-On Stock Up 0.5%

The company has a quick ratio of 2.74, a current ratio of 3.53 and a debt-to-equity ratio of 0.15. The firm has a market cap of $21.45 billion, a PE ratio of 21.38, a P/E/G ratio of 2.90 and a beta of 0.73. The firm’s 50 day moving average is $381.11 and its 200-day moving average is $373.13.

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

Snap-On Dividend Announcement

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

Snap-On announced that its Board of Directors has approved a share buyback 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 usually an indication that the company’s leadership believes its shares are undervalued.

Insiders Place Their Bets

In other Snap-On news, SVP Jesus Arregui sold 4,251 shares of Snap-On stock in a transaction dated Wednesday, June 10th. The stock was sold at an average price of $383.92, for a total value of $1,632,043.92. Following the completion of the sale, the senior vice president owned 4,439 shares in the company, valued at $1,704,220.88. The trade was a 48.92% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, VP Richard Thomas Miller sold 2,000 shares of the company’s stock in a transaction dated 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 approximately $1,838,411.68. This represents a 30.63% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders have sold 37,117 shares of company stock valued at $14,003,922. 3.80% of the stock is owned by company insiders.

Institutional Investors Weigh In On Snap-On

Institutional investors have recently bought and sold shares of the stock. Kennebec Savings Bank boosted its holdings in shares of Snap-On by 3.6% in the 4th quarter. Kennebec Savings Bank now owns 783 shares of the company’s stock valued at $270,000 after purchasing an additional 27 shares during the last quarter. Annis Gardner Whiting Capital Advisors LLC raised its position in shares of Snap-On by 36.4% in the 4th quarter. Annis Gardner Whiting Capital Advisors LLC now owns 105 shares of the company’s stock worth $36,000 after buying an additional 28 shares during the period. Verition Fund Management LLC boosted its holdings in Snap-On by 1.5% in the fourth quarter. Verition Fund Management LLC now owns 1,844 shares of the company’s stock valued at $635,000 after acquiring an additional 28 shares during the last quarter. CWM LLC grew its position in Snap-On by 0.6% during the fourth quarter. CWM LLC now owns 5,517 shares of the company’s stock valued at $1,901,000 after acquiring an additional 31 shares during the period. Finally, Ritholtz Wealth Management grew its position in Snap-On by 2.5% during the fourth quarter. Ritholtz Wealth Management now owns 1,401 shares of the company’s stock valued at $483,000 after acquiring an additional 34 shares during the period. 84.88% of the stock is currently owned by hedge funds and other institutional investors.

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.