Snap-on (NYSE:SNA) Reaches New 12-Month High – Time to Buy?

Shares of Snap-on Incorporated (NYSE:SNA) hit a new 52-week high during trading on Wednesday . The company traded as high as $350.00 and last traded at $350.00, with a volume of 1952 shares trading hands. The stock had previously closed at $334.18.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on the stock. Roth Mkm upped their price target on shares of Snap-on from $324.00 to $365.00 and gave the stock a “buy” rating in a research report on Tuesday, October 22nd. Robert W. Baird upped their target price on Snap-on from $290.00 to $347.00 and gave the stock a “neutral” rating in a research report on Friday, October 18th. Barrington Research increased their target price on Snap-on from $325.00 to $350.00 and gave the company an “outperform” rating in a research note on Thursday, October 17th. Tigress Financial boosted their price target on Snap-on from $336.00 to $385.00 and gave the stock a “buy” rating in a research report on Friday, October 25th. Finally, Bank of America increased their price objective on shares of Snap-on from $255.00 to $280.00 and gave the company an “underperform” rating in a research report on Friday, October 18th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $345.40.

Snap-on Stock Performance

The company has a debt-to-equity ratio of 0.22, a current ratio of 4.18 and a quick ratio of 3.14. The stock has a 50-day moving average price of $296.73 and a 200-day moving average price of $280.25. The firm has a market capitalization of $18.60 billion, a PE ratio of 17.20, a price-to-earnings-growth ratio of 2.19 and a beta of 0.96.

Snap-on Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 10th. Shareholders of record on Monday, August 19th were given a $1.86 dividend. This represents a $7.44 dividend on an annualized basis and a dividend yield of 2.10%. The ex-dividend date was Monday, August 19th. Snap-on’s payout ratio is 38.29%.

Snap-on announced that its board has authorized a share repurchase program on Thursday, August 8th that authorizes the company to buyback $500.00 million in shares. This buyback authorization authorizes the company to buy up to 3.5% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s management believes its shares are undervalued.

Insider Buying and Selling

In other Snap-on news, CFO Aldo John Pagliari sold 4,473 shares of the stock in a transaction on Thursday, August 22nd. The shares were sold at an average price of $278.74, for a total transaction of $1,246,804.02. Following the transaction, the chief financial officer now directly owns 99,244 shares in the company, valued at $27,663,272.56. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In related news, SVP Thomas J. Ward sold 12,737 shares of the firm’s stock in a transaction on Monday, October 28th. The stock was sold at an average price of $333.21, for a total transaction of $4,244,095.77. Following the transaction, the senior vice president now directly owns 55,401 shares in the company, valued at $18,460,167.21. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Aldo John Pagliari sold 4,473 shares of the business’s stock in a transaction on Thursday, August 22nd. The shares were sold at an average price of $278.74, for a total transaction of $1,246,804.02. Following the sale, the chief financial officer now owns 99,244 shares of the company’s stock, valued at approximately $27,663,272.56. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 50,335 shares of company stock worth $14,706,082. Insiders own 4.10% of the company’s stock.

Institutional Investors Weigh In On Snap-on

Institutional investors and hedge funds have recently bought and sold shares of the business. Empirical Finance LLC raised its position in shares of Snap-on by 1.4% during the 3rd quarter. Empirical Finance LLC now owns 4,050 shares of the company’s stock worth $1,173,000 after purchasing an additional 56 shares during the period. CIBC Asset Management Inc increased its position in Snap-on by 6.5% in the third quarter. CIBC Asset Management Inc now owns 9,300 shares of the company’s stock worth $2,694,000 after buying an additional 571 shares during the period. Tokio Marine Asset Management Co. Ltd. boosted its holdings in shares of Snap-on by 7.9% during the third quarter. Tokio Marine Asset Management Co. Ltd. now owns 1,333 shares of the company’s stock valued at $386,000 after acquiring an additional 98 shares during the period. Metis Global Partners LLC grew its position in shares of Snap-on by 1.9% during the third quarter. Metis Global Partners LLC now owns 1,691 shares of the company’s stock worth $490,000 after acquiring an additional 32 shares during the last quarter. Finally, Zions Bancorporation N.A. increased its holdings in shares of Snap-on by 24.8% in the 3rd quarter. Zions Bancorporation N.A. now owns 1,167 shares of the company’s stock worth $338,000 after acquiring an additional 232 shares during the period. Institutional investors and hedge funds own 84.88% of the company’s stock.

About Snap-on

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.