Snap-on (NYSE:SNA) Hits New 1-Year High – What’s Next?

Shares of Snap-on Incorporated (NYSE:SNA) hit a new 52-week high during trading on Tuesday . The stock traded as high as $363.49 and last traded at $362.77, with a volume of 218035 shares changing hands. The stock had previously closed at $361.85.

Analysts Set New Price Targets

Several equities research analysts have issued reports on SNA shares. Barrington Research lifted their target price on shares of Snap-on from $325.00 to $350.00 and gave the stock an “outperform” rating in a research note on Thursday, October 17th. Roth Mkm lifted their price objective on Snap-on from $324.00 to $365.00 and gave the company a “buy” rating in a research report on Tuesday, October 22nd. Robert W. Baird raised their price objective on Snap-on from $290.00 to $347.00 and gave the stock a “neutral” rating in a research note on Friday, October 18th. Tigress Financial lifted their price objective on Snap-on from $336.00 to $385.00 and gave the stock a “buy” rating in a report on Friday, October 25th. Finally, Bank of America raised their target price on Snap-on from $255.00 to $280.00 and gave the stock an “underperform” rating in a report on Friday, October 18th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat, Snap-on presently has an average rating of “Hold” and an average target price of $345.40.

Snap-on Trading Down 0.4 %

The stock has a market capitalization of $18.92 billion, a PE ratio of 18.62, a price-to-earnings-growth ratio of 2.38 and a beta of 0.96. The business’s 50-day moving average is $302.73 and its two-hundred day moving average is $282.67. The company has a debt-to-equity ratio of 0.22, a quick ratio of 3.14 and a current ratio of 4.18.

Snap-on (NYSE:SNA) last released its quarterly earnings results on Thursday, October 17th. The company reported $4.70 earnings per share for the quarter, topping the consensus estimate of $4.58 by $0.12. The firm had revenue of $1.15 billion for the quarter, compared to analysts’ expectations of $1.16 billion. Snap-on had a net margin of 22.13% and a return on equity of 19.44%. As a group, equities research analysts anticipate that Snap-on Incorporated will post 19.05 earnings per share for the current year.

Snap-on Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 10th. Stockholders of record on Thursday, November 21st will be issued a dividend of $2.14 per share. This is a boost from Snap-on’s previous quarterly dividend of $1.86. This represents a $8.56 annualized dividend and a dividend yield of 2.38%. The ex-dividend date is Thursday, November 21st. Snap-on’s payout ratio is currently 44.06%.

Snap-on announced that its board has authorized a stock buyback program on Thursday, August 8th that permits the company to buyback $500.00 million in outstanding shares. This buyback authorization permits the company to repurchase up to 3.5% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s management believes its stock is undervalued.

Insiders Place Their Bets

In other news, CFO Aldo John Pagliari sold 4,473 shares of Snap-on stock in a transaction that occurred on Thursday, August 22nd. The stock was sold at an average price of $278.74, for a total value of $1,246,804.02. Following the completion of the transaction, the chief financial officer now owns 99,244 shares in the company, valued at approximately $27,663,272.56. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Snap-on news, VP June C. Lemerand sold 1,186 shares of the firm’s stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $283.97, for a total transaction of $336,788.42. Following the sale, the vice president now owns 2,283 shares in the company, valued at approximately $648,303.51. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 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 transaction, the chief financial officer now owns 99,244 shares of the company’s stock, valued at $27,663,272.56. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 26,190 shares of company stock worth $8,212,284. 4.10% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Snap-on

A number of large investors have recently bought and sold shares of the stock. Opal Wealth Advisors LLC purchased a new stake in Snap-on in the 2nd quarter worth approximately $30,000. Reston Wealth Management LLC bought a new stake in shares of Snap-on in the third quarter valued at approximately $30,000. Innealta Capital LLC bought a new stake in shares of Snap-on in the 2nd quarter valued at about $32,000. Massmutual Trust Co. FSB ADV grew its position in Snap-on by 53.0% during the third quarter. Massmutual Trust Co. FSB ADV now owns 127 shares of the company’s stock worth $37,000 after buying an additional 44 shares in the last quarter. Finally, Quarry LP raised its holdings in Snap-on by 244.7% during the second quarter. Quarry LP now owns 162 shares of the company’s stock worth $42,000 after buying an additional 115 shares during the last quarter. 84.88% of the stock is currently owned by institutional investors and hedge funds.

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.