Snap-On Incorporated (NYSE:SNA) Receives Average Recommendation of “Moderate Buy” from Brokerages

Shares of Snap-On Incorporated (NYSE:SNA) have received a consensus rating of “Moderate Buy” from the six ratings firms that are presently covering the stock, MarketBeat reports. One analyst has rated the stock with a sell recommendation, one has assigned a hold recommendation and four have issued a buy recommendation on the company. The average twelve-month price objective among brokers that have issued a report on the stock in the last year is $381.20.

Several research firms have recently weighed in on SNA. Wall Street Zen lowered Snap-On from a “buy” rating to a “hold” rating in a research note on Saturday, February 7th. Roth Mkm reissued a “buy” rating and set a $431.00 target price on shares of Snap-On in a research report on Friday, April 24th. Tigress Financial raised their price target on shares of Snap-On from $405.00 to $445.00 and gave the company a “buy” rating in a report on Friday, February 27th. Robert W. Baird boosted their price objective on shares of Snap-On from $380.00 to $395.00 and gave the stock a “neutral” rating in a research note on Friday, April 24th. Finally, Weiss Ratings reissued a “buy (b)” rating on shares of Snap-On in a research report on Monday, April 20th.

Snap-On Stock Down 1.0%

Shares of SNA opened at $370.19 on Tuesday. The firm has a market cap of $19.18 billion, a PE ratio of 19.11, a price-to-earnings-growth ratio of 2.62 and a beta of 0.75. The company’s fifty day moving average is $373.36 and its two-hundred day moving average is $361.65. Snap-On has a fifty-two week low of $301.82 and a fifty-two week high of $400.88. The company has a quick ratio of 2.74, a current ratio of 3.53 and a debt-to-equity ratio of 0.15.

Snap-On (NYSE:SNA) last issued its earnings results on Thursday, April 23rd. The company reported $4.69 earnings per share for the quarter, missing the consensus estimate of $4.75 by ($0.06). Snap-On had a return on equity of 17.13% and a net margin of 21.28%.The firm had revenue of $1.21 billion during the quarter, compared to analysts’ expectations of $1.19 billion. During the same period last year, the business posted $4.51 earnings per share. The company’s quarterly revenue was up 5.8% compared to the same quarter last year. Analysts forecast that Snap-On will post 19.75 earnings per share for the current year.

Snap-On declared that its board has approved a stock repurchase plan on Thursday, April 30th that authorizes the company to repurchase $500.00 million in outstanding shares. This repurchase authorization authorizes the company to repurchase up to 2.6% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.

Snap-On Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, June 10th. Investors of record on Wednesday, May 20th will be issued a $2.44 dividend. This represents a $9.76 annualized dividend and a yield of 2.6%. The ex-dividend date is Wednesday, May 20th. Snap-On’s dividend payout ratio is currently 50.39%.

Insiders Place Their Bets

In related news, CEO Nicholas T. Pinchuk sold 23,396 shares of the firm’s stock in a transaction dated Tuesday, May 5th. The stock was sold at an average price of $375.77, for a total transaction of $8,791,514.92. Following the sale, the chief executive officer directly owned 856,918 shares in the company, valued at approximately $322,004,076.86. This trade represents a 2.66% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, VP June C. Lemerand sold 1,378 shares of the business’s stock in a transaction that occurred on Wednesday, February 25th. The stock was sold at an average price of $387.57, for a total value of $534,071.46. Following the transaction, the vice president directly owned 2,913 shares in the company, valued at $1,128,991.41. This trade represents a 32.11% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 55,046 shares of company stock worth $20,921,434 over the last quarter. 3.80% of the stock is owned by corporate insiders.

Institutional Trading of Snap-On

A number of hedge funds have recently made changes to their positions in the company. Kennebec Savings Bank lifted its position in shares of Snap-On by 3.6% during the fourth quarter. Kennebec Savings Bank now owns 783 shares of the company’s stock worth $270,000 after purchasing an additional 27 shares in the last quarter. Annis Gardner Whiting Capital Advisors LLC grew its holdings in Snap-On by 36.4% during the 4th quarter. Annis Gardner Whiting Capital Advisors LLC now owns 105 shares of the company’s stock valued at $36,000 after purchasing an additional 28 shares in the last quarter. Verition Fund Management LLC increased its stake in Snap-On by 1.5% during the 4th quarter. Verition Fund Management LLC now owns 1,844 shares of the company’s stock worth $635,000 after buying an additional 28 shares during the period. Nisa Investment Advisors LLC increased its stake in Snap-On by 0.4% during the 3rd quarter. Nisa Investment Advisors LLC now owns 7,346 shares of the company’s stock worth $2,546,000 after buying an additional 31 shares during the period. Finally, CWM LLC lifted its holdings in Snap-On by 0.6% in the 4th quarter. CWM LLC now owns 5,517 shares of the company’s stock worth $1,901,000 after buying an additional 31 shares in the last quarter. Hedge funds and other institutional investors own 84.88% of the company’s stock.

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.