Snap-On (NYSE:SNA) Sets New 52-Week High – Here’s What Happened

Shares of Snap-On Incorporated (NYSE:SNA) hit a new 52-week high on Thursday . The company traded as high as $415.40 and last traded at $415.1720, with a volume of 286622 shares trading hands. The stock had previously closed at $403.70.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on the stock. Barclays started coverage on shares of Snap-On in a report on Thursday, May 28th. They set an “overweight” rating and a $420.00 target price on the stock. Roth Capital reiterated a “buy” rating and issued a $431.00 price objective on shares of Snap-On in a research note on Friday, April 24th. Robert W. Baird upped their price target on Snap-On from $380.00 to $395.00 and gave the stock a “neutral” rating in a report on Friday, April 24th. Finally, Weiss Ratings reaffirmed a “buy (b)” rating on shares of Snap-On in a research report on Monday, April 20th. Five research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, Snap-On currently has a consensus rating of “Moderate Buy” and an average target price of $387.67.

Snap-On Stock Performance

The stock’s 50-day simple moving average is $384.20 and its 200 day simple moving average is $375.77. The company has a debt-to-equity ratio of 0.15, a quick ratio of 2.74 and a current ratio of 3.53. The company has a market capitalization of $21.51 billion, a PE ratio of 21.43, a P/E/G ratio of 2.85 and a beta of 0.73.

Snap-On (NYSE:SNA) last released its quarterly earnings data on Thursday, April 23rd. The company reported $4.69 earnings per share (EPS) for the quarter, missing the consensus estimate of $4.75 by ($0.06). The firm had revenue of $1.21 billion for 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%.Snap-On’s revenue for the quarter was up 5.8% on a year-over-year basis. During the same period last year, the firm posted $4.51 earnings per share. As a group, research analysts expect that Snap-On Incorporated will post 19.7 earnings per share for the current fiscal year.

Snap-On Announces Dividend

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

Snap-On declared that its board has initiated a stock buyback program on Thursday, April 30th that allows the company to buyback $500.00 million in shares. This buyback authorization allows the company to purchase up to 2.5% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s board believes its stock is undervalued.

Insiders Place Their Bets

In related news, VP Richard Thomas Miller sold 2,000 shares of the business’s stock in a transaction that occurred on Wednesday, July 1st. The stock was sold at an average price of $405.92, for a total transaction of $811,840.00. Following the completion of the sale, the vice president owned 4,529 shares in the company, valued at $1,838,411.68. The trade was a 30.63% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Nicholas T. Pinchuk sold 23,396 shares of the company’s stock in a transaction that occurred on Tuesday, May 5th. The shares were sold at an average price of $375.77, for a total value of $8,791,514.92. Following the completion of the transaction, the chief executive officer directly owned 856,918 shares of the company’s stock, valued at $322,004,076.86. This trade represents a 2.66% decrease in their ownership of the stock. 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. In the last quarter, insiders have sold 37,117 shares of company stock worth $14,003,922. Insiders own 3.80% of the company’s stock.

Institutional Trading of Snap-On

Several institutional investors have recently modified their holdings of the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in Snap-On by 15.5% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 8,850 shares of the company’s stock valued at $2,983,000 after acquiring an additional 1,185 shares in the last quarter. Woodline Partners LP boosted its position in shares of Snap-On by 40.4% in the 1st quarter. Woodline Partners LP now owns 4,426 shares of the company’s stock valued at $1,492,000 after purchasing an additional 1,273 shares during the period. EverSource Wealth Advisors LLC grew its stake in Snap-On by 100.9% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 464 shares of the company’s stock worth $144,000 after buying an additional 233 shares during the last quarter. Gamco Investors INC. ET AL grew its stake in Snap-On by 32.9% during the 2nd quarter. Gamco Investors INC. ET AL now owns 1,752 shares of the company’s stock worth $545,000 after buying an additional 434 shares during the last quarter. Finally, Natixis increased its position in Snap-On by 136.8% during the second quarter. Natixis now owns 3,048 shares of the company’s stock worth $948,000 after buying an additional 1,761 shares during the period. 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.