Insider Selling: Snap-On (NYSE:SNA) CEO Sells $9,148,504.41 in Stock

Snap-On Incorporated (NYSE:SNA) CEO Nicholas Pinchuk sold 22,889 shares of the company’s stock in a transaction on Tuesday, August 18th. The stock was sold at an average price of $399.69, for a total transaction of $9,148,504.41. Following the completion of the transaction, the chief executive officer directly owned 867,779 shares in the company, valued at $346,842,588.51. This trade represents a 2.57% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Snap-On Price Performance

SNA opened at $393.11 on Friday. The stock has a fifty day moving average price of $403.30 and a 200 day moving average price of $384.56. The company has a current ratio of 3.43, a quick ratio of 2.64 and a debt-to-equity ratio of 0.15. Snap-On Incorporated has a 1 year low of $319.20 and a 1 year high of $423.02. The stock has a market cap of $20.33 billion, a price-to-earnings ratio of 20.05, a PEG ratio of 2.75 and a beta of 0.73.

Snap-On (NYSE:SNA) last issued its earnings results on Thursday, July 23rd. The company reported $4.96 earnings per share for the quarter, topping the consensus estimate of $4.95 by $0.01. Snap-On had a return on equity of 17.07% and a net margin of 21.25%.The company had revenue of $1.24 billion for the quarter, compared to analyst estimates of $1.22 billion. During the same period in the prior year, the firm posted $4.72 EPS. The business’s revenue was up 4.7% compared to the same quarter last year. Analysts forecast that Snap-On Incorporated will post 19.7 EPS for the current fiscal year.

Snap-On declared that its board has approved a share repurchase program on Thursday, April 30th that permits the company to repurchase $500.00 million in outstanding shares. This repurchase authorization permits the company to buy up to 2.5% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s board believes its stock is undervalued.

Snap-On Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 10th. Investors of record on Wednesday, August 19th will be paid a $2.44 dividend. The ex-dividend date of this dividend is Wednesday, August 19th. This represents a $9.76 annualized dividend and a dividend yield of 2.5%. Snap-On’s payout ratio is presently 49.77%.

Hedge Funds Weigh In On Snap-On

Institutional investors have recently made changes to their positions in the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in shares of Snap-On by 15.5% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 8,850 shares of the company’s stock worth $2,983,000 after buying an additional 1,185 shares during the last quarter. Woodline Partners LP increased its position in Snap-On by 40.4% during the first quarter. Woodline Partners LP now owns 4,426 shares of the company’s stock worth $1,492,000 after acquiring an additional 1,273 shares during the period. EverSource Wealth Advisors LLC increased its position in Snap-On by 100.9% during the second quarter. EverSource Wealth Advisors LLC now owns 464 shares of the company’s stock worth $144,000 after acquiring an additional 233 shares during the period. Gamco Investors INC. ET AL raised 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 valued at $545,000 after purchasing an additional 434 shares during the last quarter. Finally, Natixis raised its stake in Snap-On by 136.8% during the 2nd quarter. Natixis now owns 3,048 shares of the company’s stock valued at $948,000 after purchasing an additional 1,761 shares during the last quarter. 84.88% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of analysts have issued reports on SNA shares. Tigress Financial lifted their target price on shares of Snap-On from $445.00 to $485.00 and gave the company a “buy” rating in a research note on Friday, July 31st. Barclays initiated coverage on shares of Snap-On in a research note on Thursday, May 28th. They set an “overweight” rating and a $420.00 price target on the stock. Roth Capital reaffirmed a “buy” rating and issued a $461.00 price objective (up from $409.00) on shares of Snap-On in a research note on Friday, July 24th. Robert W. Baird set a $415.00 price objective on shares of Snap-On in a report on Friday, July 24th. Finally, Weiss Ratings reissued a “buy (b)” rating on shares of Snap-On in a research report on Friday, July 17th. Five research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $426.20.

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.