Key Points
- CEO Nicholas Pinchuk sold 22,889 Snap-On shares at an average price of $399.69, generating approximately $9.15 million. The Rule 10b5-1 transaction reduced his stake by 2.57%, leaving him with 867,779 shares.
- Snap-On reported quarterly results slightly above expectations, with EPS of $4.96 and revenue of $1.24 billion; revenue increased 4.7% year over year.
- The company announced a quarterly dividend of $2.44 per share, equivalent to a 2.5% annualized yield, and authorized a $500 million share-buyback program. Analysts maintain a “Moderate Buy” consensus with an average price target of $426.20.
Snap-On Incorporated (NYSE:SNA - Get Free Report) 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 value of $9,148,504.41. Following the sale, the chief executive officer owned 867,779 shares of the company's stock, valued at approximately $346,842,588.51. This represents a 2.57% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.
Snap-On Stock Down 0.4%
Shares of NYSE SNA opened at $394.00 on Thursday. Snap-On Incorporated has a 12-month low of $319.20 and a 12-month high of $423.02. The stock's fifty day simple moving average is $403.06 and its two-hundred day simple moving average is $384.33. The stock has a market capitalization of $20.38 billion, a PE ratio of 20.09, a price-to-earnings-growth ratio of 2.78 and a beta of 0.73. 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 (NYSE:SNA - Get Free Report) last released its quarterly earnings results on Thursday, July 23rd. The company reported $4.96 EPS for the quarter, topping the consensus estimate of $4.95 by $0.01. The firm had revenue of $1.24 billion during the quarter, compared to analyst estimates of $1.22 billion. Snap-On had a return on equity of 17.07% and a net margin of 21.25%.The business's revenue for the quarter was up 4.7% compared to the same quarter last year. During the same period in the previous year, the company posted $4.72 EPS. As a group, analysts expect that Snap-On Incorporated will post 19.7 EPS for the current fiscal year.
Snap-On Dividend Announcement
The company also recently announced a quarterly dividend, which will be paid on Thursday, September 10th. Shareholders of record on Wednesday, August 19th will be issued a $2.44 dividend. The ex-dividend date is Wednesday, August 19th. This represents a $9.76 dividend on an annualized basis and a yield of 2.5%. Snap-On's payout ratio is currently 49.77%.
Snap-On announced that its board has approved a stock buyback plan on Thursday, April 30th that permits the company to buyback $500.00 million in shares. This buyback authorization permits the company to purchase up to 2.5% of its shares through open market purchases. Shares buyback plans are typically an indication that the company's board believes its stock is undervalued.
Analyst Ratings Changes
SNA has been the topic of a number of analyst reports. Robert W. Baird set a $415.00 price objective on shares of Snap-On in a research report on Friday, July 24th. Weiss Ratings restated a "buy (b)" rating on shares of Snap-On in a research note on Friday, July 17th. Tigress Financial lifted their price target on shares of Snap-On from $445.00 to $485.00 and gave the stock a "buy" rating in a report on Friday, July 31st. Roth Capital restated a "buy" rating and set a $461.00 price target (up from $409.00) on shares of Snap-On in a research note on Friday, July 24th. Finally, Barclays initiated coverage on Snap-On in a research report on Thursday, May 28th. They issued an "overweight" rating and a $420.00 target price on the stock. Five investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $426.20.
View Our Latest Stock Analysis on Snap-On
Institutional Investors Weigh In On Snap-On
Several hedge funds have recently bought and sold shares of the stock. Miller Howard Investments Inc. NY purchased a new position in shares of Snap-On in the 1st quarter valued at about $51,244,000. QRG Capital Management Inc. raised its stake in Snap-On by 9.9% in the 1st quarter. QRG Capital Management Inc. now owns 86,849 shares of the company's stock valued at $31,545,000 after purchasing an additional 7,798 shares during the last quarter. Fisher Asset Management LLC grew its holdings in shares of Snap-On by 21.8% during the fourth quarter. Fisher Asset Management LLC now owns 66,017 shares of the company's stock worth $22,750,000 after buying an additional 11,808 shares in the last quarter. Novem Group acquired a new stake in shares of Snap-On in the fourth quarter valued at about $980,000. Finally, Hsbc Holdings PLC raised its position in shares of Snap-On by 0.9% in the fourth quarter. Hsbc Holdings PLC now owns 374,236 shares of the company's stock valued at $128,974,000 after buying an additional 3,321 shares during the last quarter. Hedge funds and other institutional investors own 84.88% of the company's stock.
About Snap-On
(
Get Free Report)
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.
Featured Stories
This instant news alert was generated by narrative science technology and financial data from InsiderTrades.com in order to provide readers with the fastest and most accurate reporting. Please send any questions or comments about this story to [email protected].
