Key Points
- CEO Nicholas Pinchuk sold 23,447 shares for about $8.76 million under a prearranged Rule 10b5-1 plan, reducing his direct stake by 2.6%; he retained 878,082 shares.
- Snap-On’s latest quarter fell short of expectations: earnings were $4.64 per share versus $4.93 forecast, while revenue of $1.18 billion missed the $1.24 billion estimate and declined 0.6% year over year.
- The company raised its quarterly dividend from $2.44 to $2.75 per share, equivalent to $11 annually and a stated yield of 3.0%.
Snap-On Incorporated (NYSE:SNA - Get Free Report) CEO Nicholas Pinchuk sold 23,447 shares of the firm's stock in a transaction dated Wednesday, November 11th. The stock was sold at an average price of $373.47, for a total value of $8,756,751.09. Following the sale, the chief executive officer directly owned 878,082 shares in the company, valued at approximately $327,937,284.54. This trade represents a 2.60% 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.
Snap-On Stock Down 1.7%
Shares of SNA stock opened at $368.33 on Friday. Snap-On Incorporated has a twelve month low of $320.80 and a twelve month high of $423.02. The stock has a market cap of $19.00 billion, a P/E ratio of 19.49, a P/E/G ratio of 2.67 and a beta of 0.75. The stock has a 50 day moving average of $367.75 and a 200 day moving average of $380.29. The company has a current ratio of 3.55, a quick ratio of 2.71 and a debt-to-equity ratio of 0.14.
Snap-On (NYSE:SNA - Get Free Report) last released its quarterly earnings data on Thursday, October 22nd. The company reported $4.64 EPS for the quarter, missing the consensus estimate of $4.93 by ($0.29). Snap-On had a return on equity of 16.77% and a net margin of 20.82%. The company had revenue of $1.18 billion during the quarter, compared to analysts' expectations of $1.24 billion. During the same quarter in the prior year, the company posted $4.71 EPS. The company's revenue for the quarter was down .6% on a year-over-year basis. As a group, sell-side analysts expect that Snap-On Incorporated will post 19.24 EPS for the current year.
Snap-On Increases Dividend
The company also recently announced a quarterly dividend, which will be paid on Thursday, December 10th. Stockholders of record on Friday, November 20th will be issued a dividend of $2.75 per share. This is a positive change from Snap-On's previous quarterly dividend of $2.44. The ex-dividend date of this dividend is Friday, November 20th. This represents a $11.00 annualized dividend and a dividend yield of 3.0%. Snap-On's payout ratio is presently 50.75%.
Hedge Funds Weigh In On Snap-On
Hedge funds have recently bought and sold shares of the business. Western Wealth Management LLC purchased a new stake in shares of Snap-On in the first quarter valued at approximately $29,000. Independence Bank of Kentucky purchased a new position in shares of Snap-On during the 3rd quarter valued at approximately $29,000. Gen Wealth Partners Inc purchased a new position in shares of Snap-On during the 3rd quarter valued at approximately $30,000. Entrust Financial LLC lifted its position in shares of Snap-On by 41.2% during the 3rd quarter. Entrust Financial LLC now owns 96 shares of the company's stock valued at $35,000 after buying an additional 28 shares in the last quarter. Finally, Keating Financial Advisory Services Inc. acquired a new stake in Snap-On in the 2nd quarter valued at $45,000. Hedge funds and other institutional investors own 84.88% of the company's stock.
Wall Street Analyst Weigh In
Several equities analysts recently issued reports on the stock. Barclays decreased their target price on shares of Snap-On from $435.00 to $405.00 and set an "overweight" rating for the company in a research note on Monday, October 26th. Tigress Financial raised their price target on shares of Snap-On from $445.00 to $485.00 and gave the company a "buy" rating in a research report on Friday, July 31st. Roth Capital reaffirmed a "buy" rating and issued a $461.00 price objective (up from $409.00) on shares of Snap-On in a report on Friday, July 24th. Robert W. Baird set a $385.00 price objective on shares of Snap-On in a research report on Friday, October 23rd. Finally, Weiss Ratings downgraded shares of Snap-On from a "buy (b)" rating to a "buy (b-)" rating in a research report on Friday, October 30th. Four investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $434.00.
Check Out Our Latest Stock Analysis on Snap-On
Snap-On Company Profile
(
Get Free Report)
Snap-on Incorporated develops, manufactures and markets tools, equipment, diagnostics and information systems for professional users. Its offerings include hand and power tools, tool storage, vehicle diagnostic equipment, shop equipment, repair information and software, and related products and services. The company serves customers in vehicle repair and other industries, including aviation, aerospace, agriculture, construction and manufacturing. Its products and services reach customers in the United States and international markets.
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