Snap-On Incorporated (NYSE:SNA) Receives $387.67 Average Price Target from Analysts

Shares of Snap-On Incorporated (NYSE:SNA) have been assigned an average rating of “Moderate Buy” from the seven analysts that are covering the firm, Marketbeat Ratings reports. One equities research analyst has rated the stock with a sell recommendation, one has given a hold recommendation and five have assigned a buy recommendation to the company. The average 12-month price objective among brokerages that have updated their coverage on the stock in the last year is $387.6667.

A number of equities research analysts recently weighed in on SNA shares. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Snap-On in a research report on Monday, April 20th. Tigress Financial boosted their price objective on shares of Snap-On from $405.00 to $445.00 and gave the company a “buy” rating in a research report on Friday, February 27th. Roth Mkm reaffirmed a “buy” rating and set a $431.00 price objective on shares of Snap-On in a research report on Friday, April 24th. Barclays started coverage on shares of Snap-On in a research report on Thursday, May 28th. They set an “overweight” rating and a $420.00 price objective for the company. Finally, Wall Street Zen downgraded shares of Snap-On from a “buy” rating to a “hold” rating in a research report on Saturday, February 7th.

Snap-On Stock Performance

Snap-On stock opened at $379.67 on Friday. Snap-On has a 12-month low of $301.82 and a 12-month high of $400.88. The company has a market capitalization of $19.67 billion, a price-to-earnings ratio of 19.60, a price-to-earnings-growth ratio of 2.67 and a beta of 0.73. The company has a debt-to-equity ratio of 0.15, a current ratio of 3.53 and a quick ratio of 2.74. The firm’s fifty day moving average price is $372.58 and its 200 day moving average price is $365.28.

Snap-On (NYSE:SNA) last released its quarterly earnings results 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%.The business’s quarterly revenue was up 5.8% on a year-over-year basis. During the same period last year, the firm earned $4.51 EPS. On average, research analysts forecast that Snap-On will post 19.7 EPS for the current fiscal year.

Snap-On declared that its board has approved a stock repurchase program on Thursday, April 30th that permits the company to repurchase $500.00 million in shares. This repurchase authorization permits the company to reacquire up to 2.6% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s management believes its shares are undervalued.

Snap-On Dividend Announcement

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

Insider Activity

In other Snap-On news, CEO Nicholas T. Pinchuk sold 23,396 shares of the company’s stock in a transaction dated 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 owned 856,918 shares in the company, valued at approximately $322,004,076.86. This represents a 2.66% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Aldo John Pagliari sold 5,713 shares of the company’s stock in a transaction dated Thursday, May 14th. The stock was sold at an average price of $367.19, for a total transaction of $2,097,756.47. Following the completion of the transaction, the chief financial officer owned 119,488 shares of the company’s stock, valued at approximately $43,874,798.72. This trade represents a 4.56% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders sold 30,439 shares of company stock valued at $11,393,700. 3.80% of the stock is owned by insiders.

Institutional Trading of Snap-On

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Auto Owners Insurance Co increased its holdings in shares of Snap-On by 34,360.0% in the fourth quarter. Auto Owners Insurance Co now owns 1,025,185 shares of the company’s stock valued at $353,279,000 after buying an additional 1,022,210 shares in the last quarter. Norges Bank purchased a new stake in shares of Snap-On in the 4th quarter valued at approximately $210,814,000. Victory Capital Management Inc. lifted its position in shares of Snap-On by 346.0% in the 3rd quarter. Victory Capital Management Inc. now owns 279,484 shares of the company’s stock valued at $96,850,000 after acquiring an additional 216,813 shares in the last quarter. PFA Pension Forsikringsaktieselskab purchased a new stake in shares of Snap-On in the 4th quarter valued at approximately $69,751,000. Finally, UBS Group AG increased its stake in Snap-On by 30.7% in the 4th quarter. UBS Group AG now owns 617,620 shares of the company’s stock valued at $212,832,000 after buying an additional 144,926 shares during the period. 84.88% of the stock is currently owned by institutional investors.

Snap-On Company Profile

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.