Snap-On (NYSE:SNA) CEO Nicholas Pinchuk Sells 23,447 Shares of Stock

Snap-On Incorporated (NYSE:SNA) CEO Nicholas Pinchuk sold 23,447 shares of the business’s stock in a transaction on 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 transaction, the chief executive officer 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Snap-On Trading Down 1.7%

Shares of NYSE:SNA opened at $368.33 on Friday. The business’s 50-day moving average is $367.75 and its 200 day moving average is $380.29. The company has a debt-to-equity ratio of 0.14, a current ratio of 3.55 and a quick ratio of 2.71. Snap-On Incorporated has a 1 year low of $320.80 and a 1 year high of $423.02. The firm has a market capitalization 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.

Snap-On (NYSE:SNA) last issued its quarterly earnings results on Thursday, October 22nd. The company reported $4.64 earnings per share 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 business had revenue of $1.18 billion during the quarter, compared to analyst estimates of $1.24 billion. During the same period in the prior year, the business posted $4.71 EPS. Snap-On’s revenue was down .6% compared to the same quarter last year. On average, research analysts predict that Snap-On Incorporated will post 19.24 earnings per share for the current fiscal year.

Snap-On Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 10th. Investors of record on Friday, November 20th will be given a $2.75 dividend. This represents a $11.00 annualized dividend and a dividend yield of 3.0%. The ex-dividend date of this dividend is Friday, November 20th. This is an increase from Snap-On’s previous quarterly dividend of $2.44. Snap-On’s payout ratio is 50.75%.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the company. AlphaGrep UK Ltd boosted its position in Snap-On by 80.9% in the third quarter. AlphaGrep UK Ltd now owns 1,474 shares of the company’s stock valued at $536,000 after buying an additional 659 shares during the last quarter. Meeder Advisory Services Inc. increased its holdings in Snap-On by 18.3% in the 3rd quarter. Meeder Advisory Services Inc. now owns 1,548 shares of the company’s stock worth $562,000 after buying an additional 240 shares during the period. First Trust Advisors LP increased its holdings in Snap-On by 2.0% in the 3rd quarter. First Trust Advisors LP now owns 2,112,261 shares of the company’s stock worth $767,490,000 after buying an additional 42,017 shares during the period. TIAA CREF Individual & Institutional Services LLC raised its position in Snap-On by 7.2% during the 3rd quarter. TIAA CREF Individual & Institutional Services LLC now owns 787 shares of the company’s stock worth $286,000 after buying an additional 53 shares during the last quarter. Finally, Advisors Asset Management Inc. purchased a new position in Snap-On during the 3rd quarter worth approximately $71,178,000. 84.88% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research firms recently commented on SNA. Barclays lowered 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 upped their price target 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. Weiss Ratings cut shares of Snap-On from a “buy (b)” rating to a “buy (b-)” rating in a report on Friday, October 30th. Roth Capital reaffirmed a “buy” rating and issued a $461.00 price target (up from $409.00) on shares of Snap-On in a report on Friday, July 24th. Finally, Robert W. Baird set a $385.00 price objective on shares of Snap-On in a research note on Friday, October 23rd. Four analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $434.00.

About Snap-On

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.