Snap-on (NYSE:SNA) Receives Outperform Rating from Barrington Research

Barrington Research restated their outperform rating on shares of Snap-on (NYSE:SNA) in a report published on Friday, Benzinga reports. They currently have a $325.00 price target on the stock.

SNA has been the topic of a number of other reports. Tigress Financial reaffirmed a buy rating and issued a $336.00 price objective on shares of Snap-on in a research note on Thursday, July 25th. Robert W. Baird decreased their price target on Snap-on from $282.00 to $275.00 and set a neutral rating for the company in a report on Friday, July 12th. Finally, Roth Mkm reissued a buy rating and issued a $324.00 price objective on shares of Snap-on in a research report on Tuesday, July 16th. One research analyst has rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of Moderate Buy and an average target price of $315.00.

Snap-on Stock Down 1.0 %

Shares of NYSE:SNA opened at $283.19 on Friday. The firm has a market cap of $14.93 billion, a P/E ratio of 14.86, a P/E/G ratio of 1.95 and a beta of 0.98. Snap-on has a 12-month low of $249.84 and a 12-month high of $298.49. The business has a fifty day simple moving average of $277.23 and a 200 day simple moving average of $276.57. The company has a quick ratio of 3.05, a current ratio of 4.06 and a debt-to-equity ratio of 0.22.

Snap-on (NYSE:SNA) last issued its quarterly earnings data on Thursday, July 18th. The company reported $5.07 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.94 by $0.13. Snap-on had a return on equity of 19.90% and a net margin of 21.90%. The company had revenue of $1.18 billion during the quarter, compared to the consensus estimate of $1.20 billion. During the same period last year, the company earned $4.89 earnings per share. The firm’s revenue was down 1.0% compared to the same quarter last year. Analysts predict that Snap-on will post 18.95 earnings per share for the current year.

Snap-on Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 10th. Shareholders of record on Monday, August 19th were issued a $1.86 dividend. This represents a $7.44 dividend on an annualized basis and a yield of 2.63%. The ex-dividend date was Monday, August 19th. Snap-on’s payout ratio is 39.03%.

Snap-on declared that its board has initiated a share buyback program on Thursday, August 8th that authorizes the company to buyback $500.00 million in outstanding shares. This buyback authorization authorizes the company to reacquire up to 3.5% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.

Insider Activity

In other Snap-on news, CEO Nicholas T. Pinchuk sold 24,145 shares of the stock in a transaction that occurred on Monday, August 12th. The stock was sold at an average price of $268.95, for a total value of $6,493,797.75. Following the transaction, the chief executive officer now owns 759,019 shares in the company, valued at $204,138,160.05. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In related news, CFO Aldo John Pagliari sold 4,473 shares of the stock in a transaction dated Thursday, August 22nd. The stock was sold at an average price of $278.74, for a total transaction of $1,246,804.02. Following the sale, the chief financial officer now owns 99,244 shares of the company’s stock, valued at approximately $27,663,272.56. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Nicholas T. Pinchuk sold 24,145 shares of Snap-on stock in a transaction dated Monday, August 12th. The shares were sold at an average price of $268.95, for a total value of $6,493,797.75. Following the transaction, the chief executive officer now directly owns 759,019 shares of the company’s stock, valued at approximately $204,138,160.05. The disclosure for this sale can be found here. Insiders sold a total of 29,804 shares of company stock worth $8,077,390 in the last three months. Company insiders own 4.10% of the company’s stock.

Hedge Funds Weigh In On Snap-on

A number of large investors have recently modified their holdings of the company. Confluence Investment Management LLC purchased a new stake in Snap-on in the 1st quarter worth approximately $173,451,000. Norges Bank purchased a new stake in shares of Snap-on in the fourth quarter worth $145,665,000. Mawer Investment Management Ltd. boosted its stake in Snap-on by 234.7% during the second quarter. Mawer Investment Management Ltd. now owns 632,226 shares of the company’s stock valued at $165,258,000 after buying an additional 443,333 shares during the period. Pacer Advisors Inc. boosted its stake in Snap-on by 51.2% during the second quarter. Pacer Advisors Inc. now owns 829,471 shares of the company’s stock valued at $216,815,000 after buying an additional 280,997 shares during the period. Finally, Millennium Management LLC grew its position in Snap-on by 1,786.4% during the second quarter. Millennium Management LLC now owns 161,175 shares of the company’s stock worth $42,130,000 after buying an additional 152,631 shares in the last quarter. 84.88% of the stock is currently owned by institutional investors.

Snap-on Company Profile

Snap-on Incorporated manufactures and markets tools, equipment, diagnostics, and repair information and systems solutions for professional users worldwide. It operates through Commercial & Industrial Group, Snap-on Tools Group, Repair Systems & Information Group, and Financial Services segments.