Snap-on (NYSE:SNA) Price Target Increased to $350.00 by Analysts at Barrington Research

Snap-on (NYSE:SNA) had its price objective raised by Barrington Research from $325.00 to $350.00 in a research note issued to investors on Thursday morning, Benzinga reports. They currently have an outperform rating on the stock.

A number of other research firms have also recently commented on SNA. Roth Mkm reiterated a “buy” rating and issued a $324.00 price objective on shares of Snap-on in a report on Tuesday, July 16th. Tigress Financial restated a “buy” rating and set a $336.00 price target on shares of Snap-on in a research note on Thursday, July 25th. Finally, Robert W. Baird decreased their price target on Snap-on from $282.00 to $275.00 and set a “neutral” rating on the stock in a research note on Friday, July 12th.

Snap-on Trading Up 9.9 %

Shares of Snap-on stock opened at $327.71 on Thursday. The stock has a market cap of $17.26 billion, a P/E ratio of 17.03, a P/E/G ratio of 2.06 and a beta of 0.98. The stock’s 50 day simple moving average is $282.04 and its 200-day simple moving average is $276.21. Snap-on has a 1-year low of $249.84 and a 1-year high of $328.45. The company has a debt-to-equity ratio of 0.22, a current ratio of 4.06 and a quick ratio of 3.05.

Snap-on (NYSE:SNA) last issued its earnings results on Thursday, October 17th. The company reported $4.70 earnings per share for the quarter, topping the consensus estimate of $4.58 by $0.12. The business had revenue of $1.15 billion for the quarter, compared to analysts’ expectations of $1.16 billion. Snap-on had a return on equity of 19.90% and a net margin of 21.90%. Analysts predict that Snap-on will post 18.95 EPS for the current fiscal year.

Snap-on announced that its board has authorized a share repurchase 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 typically a sign that the company’s management believes its shares are undervalued.

Snap-on Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 10th. Stockholders of record on Monday, August 19th were given a dividend of $1.86 per share. This represents a $7.44 dividend on an annualized basis and a dividend yield of 2.27%. The ex-dividend date was Monday, August 19th. Snap-on’s dividend payout ratio is currently 38.67%.

Insider Transactions at Snap-on

In other news, CEO Nicholas T. Pinchuk sold 24,145 shares of the company’s stock in a transaction on Monday, August 12th. The stock was sold at an average price of $268.95, for a total transaction of $6,493,797.75. Following the sale, the chief executive officer now owns 759,019 shares of the company’s stock, valued at approximately $204,138,160.05. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, VP Iain Boyd sold 6,044 shares of the stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $298.99, for a total value of $1,807,095.56. Following the transaction, the vice president now owns 10,493 shares of the company’s stock, valued at $3,137,302.07. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CEO Nicholas T. Pinchuk sold 24,145 shares of the stock in a transaction on 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 completion of the transaction, the chief executive officer now directly owns 759,019 shares in the company, valued at $204,138,160.05. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 35,848 shares of company stock valued at $9,884,486. 4.10% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Snap-on

Hedge funds have recently made changes to their positions in the company. Rockland Trust Co. acquired a new position in Snap-on in the 1st quarter valued at about $889,000. Manning & Napier Advisors LLC acquired a new position in Snap-on in the 2nd quarter valued at about $4,571,000. SG Americas Securities LLC increased its position in Snap-on by 32.7% in the 2nd quarter. SG Americas Securities LLC now owns 13,140 shares of the company’s stock valued at $3,435,000 after acquiring an additional 3,238 shares during the period. Strategic Financial Concepts LLC acquired a new position in Snap-on in the 2nd quarter valued at about $3,653,000. Finally, Los Angeles Capital Management LLC increased its position in Snap-on by 34.8% in the 1st quarter. Los Angeles Capital Management LLC now owns 26,580 shares of the company’s stock valued at $7,874,000 after acquiring an additional 6,858 shares during the period. Hedge funds and other institutional investors own 84.88% of the company’s stock.

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.