Nicholas Pinchuk Sells 23,396 Shares of Snap-On (NYSE:SNA) Stock

Snap-On Incorporated (NYSE:SNA) CEO Nicholas Pinchuk sold 23,396 shares of the business’s stock in a transaction on Tuesday, May 5th. The shares were sold at an average price of $375.77, for a total transaction of $8,791,514.92. Following the completion of the transaction, the chief executive officer directly owned 856,918 shares in the company, valued at $322,004,076.86. This represents a 2.66% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Snap-On Stock Performance

Shares of SNA stock traded up $6.64 during mid-day trading on Tuesday, hitting $378.76. The stock had a trading volume of 267,777 shares, compared to its average volume of 382,757. The firm has a market cap of $19.62 billion, a PE ratio of 19.55, a PEG ratio of 2.67 and a beta of 0.75. The company’s 50-day simple moving average is $374.37 and its 200-day simple moving average is $360.39. The company has a debt-to-equity ratio of 0.15, a current ratio of 3.53 and a quick ratio of 2.74. Snap-On Incorporated has a fifty-two week low of $301.82 and a fifty-two week high of $400.88.

Snap-On (NYSE:SNA) last issued its quarterly earnings results on Thursday, April 23rd. The company reported $4.69 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $4.75 by ($0.06). The firm had revenue of $1.21 billion for the quarter, compared to analyst estimates of $1.19 billion. Snap-On had a return on equity of 17.13% and a net margin of 21.28%.The company’s revenue was up 5.8% compared to the same quarter last year. During the same quarter last year, the firm earned $4.51 earnings per share. Sell-side analysts anticipate that Snap-On Incorporated will post 19.75 earnings per share for the current year.

Snap-On Dividend Announcement

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

Snap-On announced that its board has approved a stock repurchase plan on Thursday, April 30th that allows the company to repurchase $500.00 million in shares. This repurchase authorization allows the company to repurchase up to 2.6% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s board of directors believes its shares are undervalued.

Wall Street Analyst Weigh In

Several research firms have issued reports on SNA. Wall Street Zen cut Snap-On from a “buy” rating to a “hold” rating in a research report on Saturday, February 7th. Tigress Financial boosted their target price on shares of Snap-On from $405.00 to $445.00 and gave the stock a “buy” rating in a research report on Friday, February 27th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Snap-On in a research note on Monday, April 20th. Robert W. Baird increased their price target on shares of Snap-On from $380.00 to $395.00 and gave the company a “neutral” rating in a report on Friday, April 24th. Finally, Roth Mkm reissued a “buy” rating and set a $431.00 price objective on shares of Snap-On in a report on Friday, April 24th. Four equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $381.20.

Hedge Funds Weigh In On Snap-On

Hedge funds have recently bought and sold shares of the company. DNB Asset Management AS lifted its holdings in shares of Snap-On by 65.5% in the third quarter. DNB Asset Management AS now owns 23,702 shares of the company’s stock valued at $8,213,000 after purchasing an additional 9,377 shares in the last quarter. First Horizon Corp purchased a new position in shares of Snap-On during the 4th quarter worth approximately $4,068,000. Pensionfund Sabic acquired a new position in shares of Snap-On during the 4th quarter worth approximately $1,206,000. Bahl & Gaynor Inc. lifted its stake in Snap-On by 1.3% in the 3rd quarter. Bahl & Gaynor Inc. now owns 381,283 shares of the company’s stock valued at $132,126,000 after buying an additional 4,932 shares in the last quarter. Finally, Nordea Investment Management AB grew its holdings in Snap-On by 4.1% during the 4th quarter. Nordea Investment Management AB now owns 1,310,198 shares of the company’s stock valued at $454,206,000 after buying an additional 51,486 shares during the last quarter. 84.88% of the stock is owned by hedge funds and other 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.