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 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 of the company’s stock, valued at approximately $327,937,284.54. This represents a 2.60% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Snap-On Trading Down 1.7%

SNA traded down $6.42 on Thursday, hitting $368.33. The company had a trading volume of 219,288 shares, compared to its average volume of 361,536. The company’s fifty day moving average price is $368.00 and its 200 day moving average price is $380.30. Snap-On Incorporated has a 1 year low of $320.80 and a 1 year high of $423.02. The company has a current ratio of 3.55, a quick ratio of 2.71 and a debt-to-equity ratio of 0.14. The firm has a market cap of $19.00 billion, a P/E ratio of 19.15, a PEG ratio of 2.66 and a beta of 0.75.

Snap-On (NYSE:SNA) last announced its 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 company had revenue of $1.18 billion for the quarter, compared to analysts’ expectations of $1.24 billion. During the same period last year, the business earned $4.71 EPS. The company’s quarterly revenue was down .6% compared to the same quarter last year. As a group, equities analysts expect that Snap-On Incorporated will post 19.24 earnings per share for the current 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 dividend of $2.75 per share. This represents a $11.00 dividend on an annualized basis 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 dividend payout ratio is 57.20%.

Institutional Trading of Snap-On

Hedge funds have recently made changes to their positions in the business. AlphaGrep UK Ltd boosted its stake in shares of 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 purchasing an additional 659 shares during the period. Meeder Advisory Services Inc. increased its stake in Snap-On by 18.3% during 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 stake in Snap-On by 2.0% during 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 lifted its holdings 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 in the last quarter. Finally, Advisors Asset Management Inc. acquired a new stake in Snap-On during the 3rd quarter worth approximately $71,178,000. Institutional investors and hedge funds own 84.88% of the company’s stock.

Analysts Set New Price Targets

Several analysts recently weighed in on SNA shares. Tigress Financial lifted their target price on shares of Snap-On from $445.00 to $485.00 and gave the company a “buy” rating in a report on Friday, July 31st. Robert W. Baird set a $385.00 price target on Snap-On in a research note on Friday, October 23rd. Weiss Ratings lowered Snap-On from a “buy (b)” rating to a “buy (b-)” rating in a research report on Friday, October 30th. Roth Capital restated a “buy” rating and set a $461.00 price target (up from $409.00) on shares of Snap-On in a research report on Friday, July 24th. Finally, Barclays dropped their price objective on Snap-On from $435.00 to $405.00 and set an “overweight” rating for the company in a research note on Monday, October 26th. Four equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $434.00.

Snap-On Company Profile

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.