Snap-On (NYSE:SNA) Hits New 52-Week High Following Dividend Announcement

Snap-On Incorporated (NYSE:SNA) shares reached a new 52-week high during mid-day trading on Thursday after the company announced a dividend. The company traded as high as $389.31 and last traded at $389.57, with a volume of 32017 shares changing hands. The stock had previously closed at $382.68.

The newly announced dividend which will be paid on Tuesday, March 10th. Shareholders of record on Tuesday, February 24th will be given a $2.44 dividend. This represents a $9.76 annualized dividend and a yield of 2.5%. The ex-dividend date is Tuesday, February 24th. Snap-On’s dividend payout ratio (DPR) is presently 50.86%.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on the stock. Weiss Ratings reiterated a “buy (b)” rating on shares of Snap-On in a research report on Wednesday, January 21st. Wall Street Zen downgraded Snap-On from a “buy” rating to a “hold” rating in a report on Saturday, February 7th. Roth Mkm reissued a “buy” rating and issued a $409.00 target price (up from $385.00) on shares of Snap-On in a research note on Tuesday. Tigress Financial boosted their target price on Snap-On from $395.00 to $405.00 and gave the stock a “buy” rating in a research report on Tuesday, October 21st. Finally, Robert W. Baird set a $375.00 price target on Snap-On in a report on Friday, February 6th. Five research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Snap-On has an average rating of “Moderate Buy” and a consensus price target of $370.67.

Snap-On Trading Up 1.5%

The business has a 50 day moving average of $360.42 and a 200 day moving average of $343.33. The firm has a market capitalization of $19.98 billion, a price-to-earnings ratio of 20.02, a PEG ratio of 2.61 and a beta of 0.81. The company has a debt-to-equity ratio of 0.20, a current ratio of 4.79 and a quick ratio of 3.68.

Snap-On (NYSE:SNA) last issued its earnings results on Thursday, February 5th. The company reported $4.94 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.86 by $0.08. The firm had revenue of $1.23 billion for the quarter, compared to analysts’ expectations of $1.24 billion. Snap-On had a return on equity of 17.34% and a net margin of 21.44%.The company’s revenue was up 2.8% compared to the same quarter last year. During the same quarter last year, the business earned $4.82 earnings per share. As a group, research analysts predict that Snap-On Incorporated will post 19.79 earnings per share for the current fiscal year.

Insider Activity

In other news, SVP Timothy L. Chambers sold 8,000 shares of the business’s stock in a transaction on Wednesday, February 4th. The shares were sold at an average price of $385.13, for a total value of $3,081,040.00. Following the completion of the transaction, the senior vice president owned 19,480 shares of the company’s stock, valued at $7,502,332.40. The trade was a 29.11% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Aldo John Pagliari sold 6,779 shares of the firm’s stock in a transaction on Thursday, December 11th. The stock was sold at an average price of $352.20, for a total value of $2,387,563.80. Following the sale, the chief financial officer directly owned 111,888 shares in the company, valued at $39,406,953.60. The trade was a 5.71% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 48,036 shares of company stock valued at $16,792,028. 3.90% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Snap-On

Several large investors have recently modified their holdings of the business. Norges Bank bought a new position in shares of Snap-On during the 4th quarter valued at about $210,814,000. First Trust Advisors LP lifted its stake in Snap-On by 40.7% in the second quarter. First Trust Advisors LP now owns 1,892,708 shares of the company’s stock valued at $588,973,000 after buying an additional 547,527 shares in the last quarter. Victory Capital Management Inc. lifted its stake in Snap-On by 346.0% in the third quarter. Victory Capital Management Inc. now owns 279,484 shares of the company’s stock valued at $96,850,000 after buying an additional 216,813 shares in the last quarter. PFA Pension Forsikringsaktieselskab acquired a new position in shares of Snap-On in the fourth quarter valued at approximately $69,751,000. Finally, VIRGINIA RETIREMENT SYSTEMS ET Al bought a new stake in shares of Snap-On during the second quarter worth $56,595,000. 84.88% of the stock is currently owned by institutional investors.

About Snap-On

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.