Brokerages Set Snap-On Incorporated (NYSE:SNA) Price Target at $387.67

Snap-On Incorporated (NYSE:SNA) has been given an average recommendation of “Moderate Buy” by the seven research firms that are presently covering the stock, MarketBeat Ratings reports. One research analyst has rated the stock with a sell recommendation, one has assigned a hold recommendation and five have given a buy recommendation to the company. The average 1 year price objective among analysts that have issued a report on the stock in the last year is $387.6667.

SNA has been the topic of a number of recent research reports. Robert W. Baird lifted their price objective on Snap-On from $380.00 to $395.00 and gave the company a “neutral” rating in a report on Friday, April 24th. Roth Mkm reaffirmed a “buy” rating and set a $431.00 price objective on shares of Snap-On in a report on Friday, April 24th. Weiss Ratings restated a “buy (b)” rating on shares of Snap-On in a research report on Monday, April 20th. Finally, Barclays assumed coverage on shares of Snap-On in a research report on Thursday, May 28th. They issued an “overweight” rating and a $420.00 price target on the stock.

Insider Activity

In other Snap-On news, CEO Nicholas T. Pinchuk sold 23,396 shares of the business’s stock in a transaction dated Tuesday, May 5th. The shares were sold at an average price of $375.77, for a total value of $8,791,514.92. Following the transaction, the chief executive officer directly owned 856,918 shares in the company, valued at $322,004,076.86. The trade was a 2.66% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, VP Richard Thomas Miller sold 427 shares of the business’s stock in a transaction dated Wednesday, June 10th. The shares were sold at an average price of $389.55, for a total transaction of $166,337.85. Following the completion of the transaction, the vice president owned 4,527 shares in the company, valued at approximately $1,763,492.85. This trade represents a 8.62% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 35,117 shares of company stock valued at $13,192,082 in the last ninety days. 3.80% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Snap-On

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Kennebec Savings Bank boosted its position in Snap-On by 3.6% in the fourth quarter. Kennebec Savings Bank now owns 783 shares of the company’s stock valued at $270,000 after buying an additional 27 shares in the last quarter. Annis Gardner Whiting Capital Advisors LLC lifted its position in shares of Snap-On by 36.4% during the fourth quarter. Annis Gardner Whiting Capital Advisors LLC now owns 105 shares of the company’s stock worth $36,000 after purchasing an additional 28 shares in the last quarter. Verition Fund Management LLC lifted its position in shares of Snap-On by 1.5% during the fourth quarter. Verition Fund Management LLC now owns 1,844 shares of the company’s stock worth $635,000 after purchasing an additional 28 shares in the last quarter. CWM LLC lifted its position in shares of Snap-On by 0.6% during the fourth quarter. CWM LLC now owns 5,517 shares of the company’s stock worth $1,901,000 after purchasing an additional 31 shares in the last quarter. Finally, Ritholtz Wealth Management lifted its position in shares of Snap-On by 2.5% during the fourth quarter. Ritholtz Wealth Management now owns 1,401 shares of the company’s stock worth $483,000 after purchasing an additional 34 shares in the last quarter. 84.88% of the stock is currently owned by institutional investors and hedge funds.

Snap-On Stock Up 1.0%

NYSE SNA opened at $402.41 on Wednesday. The company has a current ratio of 3.53, a quick ratio of 2.74 and a debt-to-equity ratio of 0.15. The stock’s 50 day moving average is $379.19 and its two-hundred day moving average is $371.45. The company has a market capitalization of $20.84 billion, a price-to-earnings ratio of 20.77, a PEG ratio of 2.80 and a beta of 0.73. Snap-On has a 1-year low of $308.52 and a 1-year high of $404.46.

Snap-On (NYSE:SNA) last released its quarterly earnings data on Thursday, April 23rd. The company reported $4.69 earnings per share for the quarter, missing analysts’ consensus estimates of $4.75 by ($0.06). The company had revenue of $1.21 billion for the quarter, compared to analyst estimates of $1.19 billion. Snap-On had a net margin of 21.28% and a return on equity of 17.13%. The firm’s revenue for the quarter was up 5.8% compared to the same quarter last year. During the same period in the previous year, the firm posted $4.51 earnings per share. Equities analysts forecast that Snap-On will post 19.7 earnings per share for the current fiscal year.

Snap-On Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, June 10th. Shareholders of record on Wednesday, May 20th were given a $2.44 dividend. The ex-dividend date was Wednesday, May 20th. This represents a $9.76 dividend on an annualized basis and a yield of 2.4%. Snap-On’s payout ratio is 50.39%.

Snap-On declared that its board has approved a share buyback plan on Thursday, April 30th that permits the company to repurchase $500.00 million in outstanding shares. This repurchase authorization permits the company to purchase up to 2.6% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.

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.