Insider Selling: Snap-On (NYSE:SNA) SVP Sells 9,111 Shares of Stock

Snap-On Incorporated (NYSE:SNA) SVP Timothy Chambers sold 9,111 shares of the stock in a transaction that occurred on Tuesday, July 28th. The shares were sold at an average price of $419.36, for a total value of $3,820,788.96. Following the transaction, the senior vice president owned 21,223 shares of the company’s stock, valued at $8,900,077.28. This represents a 30.04% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Snap-On Price Performance

Shares of SNA stock traded up $12.80 on Tuesday, reaching $420.22. The company’s stock had a trading volume of 391,981 shares, compared to its average volume of 373,651. The stock’s fifty day simple moving average is $390.45 and its 200-day simple moving average is $378.91. Snap-On Incorporated has a 1 year low of $312.78 and a 1 year high of $420.91. The company has a market capitalization of $21.74 billion, a price-to-earnings ratio of 21.43, a price-to-earnings-growth ratio of 2.85 and a beta of 0.73. The company has a current ratio of 3.43, a quick ratio of 2.64 and a debt-to-equity ratio of 0.15.

Snap-On (NYSE:SNA) last released its quarterly earnings results on Thursday, July 23rd. The company reported $4.96 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.95 by $0.01. Snap-On had a net margin of 21.25% and a return on equity of 17.07%. The company had revenue of $1.24 billion for the quarter, compared to the consensus estimate of $1.22 billion. During the same quarter in the prior year, the firm earned $4.72 earnings per share. Snap-On’s revenue was up 4.7% on a year-over-year basis. Analysts forecast that Snap-On Incorporated will post 19.67 earnings per share for the current fiscal year.

Snap-On declared that its Board of Directors has approved a share buyback plan on Thursday, April 30th that allows the company to repurchase $500.00 million in shares. This repurchase authorization allows the company to buy up to 2.5% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s management believes its shares are undervalued.

Snap-On Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, June 10th. Stockholders of record on Wednesday, May 20th were given a dividend of $2.44 per share. This represents a $9.76 annualized dividend and a dividend yield of 2.3%. The ex-dividend date was Wednesday, May 20th. Snap-On’s dividend payout ratio is currently 49.77%.

Hedge Funds Weigh In On Snap-On

Several hedge funds have recently added to or reduced their stakes in SNA. Auto Owners Insurance Co lifted its stake in shares of Snap-On by 34,360.0% during the 4th quarter. Auto Owners Insurance Co now owns 1,025,185 shares of the company’s stock worth $353,279,000 after purchasing an additional 1,022,210 shares during the last quarter. Norges Bank purchased a new stake in shares of Snap-On during the fourth quarter valued at about $210,814,000. PFA Pension Forsikringsaktieselskab bought a new stake in shares of Snap-On in the 4th quarter valued at about $69,751,000. UBS Group AG boosted its holdings in shares of Snap-On by 30.7% in the 4th quarter. UBS Group AG now owns 617,620 shares of the company’s stock valued at $212,832,000 after buying an additional 144,926 shares in the last quarter. Finally, Miller Howard Investments Inc. NY purchased a new position in shares of Snap-On in the 1st quarter worth approximately $51,244,000. 84.88% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

SNA has been the topic of several analyst reports. Weiss Ratings reissued a “buy (b)” rating on shares of Snap-On in a research note on Friday, July 17th. Robert W. Baird set a $415.00 target price on Snap-On in a report on Friday. Barclays began coverage on Snap-On in a research report on Thursday, May 28th. They set an “overweight” rating and a $420.00 target price on the stock. Finally, Roth Capital restated a “buy” rating and set a $461.00 price target (up from $409.00) on shares of Snap-On in a report on Friday. Five research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $418.20.

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.