Snap-On (NYSE:SNA) CEO Nicholas Pinchuk Sells 22,889 Shares of Stock

Snap-On Incorporated (NYSE:SNA) CEO Nicholas Pinchuk sold 22,889 shares of the stock in a transaction that occurred on Tuesday, August 18th. The shares were sold at an average price of $399.69, for a total value of $9,148,504.41. Following the transaction, the chief executive officer owned 867,779 shares of the company’s stock, valued at $346,842,588.51. This represents a 2.57% 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 Trading Down 0.4%

Shares of SNA opened at $394.00 on Thursday. The company’s fifty day moving average is $403.06 and its 200 day moving average is $384.33. Snap-On Incorporated has a fifty-two week low of $319.20 and a fifty-two week high of $423.02. The stock has a market capitalization of $20.38 billion, a PE ratio of 20.09, a P/E/G ratio of 2.78 and a beta of 0.73. The company has a debt-to-equity ratio of 0.15, a quick ratio of 2.64 and a current ratio of 3.43.

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. Sell-side analysts expect that Snap-On Incorporated will post 19.7 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 Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 10th. Stockholders of record on Wednesday, August 19th will be given a dividend of $2.44 per share. This represents a $9.76 annualized dividend and a dividend yield of 2.5%. The ex-dividend date is Wednesday, August 19th. Snap-On’s dividend payout ratio is currently 49.77%.

Institutional Investors Weigh In On Snap-On

A number of institutional investors and hedge funds have recently bought and sold shares of the company. DV Equities LLC purchased a new position in shares of Snap-On during the fourth quarter valued at $25,000. Western Wealth Management LLC bought a new position in Snap-On during the 1st quarter worth about $29,000. Montag A & Associates Inc. grew its holdings in Snap-On by 331.8% during the 4th quarter. Montag A & Associates Inc. now owns 95 shares of the company’s stock worth $33,000 after acquiring an additional 73 shares in the last quarter. Quattro Advisors LLC purchased a new position in Snap-On during the 4th quarter valued at about $35,000. Finally, Annis Gardner Whiting Capital Advisors LLC increased its position in Snap-On by 36.4% during the 4th quarter. Annis Gardner Whiting Capital Advisors LLC now owns 105 shares of the company’s stock valued at $36,000 after purchasing an additional 28 shares during the period. 84.88% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several brokerages have weighed in on SNA. Roth Capital reissued a “buy” rating and set a $461.00 price objective (up from $409.00) on shares of Snap-On in a research note on Friday, July 24th. Barclays initiated coverage on Snap-On in a research note on Thursday, May 28th. They issued an “overweight” rating and a $420.00 price objective for the company. Tigress Financial lifted their target price on Snap-On from $445.00 to $485.00 and gave the stock a “buy” rating in a report on Friday, July 31st. Robert W. Baird set a $415.00 target price on Snap-On in a research report on Friday, July 24th. Finally, Weiss Ratings restated a “buy (b)” rating on shares of Snap-On in a research report on Friday, July 17th. Five research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $426.20.

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.