Snap-on Incorporated (NYSE:SNA) CEO Sells $6,493,797.75 in Stock

Snap-on Incorporated (NYSE:SNA) CEO Nicholas T. Pinchuk sold 24,145 shares of the business’s stock in a transaction on Monday, August 12th. The stock was sold at an average price of $268.95, for a total transaction of $6,493,797.75. Following the sale, the chief executive officer now directly owns 759,019 shares in the company, valued at approximately $204,138,160.05. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Snap-on Price Performance

Shares of SNA opened at $273.02 on Thursday. The business has a 50-day moving average of $268.79 and a 200-day moving average of $276.25. The company has a debt-to-equity ratio of 0.22, a current ratio of 4.06 and a quick ratio of 3.05. The company has a market capitalization of $14.38 billion, a price-to-earnings ratio of 14.32, a price-to-earnings-growth ratio of 1.89 and a beta of 0.98. Snap-on Incorporated has a 1 year low of $249.84 and a 1 year high of $298.49.

Snap-on (NYSE:SNA) last issued its quarterly earnings results on Thursday, July 18th. The company reported $5.07 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.94 by $0.13. Snap-on had a net margin of 21.90% and a return on equity of 19.90%. The firm had revenue of $1.18 billion for the quarter, compared to the consensus estimate of $1.20 billion. During the same quarter in the previous year, the company earned $4.89 EPS. The company’s revenue for the quarter was down 1.0% on a year-over-year basis. As a group, equities research analysts anticipate that Snap-on Incorporated will post 18.95 earnings per share for the current year.

Snap-on announced that its Board of Directors has authorized a share buyback program on Thursday, August 8th that allows the company to repurchase $500.00 million in shares. This repurchase authorization allows the company to repurchase up to 3.5% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s board believes its stock is undervalued.

Snap-on Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 10th. Investors of record on Monday, August 19th will be given a dividend of $1.86 per share. The ex-dividend date is Monday, August 19th. This represents a $7.44 annualized dividend and a dividend yield of 2.73%. Snap-on’s payout ratio is 39.03%.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on SNA shares. Tigress Financial reaffirmed a “buy” rating and issued a $336.00 target price on shares of Snap-on in a report on Thursday, July 25th. Robert W. Baird dropped their price objective on shares of Snap-on from $282.00 to $275.00 and set a “neutral” rating for the company in a report on Friday, July 12th. Barrington Research reiterated an “outperform” rating and set a $325.00 target price on shares of Snap-on in a research report on Tuesday, July 16th. Finally, Roth Mkm restated a “buy” rating and issued a $324.00 price target on shares of Snap-on in a research report on Tuesday, July 16th. One investment analyst has rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $315.00.

Hedge Funds Weigh In On Snap-on

Several institutional investors have recently added to or reduced their stakes in SNA. Scarborough Advisors LLC bought a new stake in shares of Snap-on in the 4th quarter valued at $30,000. Opal Wealth Advisors LLC acquired a new stake in Snap-on in the second quarter worth $30,000. Innealta Capital LLC bought a new stake in Snap-on in the second quarter valued at $32,000. Pacific Capital Wealth Advisors Inc. acquired a new position in shares of Snap-on during the fourth quarter valued at about $55,000. Finally, Fidelis Capital Partners LLC bought a new position in shares of Snap-on during the 1st quarter worth about $56,000. 84.88% of the stock is owned by institutional investors and hedge funds.

About Snap-on

Snap-on Incorporated manufactures and markets tools, equipment, diagnostics, and repair information and systems solutions for professional users worldwide. It operates through Commercial & Industrial Group, Snap-on Tools Group, Repair Systems & Information Group, and Financial Services segments.