Snap-On (NYSE:SNA) Reaches New 1-Year High – Here’s What Happened

Snap-On Incorporated (NYSE:SNA) hit a new 52-week high on Wednesday . The stock traded as high as $371.34 and last traded at $368.5530, with a volume of 37129 shares. The stock had previously closed at $364.58.

Analyst Upgrades and Downgrades

SNA has been the subject of a number of analyst reports. Tigress Financial boosted their price objective on Snap-On from $395.00 to $405.00 and gave the stock a “buy” rating in a research report on Tuesday, October 21st. Robert W. Baird boosted their target price on shares of Snap-On from $355.00 to $365.00 and gave the stock a “neutral” rating in a research note on Friday, October 17th. Roth Capital reaffirmed a “buy” rating and set a $385.00 price objective on shares of Snap-On in a research report on Friday, October 17th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Snap-On in a report on Wednesday, October 8th. Finally, Barrington Research restated an “outperform” rating and set a $350.00 price objective on shares of Snap-On in a research report on Wednesday, October 15th. Five equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $365.00.

Snap-On Stock Up 1.2%

The business’s fifty day moving average price is $347.59 and its 200 day moving average price is $337.40. The firm has a market capitalization of $19.18 billion, a price-to-earnings ratio of 19.34, a PEG ratio of 2.54 and a beta of 0.80. The company has a current ratio of 4.40, a quick ratio of 3.37 and a debt-to-equity ratio of 0.20.

Snap-On Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, December 10th. Stockholders of record on Friday, November 21st were issued a $2.44 dividend. The ex-dividend date of this dividend was Friday, November 21st. This is a positive change from Snap-On’s previous quarterly dividend of $2.14. This represents a $9.76 dividend on an annualized basis and a dividend yield of 2.6%. Snap-On’s dividend payout ratio is currently 51.18%.

Insider Buying and Selling at Snap-On

In related news, CFO Aldo John Pagliari sold 6,779 shares of the firm’s stock in a transaction dated Thursday, December 11th. The stock was sold at an average price of $352.20, for a total transaction of $2,387,563.80. Following the transaction, the chief financial officer owned 111,888 shares of the company’s stock, valued at $39,406,953.60. This trade represents a 5.71% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CEO Nicholas T. Pinchuk sold 22,607 shares of the company’s stock in a transaction that occurred on Tuesday, December 2nd. The shares were sold at an average price of $339.15, for a total value of $7,667,164.05. Following the sale, the chief executive officer directly owned 826,364 shares of the company’s stock, valued at approximately $280,261,350.60. This represents a 2.66% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 40,036 shares of company stock worth $13,710,988 over the last three months. 3.90% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Snap-On

A number of large investors have recently bought and sold shares of SNA. Thurston Springer Miller Herd & Titak Inc. acquired a new stake in shares of Snap-On in the 4th quarter worth $25,000. GoalVest Advisory LLC acquired a new stake in Snap-On in the fourth quarter valued at about $28,000. Tobam purchased a new stake in Snap-On in the 2nd quarter valued at approximately $29,000. Ameritas Advisory Services LLC purchased a new position in shares of Snap-On during the 2nd quarter worth approximately $30,000. Finally, Vermillion & White Wealth Management Group LLC lifted its holdings in shares of Snap-On by 97.9% in the 2nd quarter. Vermillion & White Wealth Management Group LLC now owns 95 shares of the company’s stock valued at $30,000 after buying an additional 47 shares during the period. Hedge funds and other institutional investors own 84.88% of the company’s stock.

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.