Snap-on (NYSE:SNA) Stock Price Up 6.7% Following Analyst Upgrade

Snap-on Incorporated (NYSE:SNA) shares traded up 6.7% during mid-day trading on Thursday after Robert W. Baird raised their price target on the stock from $290.00 to $347.00. Robert W. Baird currently has a neutral rating on the stock. Snap-on traded as high as $317.93 and last traded at $317.93. 86,414 shares changed hands during mid-day trading, a decline of 70% from the average session volume of 292,344 shares. The stock had previously closed at $298.08.

Other equities analysts also recently issued reports about the stock. Barrington Research lifted their target price on shares of Snap-on from $325.00 to $350.00 and gave the stock an “outperform” rating in a research note on Thursday. Bank of America upped their price objective on Snap-on from $255.00 to $280.00 and gave the company an “underperform” rating in a report on Friday. Roth Mkm reissued a “buy” rating and set a $324.00 target price on shares of Snap-on in a research note on Tuesday, July 16th. Finally, Tigress Financial reaffirmed a “buy” rating and issued a $336.00 price target on shares of Snap-on in a research note on Thursday, July 25th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat, Snap-on presently has an average rating of “Hold” and an average target price of $327.40.

Insiders Place Their Bets

In related news, VP Iain Boyd sold 6,044 shares of the business’s stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $298.99, for a total value of $1,807,095.56. Following the sale, the vice president now owns 10,493 shares in the company, valued at approximately $3,137,302.07. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, VP Iain Boyd sold 6,044 shares of Snap-on stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $298.99, for a total value of $1,807,095.56. Following the completion of the transaction, the vice president now owns 10,493 shares in the company, valued at approximately $3,137,302.07. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, VP June C. Lemerand sold 1,186 shares of the business’s stock in a transaction on Monday, August 26th. The stock was sold at an average price of $283.97, for a total transaction of $336,788.42. Following the completion of the transaction, the vice president now owns 2,283 shares of the company’s stock, valued at approximately $648,303.51. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 35,848 shares of company stock worth $9,884,486 over the last ninety days. Corporate insiders own 4.10% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of SNA. Allspring Global Investments Holdings LLC boosted its stake in shares of Snap-on by 122.1% during the third quarter. Allspring Global Investments Holdings LLC now owns 9,480 shares of the company’s stock worth $2,746,000 after buying an additional 5,212 shares during the period. Vest Financial LLC raised its stake in Snap-on by 15.7% during the 3rd quarter. Vest Financial LLC now owns 100,527 shares of the company’s stock valued at $29,124,000 after acquiring an additional 13,672 shares during the last quarter. New Century Financial Group LLC grew its stake in shares of Snap-on by 5.1% in the 3rd quarter. New Century Financial Group LLC now owns 2,514 shares of the company’s stock valued at $728,000 after purchasing an additional 123 shares during the last quarter. Raymond James & Associates increased its holdings in shares of Snap-on by 4.7% in the third quarter. Raymond James & Associates now owns 367,464 shares of the company’s stock valued at $106,458,000 after purchasing an additional 16,485 shares during the period. Finally, Blue Trust Inc. raised its stake in shares of Snap-on by 22.1% during the third quarter. Blue Trust Inc. now owns 3,596 shares of the company’s stock worth $1,042,000 after purchasing an additional 650 shares during the last quarter. 84.88% of the stock is owned by hedge funds and other institutional investors.

Snap-on Trading Down 0.5 %

The company has a quick ratio of 3.05, a current ratio of 4.06 and a debt-to-equity ratio of 0.22. The stock has a market capitalization of $17.18 billion, a price-to-earnings ratio of 16.95, a P/E/G ratio of 2.06 and a beta of 0.98. The company has a fifty day moving average of $284.18 and a two-hundred day moving average of $276.78.

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

Snap-on Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, September 10th. Shareholders of record on Monday, August 19th were issued a $1.86 dividend. This represents a $7.44 dividend on an annualized basis and a yield of 2.28%. The ex-dividend date of this dividend was Monday, August 19th. Snap-on’s dividend payout ratio is presently 38.67%.

Snap-on announced that its board has approved a stock repurchase plan 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 shares through open market purchases. Shares repurchase plans are generally a sign that the company’s board of directors believes its shares are undervalued.

Snap-on Company Profile

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.