Snap-on (NYSE:SNA) PT Raised to $347.00

by · The Markets Daily

Snap-on (NYSE:SNA – Free Report) had its target price raised by Robert W. Baird from $290.00 to $347.00 in a research note published on Friday morning, Benzinga reports. The brokerage currently has a neutral rating on the stock.

Other research analysts also recently issued reports about the stock. Roth Mkm restated a “buy” rating and set a $324.00 target price on shares of Snap-on in a research report on Tuesday, July 16th. Barrington Research increased their price target on shares of Snap-on from $325.00 to $350.00 and gave the company an “outperform” rating in a research report on Thursday, October 17th. Bank of America increased their price target on shares of Snap-on from $255.00 to $280.00 and gave the company an “underperform” rating in a research report on Friday. Finally, Tigress Financial reiterated a “buy” rating and issued a $336.00 price target on shares of Snap-on in a research report on Thursday, July 25th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $327.40.

Read Our Latest Analysis on Snap-on

Snap-on Stock Performance

Snap-on stock opened at $325.99 on Friday. The company has a current ratio of 4.18, a quick ratio of 3.05 and a debt-to-equity ratio of 0.22. Snap-on has a 1 year low of $249.84 and a 1 year high of $330.51. The company has a market cap of $17.17 billion, a PE ratio of 16.78, a PEG ratio of 2.26 and a beta of 0.98. The company’s 50-day moving average is $285.34 and its two-hundred day moving average is $276.79.

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

Snap-on Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 10th. Investors of record on Monday, August 19th were paid a dividend of $1.86 per share. The ex-dividend date of this dividend was Monday, August 19th. This represents a $7.44 dividend on an annualized basis and a yield of 2.28%. Snap-on’s payout ratio is 38.29%.

Insider Buying and Selling

In other news, VP Richard Thomas Miller sold 1,750 shares of the firm’s stock in a transaction that occurred on Friday, October 18th. The shares were sold at an average price of $330.00, for a total transaction of $577,500.00. Following the completion of the transaction, the vice president now directly owns 3,218 shares of the company’s stock, valued at $1,061,940. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, VP Richard Thomas Miller sold 1,750 shares of the firm’s stock in a transaction that occurred on Friday, October 18th. The shares were sold at an average price of $330.00, for a total transaction of $577,500.00. Following the completion of the transaction, the vice president now directly owns 3,218 shares of the company’s stock, valued at $1,061,940. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Iain Boyd sold 6,044 shares of the firm’s stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $298.99, for a total transaction of $1,807,095.56. Following the transaction, the vice president now directly owns 10,493 shares of the company’s stock, valued at $3,137,302.07. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 37,598 shares of company stock valued at $10,461,986. 4.10% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Snap-on

Several hedge funds and other institutional investors have recently made changes to their positions in SNA. Mawer Investment Management Ltd. grew its stake in shares of Snap-on by 234.7% in the second quarter. Mawer Investment Management Ltd. now owns 632,226 shares of the company’s stock valued at $165,258,000 after buying an additional 443,333 shares in the last quarter. Pacer Advisors Inc. lifted its holdings in Snap-on by 51.2% during the 2nd quarter. Pacer Advisors Inc. now owns 829,471 shares of the company’s stock valued at $216,815,000 after purchasing an additional 280,997 shares during the last quarter. Millennium Management LLC lifted its holdings in Snap-on by 1,786.4% during the 2nd quarter. Millennium Management LLC now owns 161,175 shares of the company’s stock valued at $42,130,000 after purchasing an additional 152,631 shares during the last quarter. Glassman Wealth Services acquired a new stake in Snap-on during the 2nd quarter valued at $26,608,000. Finally, Earnest Partners LLC lifted its holdings in Snap-on by 9.9% during the 1st quarter. Earnest Partners LLC now owns 929,710 shares of the company’s stock valued at $275,399,000 after purchasing an additional 83,686 shares during the last quarter. 84.88% of the stock is owned by institutional investors.

About Snap-on

(Get Free Report)

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.

See Also