Snap-on (NYSE:SNA) Price Target Increased to $280.00 by Analysts at Bank of America

Snap-on (NYSE:SNA) had its price objective boosted by Bank of America from $255.00 to $280.00 in a research note published on Friday, Benzinga reports. They currently have an underperform rating on the stock.

A number of other equities research analysts have also recently issued reports on the company. Barrington Research upped their price objective on Snap-on from $325.00 to $350.00 and gave the stock an “outperform” rating in a research note on Thursday. Tigress Financial reiterated a “buy” rating and issued a $336.00 price target on shares of Snap-on in a research note on Thursday, July 25th. Robert W. Baird decreased their price objective on shares of Snap-on from $282.00 to $275.00 and set a “neutral” rating for the company in a research report on Friday, July 12th. Finally, Roth Mkm reaffirmed a “buy” rating and issued a $324.00 target price on shares of Snap-on in a report on Tuesday, July 16th. One research analyst has rated the stock with a sell rating, one has given a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $327.40.

Snap-on Stock Performance

SNA opened at $326.09 on Friday. 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 $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 business’s 50-day moving average price is $284.18 and its two-hundred day moving average price is $276.78. Snap-on has a 1 year low of $249.84 and a 1 year high of $330.51.

Snap-on (NYSE:SNA) last released its earnings results on Thursday, July 18th. The company reported $5.07 earnings per share for the quarter, beating 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 business had revenue of $1.18 billion during the quarter, compared to the consensus estimate of $1.20 billion. During the same quarter last year, the firm earned $4.89 earnings per share. The firm’s revenue for the quarter was down 1.0% compared to the same quarter last year. Equities analysts expect that Snap-on will post 18.95 EPS for the current fiscal year.

Snap-on Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 10th. Shareholders of record on Monday, August 19th were given 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 dividend payout ratio (DPR) is 38.67%.

Snap-on declared that its Board of Directors has authorized a stock buyback plan on Thursday, August 8th that authorizes the company to repurchase $500.00 million in outstanding shares. This repurchase authorization authorizes the company to purchase up to 3.5% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s board of directors believes its shares are undervalued.

Insider Transactions at Snap-on

In related news, VP Iain Boyd sold 6,044 shares of the company’s stock in a transaction dated 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 transaction, the vice president now owns 10,493 shares in the company, valued at approximately $3,137,302.07. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, VP Iain Boyd sold 6,044 shares of the business’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 completion of the sale, the vice president now owns 10,493 shares in the company, valued at $3,137,302.07. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Nicholas T. Pinchuk sold 24,145 shares of the stock in a transaction that occurred on Monday, August 12th. The stock was sold at an average price of $268.95, for a total value of $6,493,797.75. Following the transaction, the chief executive officer now owns 759,019 shares in the company, valued at approximately $204,138,160.05. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 35,848 shares of company stock worth $9,884,486. 4.10% of the stock is owned by insiders.

Institutional Investors Weigh In On Snap-on

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

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.