Snap-on (NYSE:SNA) Hits New 12-Month High – Time to Buy?

Shares of Snap-on Incorporated (NYSE:SNA) reached a new 52-week high on Friday . The company traded as high as $365.76 and last traded at $365.76, with a volume of 85220 shares changing hands. The stock had previously closed at $361.40.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on the company. Roth Mkm upped their price target on Snap-on from $324.00 to $365.00 and gave the stock a “buy” rating in a report on Tuesday, October 22nd. Tigress Financial upped their target price on shares of Snap-on from $336.00 to $385.00 and gave the stock a “buy” rating in a research note on Friday, October 25th. Robert W. Baird increased their target price on shares of Snap-on from $290.00 to $347.00 and gave the company a “neutral” rating in a report on Friday, October 18th. Bank of America boosted their price target on shares of Snap-on from $255.00 to $280.00 and gave the stock an “underperform” rating in a report on Friday, October 18th. Finally, Barrington Research increased their price objective on shares of Snap-on from $325.00 to $350.00 and gave the company an “outperform” rating in a research note on Thursday, October 17th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $345.40.

Snap-on Trading Up 1.3 %

The firm has a 50-day moving average price of $317.63 and a 200-day moving average price of $288.07. The company has a current ratio of 4.18, a quick ratio of 3.14 and a debt-to-equity ratio of 0.22. The stock has a market capitalization of $19.22 billion, a PE ratio of 18.84, a price-to-earnings-growth ratio of 2.39 and a beta of 0.96.

Snap-on (NYSE:SNA) last posted its quarterly earnings data on Thursday, October 17th. The company reported $4.70 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.58 by $0.12. The business had revenue of $1.15 billion during the quarter, compared to the consensus estimate of $1.16 billion. Snap-on had a net margin of 22.13% and a return on equity of 19.44%. As a group, equities analysts forecast that Snap-on Incorporated will post 19.05 EPS for the current fiscal year.

Snap-on Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 10th. Investors of record on Thursday, November 21st will be issued a $2.14 dividend. This represents a $8.56 dividend on an annualized basis and a dividend yield of 2.34%. The ex-dividend date is Thursday, November 21st. This is a boost from Snap-on’s previous quarterly dividend of $1.86. Snap-on’s payout ratio is 44.06%.

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

Insiders Place Their Bets

In other news, VP Richard Thomas Miller sold 1,750 shares of Snap-on stock in a transaction dated Friday, October 18th. The shares were sold at an average price of $330.00, for a total value of $577,500.00. Following the completion of the transaction, the vice president now owns 3,218 shares in the company, valued at $1,061,940. This trade represents a 35.23 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Thomas J. Ward sold 12,737 shares of the company’s stock in a transaction that occurred on Monday, October 28th. The shares were sold at an average price of $333.21, for a total transaction of $4,244,095.77. Following the sale, the senior vice president now owns 55,401 shares in the company, valued at $18,460,167.21. The trade was a 18.69 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 21,717 shares of company stock valued at $6,965,480 over the last ninety days. 4.10% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Snap-on

Several institutional investors have recently made changes to their positions in SNA. Mawer Investment Management Ltd. grew its position 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 purchasing an additional 443,333 shares in the last quarter. Pacer Advisors Inc. grew 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 buying an additional 280,997 shares in the last quarter. Millennium Management LLC increased its position in shares of Snap-on by 1,786.4% during the second quarter. Millennium Management LLC now owns 161,175 shares of the company’s stock valued at $42,130,000 after buying an additional 152,631 shares during the period. Benjamin Edwards Inc. lifted its holdings in shares of Snap-on by 2,691.2% in the third quarter. Benjamin Edwards Inc. now owns 158,092 shares of the company’s stock worth $45,810,000 after buying an additional 152,428 shares in the last quarter. Finally, International Assets Investment Management LLC boosted its position in shares of Snap-on by 34,381.0% in the third quarter. International Assets Investment Management LLC now owns 130,338 shares of the company’s stock valued at $37,760,000 after acquiring an additional 129,960 shares during the period. Hedge funds and other institutional investors own 84.88% of the company’s stock.

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.