Snap-on (NYSE:SNA) Reaches New 1-Year High After Analyst Upgrade

Shares of Snap-on Incorporated (NYSE:SNA) hit a new 52-week high on Monday after Tigress Financial raised their price target on the stock from $336.00 to $385.00. Tigress Financial currently has a buy rating on the stock. Snap-on traded as high as $330.70 and last traded at $330.70, with a volume of 13488 shares changing hands. The stock had previously closed at $326.58.

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

Insider Transactions at Snap-on

In other Snap-on news, CEO Nicholas T. Pinchuk sold 24,145 shares of the firm’s stock in a transaction that occurred on Monday, August 12th. The shares were sold at an average price of $268.95, for a total transaction of $6,493,797.75. Following the completion of 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, VP Richard Thomas Miller sold 1,750 shares of the company’s stock in a transaction that occurred on Friday, October 18th. The stock was sold at an average price of $330.00, for a total transaction of $577,500.00. Following the transaction, the vice president now directly owns 3,218 shares of the company’s stock, valued at $1,061,940. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Nicholas T. Pinchuk sold 24,145 shares of the business’s stock in a transaction on Monday, August 12th. The shares were sold at an average price of $268.95, for a total transaction of $6,493,797.75. Following the sale, the chief executive officer now owns 759,019 shares of the company’s stock, valued at $204,138,160.05. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 37,598 shares of company stock worth $10,461,986 over the last ninety days. 4.10% of the stock is owned by insiders.

Institutional Investors Weigh In On Snap-on

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Financial Advocates Investment Management grew its holdings in Snap-on by 2.6% during the third quarter. Financial Advocates Investment Management now owns 3,449 shares of the company’s stock worth $999,000 after buying an additional 89 shares in the last quarter. Pinnacle Associates Ltd. bought a new stake in shares of Snap-on in the 3rd quarter worth $214,000. First Trust Direct Indexing L.P. raised its holdings in shares of Snap-on by 11.6% in the third quarter. First Trust Direct Indexing L.P. now owns 1,348 shares of the company’s stock valued at $391,000 after purchasing an additional 140 shares during the last quarter. Abich Financial Wealth Management LLC bought a new position in shares of Snap-on during the third quarter valued at about $152,000. Finally, abrdn plc boosted its holdings in Snap-on by 5.9% during the third quarter. abrdn plc now owns 22,797 shares of the company’s stock worth $6,561,000 after purchasing an additional 1,272 shares during the last quarter. 84.88% of the stock is owned by institutional investors.

Snap-on Trading Up 1.5 %

The company has a debt-to-equity ratio of 0.22, a current ratio of 4.18 and a quick ratio of 3.14. The firm has a market capitalization of $17.41 billion, a PE ratio of 16.81, a PEG ratio of 2.16 and a beta of 0.98. The firm’s fifty day moving average is $289.40 and its two-hundred day moving average is $277.70.

Snap-on Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 10th. Investors 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 annualized dividend and a yield of 2.24%. Snap-on’s payout ratio is currently 38.29%.

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

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.