Snap-On Incorporated (NYSE:SNA) Declares Dividend Increase – $2.44 Per Share

Snap-On Incorporated (NYSE:SNA) announced a quarterly dividend on Thursday, November 6th. Stockholders of record on Friday, November 21st will be given a dividend of 2.44 per share on Wednesday, December 10th. This represents a c) dividend on an annualized basis and a dividend yield of 2.8%. The ex-dividend date is Friday, November 21st. This is a 14.0% increase from Snap-On’s previous quarterly dividend of $2.14.

Snap-On has raised its dividend payment by an average of 0.1%annually over the last three years and has increased its dividend every year for the last 15 years. Snap-On has a dividend payout ratio of 42.8% meaning its dividend is sufficiently covered by earnings. Analysts expect Snap-On to earn $21.14 per share next year, which means the company should continue to be able to cover its $8.56 annual dividend with an expected future payout ratio of 40.5%.

Snap-On Stock Up 0.4%

SNA traded up $1.42 during trading on Friday, hitting $342.77. The company had a trading volume of 65,785 shares, compared to its average volume of 364,970. Snap-On has a 1-year low of $289.81 and a 1-year high of $373.89. The company has a debt-to-equity ratio of 0.20, a current ratio of 4.40 and a quick ratio of 3.37. The company has a market cap of $17.83 billion, a PE ratio of 17.99, a P/E/G ratio of 2.33 and a beta of 0.81. The business has a 50-day moving average of $336.94 and a 200-day moving average of $325.62.

Snap-On (NYSE:SNA) last released its earnings results on Thursday, October 16th. The company reported $4.71 earnings per share for the quarter, topping the consensus estimate of $4.59 by $0.12. The company had revenue of $1.19 billion during the quarter, compared to the consensus estimate of $1.16 billion. Snap-On had a net margin of 21.08% and a return on equity of 17.71%. The company’s revenue was up 3.8% on a year-over-year basis. During the same quarter in the previous year, the firm earned $4.70 EPS. As a group, analysts forecast that Snap-On will post 19.79 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on SNA shares. Robert W. Baird boosted their price objective on Snap-On from $355.00 to $365.00 and gave the company a “neutral” rating in a report on Friday, October 17th. Weiss Ratings reissued a “buy (b)” rating on shares of Snap-On in a research report on Wednesday, October 8th. Tigress Financial raised their price objective on Snap-On from $395.00 to $405.00 and gave the stock a “buy” rating in a research note on Tuesday, October 21st. Roth Capital reiterated a “buy” rating and set a $385.00 target price on shares of Snap-On in a research note on Friday, October 17th. Finally, Barrington Research reissued an “outperform” rating and set a $350.00 target price on shares of Snap-On in a report on Wednesday, October 15th. Five research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $365.00.

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.