Snap-On Incorporated (NYSE:SNA – Get Free Report) shares reached a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $421.16 and last traded at $420.11, with a volume of 30260 shares. The stock had previously closed at $418.34.
Wall Street Analysts Forecast Growth
SNA has been the topic of a number of recent research reports. Roth Capital reiterated a “buy” rating and set a $461.00 price target (up from $409.00) on shares of Snap-On in a research note on Friday, July 24th. Barclays assumed coverage on shares of Snap-On in a research note on Thursday, May 28th. They set an “overweight” rating and a $420.00 target price on the stock. Weiss Ratings restated a “buy (b)” rating on shares of Snap-On in a research note on Friday, July 17th. Robert W. Baird set a $415.00 price objective on Snap-On in a research report on Friday, July 24th. Finally, Tigress Financial increased their price objective on Snap-On from $445.00 to $485.00 and gave the company a “buy” rating in a research note on Friday. Five investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $426.20.
View Our Latest Research Report on SNA
Snap-On Price Performance
Snap-On (NYSE:SNA – Get Free Report) last issued its earnings results on Thursday, July 23rd. The company reported $4.96 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.95 by $0.01. Snap-On had a net margin of 21.25% and a return on equity of 17.07%. The business had revenue of $1.24 billion during the quarter, compared to analysts’ expectations of $1.22 billion. During the same quarter in the prior year, the business posted $4.72 EPS. The company’s revenue for the quarter was up 4.7% on a year-over-year basis. Equities research analysts expect that Snap-On Incorporated will post 19.7 EPS for the current year.
Snap-On declared that its board has approved a stock repurchase program on Thursday, April 30th that permits the company to buyback $500.00 million in outstanding shares. This buyback authorization permits the company to buy up to 2.5% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s leadership believes its stock is undervalued.
Insider Transactions at Snap-On
In other news, CFO Aldo John Pagliari sold 1,330 shares of the firm’s stock in a transaction that occurred on Thursday, June 4th. The shares were sold at an average price of $379.27, for a total transaction of $504,429.10. Following the transaction, the chief financial officer directly owned 118,158 shares in the company, valued at approximately $44,813,784.66. This trade represents a 1.11% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, SVP Timothy L. Chambers sold 9,111 shares of the company’s stock in a transaction on Tuesday, July 28th. The shares were sold at an average price of $419.36, for a total transaction of $3,820,788.96. Following the completion of the sale, the senior vice president owned 21,223 shares of the company’s stock, valued at approximately $8,900,077.28. This trade represents a 30.04% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 23,221 shares of company stock valued at $9,196,355 over the last ninety days. 3.80% of the stock is owned by insiders.
Institutional Trading of Snap-On
Several institutional investors and hedge funds have recently added to or reduced their stakes in SNA. Kennebec Savings Bank grew its stake in shares of Snap-On by 3.6% in the 4th quarter. Kennebec Savings Bank now owns 783 shares of the company’s stock valued at $270,000 after purchasing an additional 27 shares during the last quarter. Annis Gardner Whiting Capital Advisors LLC lifted its holdings in shares of Snap-On by 36.4% during the fourth quarter. Annis Gardner Whiting Capital Advisors LLC now owns 105 shares of the company’s stock worth $36,000 after purchasing an additional 28 shares during the period. Verition Fund Management LLC grew its position in Snap-On by 1.5% in the 4th quarter. Verition Fund Management LLC now owns 1,844 shares of the company’s stock valued at $635,000 after buying an additional 28 shares during the last quarter. CWM LLC increased its stake in Snap-On by 0.6% in the 4th quarter. CWM LLC now owns 5,517 shares of the company’s stock valued at $1,901,000 after buying an additional 31 shares during the period. Finally, Ritholtz Wealth Management raised its position in Snap-On by 2.5% during the 4th quarter. Ritholtz Wealth Management now owns 1,401 shares of the company’s stock worth $483,000 after buying an additional 34 shares during the last quarter. 84.88% of the stock is owned by hedge funds and other institutional investors.
Snap-On Company Profile
Snap‑On Incorporated (NYSE: SNA) is a designer, manufacturer and marketer of tools, diagnostic equipment, repair information and shop equipment for professional users. The company’s product range includes hand and power tools, tool storage and cabinets, diagnostic scan tools and software, shop equipment such as lifts and tire changers, and specialized specialty tools for automotive, aviation, marine and industrial applications. Snap‑On also offers information and workflow solutions that combine diagnostic data, repair procedures and parts information to support professional technicians.
Founded in 1920 and headquartered in Kenosha, Wisconsin, Snap‑On has established a long history in the professional tools market.
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