Snap-on (NYSE:SNA) Hits New 52-Week High – Time to Buy?

Snap-on Incorporated (NYSE:SNA) shares reached a new 52-week high during trading on Friday . The stock 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.

Analyst Ratings Changes

A number of equities analysts have recently commented on the stock. Roth Mkm raised their target price on shares of Snap-on from $324.00 to $365.00 and gave the stock a “buy” rating in a research report on Tuesday, October 22nd. Bank of America increased their price target on shares of Snap-on from $255.00 to $280.00 and gave the company an “underperform” rating in a research note on Friday, October 18th. Tigress Financial raised their price target on shares of Snap-on from $336.00 to $385.00 and gave the company a “buy” rating in a research report on Friday, October 25th. Barrington Research lifted their price target on shares of Snap-on from $325.00 to $350.00 and gave the stock an “outperform” rating in a research note on Thursday, October 17th. Finally, Robert W. Baird lifted 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. One investment 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 data from MarketBeat, Snap-on has an average rating of “Hold” and a consensus target price of $345.40.

Snap-on Price Performance

The company’s 50 day simple moving average is $314.25 and its 200 day simple moving average is $286.92. 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 stock has a market cap of $19.20 billion, a P/E ratio of 18.60, a P/E/G ratio of 2.35 and a beta of 0.96.

Snap-on (NYSE:SNA) last announced its quarterly earnings results on Thursday, October 17th. The company reported $4.70 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.58 by $0.12. The company had revenue of $1.15 billion for the quarter, compared to analyst estimates 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 earnings per share for the current year.

Snap-on Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 10th. Shareholders of record on Thursday, November 21st will be given a dividend of $2.14 per share. This is a boost from Snap-on’s previous quarterly dividend of $1.86. This represents a $8.56 dividend on an annualized basis and a yield of 2.34%. The ex-dividend date is Thursday, November 21st. Snap-on’s dividend payout ratio (DPR) is presently 38.29%.

Snap-on announced that its board has approved a stock repurchase program on Thursday, August 8th that allows the company to repurchase $500.00 million in shares. This repurchase authorization allows the company to purchase up to 3.5% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s board believes its shares are undervalued.

Insider Buying and Selling at Snap-on

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

Hedge Funds Weigh In On Snap-on

Several hedge funds have recently bought and sold shares of SNA. Opal Wealth Advisors LLC purchased a new stake in shares of Snap-on during the second quarter worth about $30,000. Reston Wealth Management LLC acquired a new stake in Snap-on in the third quarter worth approximately $30,000. Innealta Capital LLC bought a new position in shares of Snap-on in the second quarter valued at $32,000. Massmutual Trust Co. FSB ADV raised its stake in Snap-on by 53.0% during the 3rd quarter. Massmutual Trust Co. FSB ADV now owns 127 shares of the company’s stock valued at $37,000 after purchasing an additional 44 shares during the period. Finally, Brooklyn Investment Group purchased a new position in shares of Snap-on during the 3rd quarter valued at $39,000. Hedge funds and other institutional investors 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.