Snap-On (NYSE:SNA) CEO Nicholas Pinchuk Sells 22,889 Shares of Stock

Key Points

• CEO Nicholas Pinchuk sold 22,889 Snap-On shares for approximately $9.15 million at an average price of $399.69 under a pre-arranged Rule 10b5-1 trading plan, reducing his direct holdings by 2.57%.
• Snap-On reported quarterly EPS of $4.96, slightly exceeding estimates, while revenue rose 4.7% year over year to $1.24 billion. The board also authorized a $500 million share-repurchase program.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and an average price target of $426.20; the company also declared a quarterly dividend of $2.44 per share, yielding about 2.5% annually.

Snap-On Incorporated (NYSE:SNA - Get Free Report) CEO Nicholas Pinchuk sold 22,889 shares of the company's stock in a transaction dated Tuesday, August 18th. The shares were sold at an average price of $399.69, for a total transaction of $9,148,504.41. Following the completion of the sale, the chief executive officer directly owned 867,779 shares of the company's stock, valued at $346,842,588.51. This represents a 2.57% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Snap-On Price Performance

Shares of NYSE:SNA traded down $1.71 during trading on Wednesday, hitting $394.00. 315,858 shares of the stock were exchanged, compared to its average volume of 368,739. The company has a market cap of $20.38 billion, a PE ratio of 20.09, a P/E/G ratio of 2.84 and a beta of 0.73. The company has a current ratio of 3.43, a quick ratio of 2.64 and a debt-to-equity ratio of 0.15. Snap-On Incorporated has a 12-month low of $319.20 and a 12-month high of $423.02. The company has a fifty day moving average price of $402.75 and a two-hundred day moving average price of $384.13.

Snap-On (NYSE:SNA - Get Free Report) last announced its quarterly earnings data on Thursday, July 23rd. The company reported $4.96 earnings per share for the quarter, beating the consensus estimate of $4.95 by $0.01. The business had revenue of $1.24 billion during the quarter, compared to analyst estimates of $1.22 billion. Snap-On had a return on equity of 17.07% and a net margin of 21.25%.The company's revenue was up 4.7% on a year-over-year basis. During the same quarter in the prior year, the firm posted $4.72 earnings per share. On average, analysts forecast that Snap-On Incorporated will post 19.7 EPS for the current year.

Snap-On announced that its board has approved a stock repurchase program on Thursday, April 30th that allows the company to buyback $500.00 million in shares. This buyback authorization allows the company to repurchase up to 2.5% of its shares through open market purchases. Shares buyback programs are typically an indication that the company's board of directors believes its stock is undervalued.

Snap-On Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 10th. Stockholders of record on Wednesday, August 19th will be given a dividend of $2.44 per share. This represents a $9.76 dividend on an annualized basis and a dividend yield of 2.5%. The ex-dividend date is Wednesday, August 19th. Snap-On's dividend payout ratio (DPR) is 49.77%.

Institutional Trading of Snap-On

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. DV Equities LLC purchased a new stake in Snap-On during the fourth quarter valued at about $25,000. Western Wealth Management LLC purchased a new position in Snap-On in the first quarter valued at $29,000. Montag A & Associates Inc. increased its holdings in Snap-On by 331.8% in the 4th quarter. Montag A & Associates Inc. now owns 95 shares of the company's stock valued at $33,000 after purchasing an additional 73 shares during the last quarter. Quattro Advisors LLC purchased a new stake in shares of Snap-On during the 4th quarter worth approximately $35,000. Finally, Annis Gardner Whiting Capital Advisors LLC boosted its position in shares of Snap-On by 36.4% during the 4th 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 in the last quarter. 84.88% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

SNA has been the subject of several research reports. Tigress Financial upped their target price on Snap-On from $445.00 to $485.00 and gave the stock a "buy" rating in a report on Friday, July 31st. Robert W. Baird set a $415.00 price objective on shares of Snap-On in a research note on Friday, July 24th. Barclays began coverage on Snap-On in a report on Thursday, May 28th. They set an "overweight" rating and a $420.00 price target for the company. Roth Capital reissued a "buy" rating and issued a $461.00 price target (up from $409.00) on shares of Snap-On in a research note on Friday, July 24th. Finally, Weiss Ratings reiterated a "buy (b)" rating on shares of Snap-On in a research note on Friday, July 17th. Five investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $426.20.

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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