Snap-on (NYSE:SNA) Price Target Increased to $385.00 by Analysts at Tigress Financial

Snap-on (NYSE:SNA) had its price target upped by Tigress Financial from $336.00 to $385.00 in a research note published on Friday, Benzinga reports. They currently have a buy rating on the stock.

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

Snap-on Stock Up 0.3 %

Snap-on stock opened at $326.62 on Friday. The firm has a market capitalization of $17.15 billion, a PE ratio of 16.81, a P/E/G ratio of 2.14 and a beta of 0.98. The company’s 50-day moving average is $289.40 and its 200-day moving average is $277.91. Snap-on has a fifty-two week low of $250.30 and a fifty-two week high of $330.51. The company has a debt-to-equity ratio of 0.22, a current ratio of 4.18 and a quick ratio of 3.14.

Snap-on declared that its Board of Directors has initiated a share buyback program on Thursday, August 8th that allows the company to buyback $500.00 million in outstanding shares. This buyback authorization allows the company to buy up to 3.5% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s leadership believes its stock is undervalued.

Snap-on Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 10th. Shareholders of record on Monday, August 19th were given a dividend of $1.86 per share. The ex-dividend date was Monday, August 19th. This represents a $7.44 dividend on an annualized basis and a dividend yield of 2.28%. Snap-on’s payout ratio is presently 38.29%.

Insiders Place Their Bets

In other Snap-on news, CEO Nicholas T. Pinchuk sold 24,145 shares of the 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 transaction, the chief executive officer now owns 759,019 shares in the company, valued at $204,138,160.05. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 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 shares were sold at an average price of $330.00, for a total transaction of $577,500.00. Following the completion of the sale, the vice president now owns 3,218 shares of the company’s stock, valued at approximately $1,061,940. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Nicholas T. Pinchuk sold 24,145 shares of the company’s stock in a transaction that occurred on Monday, August 12th. The stock was 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 directly owns 759,019 shares of the company’s stock, valued at approximately $204,138,160.05. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 37,598 shares of company stock worth $10,461,986 in the last quarter. Corporate insiders own 4.10% of the company’s stock.

Institutional Trading of Snap-on

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Financial Advocates Investment Management lifted its holdings in shares of Snap-on by 2.6% during the 3rd quarter. Financial Advocates Investment Management now owns 3,449 shares of the company’s stock worth $999,000 after acquiring an additional 89 shares during the period. Pinnacle Associates Ltd. bought a new position in Snap-on in the 3rd quarter valued at approximately $214,000. First Trust Direct Indexing L.P. lifted its stake in Snap-on by 11.6% in the 3rd 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 Snap-on in the 3rd quarter valued at approximately $152,000. Finally, abrdn plc lifted its stake in Snap-on by 5.9% in the 3rd quarter. abrdn plc now owns 22,797 shares of the company’s stock valued at $6,561,000 after purchasing an additional 1,272 shares during the last quarter. Institutional investors own 84.88% of the company’s stock.

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.