Snap-on Incorporated (NYSE:SNA) Plans Quarterly Dividend of $2.14

Snap-on Incorporated (NYSE:SNA) announced a quarterly dividend on Friday, November 8th,RTT News reports. Stockholders of record on Thursday, November 21st will be given a dividend of 2.14 per share on Tuesday, December 10th. This represents a $8.56 annualized dividend and a dividend yield of 2.38%. The ex-dividend date of this dividend is Thursday, November 21st. This is an increase from Snap-on’s previous quarterly dividend of $1.86.

Snap-on has increased its dividend by an average of 14.6% per year over the last three years and has raised its dividend every year for the last 14 years. Snap-on has a payout ratio of 36.9% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Snap-on to earn $20.01 per share next year, which means the company should continue to be able to cover its $7.44 annual dividend with an expected future payout ratio of 37.2%.

Snap-on Stock Up 1.8 %

Shares of SNA opened at $359.37 on Friday. The business’s fifty day moving average price is $301.16 and its two-hundred day moving average price is $281.90. The firm has a market capitalization of $18.87 billion, a price-to-earnings ratio of 18.50, a PEG ratio of 2.34 and a beta of 0.96. Snap-on has a 52 week low of $252.98 and a 52 week high of $360.41. The company has a debt-to-equity ratio of 0.22, a quick ratio of 3.14 and a current ratio of 4.18.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on SNA shares. Barrington Research boosted 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. Roth Mkm raised their target price on Snap-on from $324.00 to $365.00 and gave the stock a “buy” rating in a report on Tuesday, October 22nd. Tigress Financial increased 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. Robert W. Baird upped their target price 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. Finally, Bank of America lifted their price target on shares of Snap-on from $255.00 to $280.00 and gave the stock an “underperform” rating in a research report on Friday, October 18th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $345.40.

Insider Buying and Selling at Snap-on

In related news, SVP Thomas J. Ward sold 12,737 shares of the stock in a transaction on Monday, October 28th. The shares were sold at an average price of $333.21, for a total transaction of $4,244,095.77. Following the completion of the transaction, the senior vice president now owns 55,401 shares in the company, valued at approximately $18,460,167.21. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other news, CEO Nicholas T. Pinchuk sold 24,145 shares of the firm’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 value of $6,493,797.75. Following the completion of the sale, the chief executive officer now directly owns 759,019 shares of the company’s stock, valued at $204,138,160.05. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, SVP Thomas J. Ward sold 12,737 shares of the firm’s stock in a transaction on Monday, October 28th. The shares were sold at an average price of $333.21, for a total value of $4,244,095.77. Following the sale, the senior vice president now directly owns 55,401 shares of the company’s stock, valued at $18,460,167.21. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 50,335 shares of company stock worth $14,706,082. Corporate insiders own 4.10% of the company’s stock.

Snap-on announced that its Board of Directors has authorized a stock buyback program on Thursday, August 8th that permits the company to buyback $500.00 million in shares. This buyback authorization permits the company to repurchase up to 3.5% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s management believes its stock is undervalued.

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.