Snap-on (NYSE:SNA) Given New $280.00 Price Target at Bank of America

Snap-on (NYSE:SNA) had its price target upped by Bank of America from $255.00 to $280.00 in a report published on Friday, Benzinga reports. The firm currently has an underperform rating on the stock.

SNA has been the subject of several other research reports. Roth Mkm reiterated a “buy” rating and set a $324.00 target price on shares of Snap-on in a research note on Tuesday, July 16th. Tigress Financial restated a “buy” rating and issued a $336.00 price objective on shares of Snap-on in a research report on Thursday, July 25th. Robert W. Baird reduced their price target on shares of Snap-on from $282.00 to $275.00 and set a “neutral” rating for the company in a research report on Friday, July 12th. Finally, Barrington Research raised their price objective 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. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $327.40.

Snap-on Stock Performance

NYSE:SNA opened at $325.99 on Friday. The firm has a market capitalization of $17.17 billion, a PE ratio of 16.78, a price-to-earnings-growth ratio of 2.26 and a beta of 0.98. The business’s fifty day moving average price is $285.34 and its 200 day moving average price is $276.79. The company has a debt-to-equity ratio of 0.22, a current ratio of 4.18 and a quick ratio of 3.05. Snap-on has a 12 month low of $249.84 and a 12 month high of $330.51.

Snap-on announced that its Board of Directors has authorized a share repurchase plan on Thursday, August 8th that allows the company to buyback $500.00 million in shares. This buyback authorization allows the company to buy up to 3.5% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s leadership believes its shares are undervalued.

Snap-on Dividend Announcement

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

Insider Activity at Snap-on

In other news, VP June C. Lemerand sold 1,186 shares of the company’s stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $283.97, for a total value of $336,788.42. Following the completion of the sale, the vice president now directly owns 2,283 shares of the company’s stock, valued at approximately $648,303.51. 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 link. In other news, VP June C. Lemerand sold 1,186 shares of the business’s stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $283.97, for a total transaction of $336,788.42. Following the sale, the vice president now owns 2,283 shares in the company, valued at $648,303.51. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Nicholas T. Pinchuk sold 24,145 shares of the business’s 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 sale, 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 disclosure for this sale can be found here. Insiders sold a total of 37,598 shares of company stock valued at $10,461,986 in the last quarter. Insiders own 4.10% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Opal Wealth Advisors LLC acquired a new stake in Snap-on in the 2nd quarter worth $30,000. Innealta Capital LLC bought a new stake in shares of Snap-on during the second quarter worth approximately $32,000. Massmutual Trust Co. FSB ADV raised its stake in shares of Snap-on by 53.0% during the third quarter. Massmutual Trust Co. FSB ADV now owns 127 shares of the company’s stock worth $37,000 after buying an additional 44 shares during the last quarter. Quarry LP raised its stake in shares of Snap-on by 244.7% during the second quarter. Quarry LP now owns 162 shares of the company’s stock worth $42,000 after buying an additional 115 shares during the last quarter. Finally, Versant Capital Management Inc grew its holdings in Snap-on by 529.0% during the second quarter. Versant Capital Management Inc now owns 195 shares of the company’s stock valued at $51,000 after purchasing an additional 164 shares during the period. 84.88% of the stock is currently owned by institutional investors and hedge funds.

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.