Snap-on Incorporated (NYSE:SNA) Short Interest Update

Snap-on Incorporated (NYSE:SNA) was the target of a large decline in short interest in the month of November. As of November 30th, there was short interest totalling 2,210,000 shares, a decline of 20.8% from the November 15th total of 2,790,000 shares. Based on an average trading volume of 371,700 shares, the short-interest ratio is presently 5.9 days. Currently, 4.3% of the company’s shares are short sold.

Analysts Set New Price Targets

A number of analysts have issued reports on the company. Barrington Research boosted their target price on Snap-on from $325.00 to $350.00 and gave the company an “outperform” rating in a research report on Thursday, October 17th. Roth Mkm increased their target price on Snap-on from $324.00 to $365.00 and gave the stock a “buy” rating in a research note on Tuesday, October 22nd. Bank of America boosted their price target on shares of Snap-on from $255.00 to $280.00 and gave the stock an “underperform” rating in a research note on Friday, October 18th. Tigress Financial increased their price objective on Snap-on from $336.00 to $385.00 and gave the company a “buy” rating in a research note on Friday, October 25th. Finally, Robert W. Baird lifted their price target on shares of Snap-on from $290.00 to $347.00 and gave the stock a “neutral” rating in a research note on Friday, October 18th. One 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. Based on data from MarketBeat, Snap-on currently has an average rating of “Hold” and a consensus price target of $345.40.

Insider Transactions at Snap-on

In related news, VP Iain Boyd sold 6,044 shares of the firm’s stock in a transaction dated Tuesday, October 15th. The stock was sold at an average price of $298.99, for a total transaction of $1,807,095.56. Following the completion of the sale, the vice president now directly owns 10,493 shares of the company’s stock, valued at approximately $3,137,302.07. This trade represents a 36.55 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Nicholas T. Pinchuk sold 21,783 shares of the company’s stock in a transaction dated Monday, December 9th. The shares were sold at an average price of $354.83, for a total transaction of $7,729,261.89. Following the completion of the transaction, the chief executive officer now directly owns 769,738 shares in the company, valued at $273,126,134.54. The trade was a 2.75 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 45,814 shares of company stock worth $15,627,963 in the last quarter. Company insiders own 4.10% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of SNA. State Street Corp grew its stake in shares of Snap-on by 0.5% in the 3rd quarter. State Street Corp now owns 2,115,973 shares of the company’s stock valued at $613,019,000 after purchasing an additional 10,645 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in shares of Snap-on by 3.4% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,728,792 shares of the company’s stock worth $500,848,000 after purchasing an additional 56,266 shares during the period. Geode Capital Management LLC grew its position in Snap-on by 4.5% in the 3rd quarter. Geode Capital Management LLC now owns 1,613,459 shares of the company’s stock valued at $466,199,000 after buying an additional 69,590 shares during the last quarter. Earnest Partners LLC increased its stake in Snap-on by 1.4% in the 2nd quarter. Earnest Partners LLC now owns 942,743 shares of the company’s stock valued at $246,424,000 after buying an additional 13,033 shares during the period. Finally, Pacer Advisors Inc. raised its position in Snap-on by 9.4% during the 3rd quarter. Pacer Advisors Inc. now owns 907,655 shares of the company’s stock worth $262,957,000 after buying an additional 78,184 shares during the last quarter. 84.88% of the stock is owned by hedge funds and other institutional investors.

Snap-on Stock Down 0.1 %

Shares of Snap-on stock traded down $0.53 during trading hours on Friday, hitting $355.11. The company had a trading volume of 263,855 shares, compared to its average volume of 313,352. 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 company’s 50-day moving average is $340.72 and its two-hundred day moving average is $297.02. The company has a market cap of $18.65 billion, a P/E ratio of 18.28, a price-to-earnings-growth ratio of 2.35 and a beta of 0.98. Snap-on has a twelve month low of $252.98 and a twelve month high of $373.89.

Snap-on (NYSE:SNA) last released its quarterly earnings data 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. Snap-on had a net margin of 22.13% and a return on equity of 19.44%. The company had revenue of $1.15 billion during the quarter, compared to the consensus estimate of $1.16 billion. Analysts anticipate that Snap-on will post 19.05 earnings per share for the current fiscal year.

Snap-on Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, December 10th. Stockholders of record on Thursday, November 21st were issued a $2.14 dividend. This is an increase from Snap-on’s previous quarterly dividend of $1.86. This represents a $8.56 annualized dividend and a dividend yield of 2.41%. The ex-dividend date of this dividend was Thursday, November 21st. Snap-on’s dividend payout ratio is presently 44.06%.

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.