Robert W. Baird Cuts Snap-on (NYSE:SNA) Price Target to $349.00

Snap-on (NYSE:SNA) had its target price lowered by Robert W. Baird from $358.00 to $349.00 in a research report report published on Tuesday,Benzinga reports. The firm currently has a neutral rating on the stock.

A number of other research analysts have also commented on SNA. Tigress Financial upped their target price on Snap-on from $385.00 to $390.00 and gave the company a “buy” rating in a research note on Tuesday, March 4th. Barrington Research reaffirmed an “outperform” rating and set a $350.00 price objective on shares of Snap-on in a report on Friday, April 11th. Finally, Longbow Research raised shares of Snap-on from a “neutral” rating to a “buy” rating and set a $400.00 price target for the company in a research report on Monday, March 31st. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $355.67.

Snap-on Stock Down 8.1 %

Shares of SNA stock opened at $305.16 on Tuesday. Snap-on has a 12 month low of $252.98 and a 12 month high of $373.90. The stock has a 50 day moving average of $332.29 and a 200-day moving average of $337.56. The firm has a market cap of $16.00 billion, a PE ratio of 15.65, a price-to-earnings-growth ratio of 2.21 and a beta of 0.84. The company has a quick ratio of 3.17, a current ratio of 4.15 and a debt-to-equity ratio of 0.22.

Snap-on (NYSE:SNA) last posted its quarterly earnings data on Thursday, April 17th. The company reported $4.51 earnings per share (EPS) for the quarter, missing the consensus estimate of $4.81 by ($0.30). Snap-on had a return on equity of 19.20% and a net margin of 21.71%. The company had revenue of $1.14 billion for the quarter, compared to the consensus estimate of $1.20 billion. During the same quarter in the previous year, the firm posted $4.91 EPS. On average, equities analysts predict that Snap-on will post 19.79 EPS for the current year.

Snap-on Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, March 10th. Stockholders of record on Monday, February 24th were paid a $2.14 dividend. This represents a $8.56 dividend on an annualized basis and a dividend yield of 2.81%. The ex-dividend date of this dividend was Monday, February 24th. Snap-on’s dividend payout ratio (DPR) is currently 43.90%.

Insider Buying and Selling

In other news, CEO Nicholas T. Pinchuk sold 22,700 shares of the stock in a transaction on Thursday, March 27th. The stock was sold at an average price of $335.32, for a total transaction of $7,611,764.00. Following the sale, the chief executive officer now owns 793,932 shares in the company, valued at approximately $266,221,278.24. This represents a 2.78 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Aldo John Pagliari sold 6,860 shares of the firm’s stock in a transaction on Thursday, February 20th. The shares were sold at an average price of $339.05, for a total value of $2,325,883.00. Following the completion of the sale, the chief financial officer now owns 107,096 shares of the company’s stock, valued at approximately $36,310,898.80. This trade represents a 6.02 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 36,011 shares of company stock worth $12,116,859 in the last three months. Insiders own 3.90% of the company’s stock.

Hedge Funds Weigh In On Snap-on

Large investors have recently modified their holdings of the stock. Vanguard Group Inc. raised its position in Snap-on by 0.3% in the 4th quarter. Vanguard Group Inc. now owns 6,404,599 shares of the company’s stock worth $2,174,233,000 after purchasing an additional 19,328 shares during the last quarter. First Trust Advisors LP lifted its stake in shares of Snap-on by 29.2% during the fourth quarter. First Trust Advisors LP now owns 1,819,403 shares of the company’s stock valued at $617,651,000 after acquiring an additional 411,317 shares during the period. Charles Schwab Investment Management Inc. boosted its holdings in Snap-on by 4.5% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,806,278 shares of the company’s stock valued at $613,195,000 after acquiring an additional 77,486 shares during the last quarter. Geode Capital Management LLC raised its holdings in Snap-on by 1.7% during the 4th quarter. Geode Capital Management LLC now owns 1,641,159 shares of the company’s stock worth $556,022,000 after purchasing an additional 27,700 shares during the last quarter. Finally, Nordea Investment Management AB boosted its stake in shares of Snap-on by 12.8% in the 4th quarter. Nordea Investment Management AB now owns 1,128,317 shares of the company’s stock valued at $384,813,000 after purchasing an additional 127,859 shares during the last quarter. 84.88% of the stock is currently owned by institutional investors and hedge funds.

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.