Snap-on Incorporated (NYSE:SNA) Increases Dividend to $2.14 Per Share

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%. This is a boost from Snap-on’s previous quarterly dividend of $1.86.

Snap-on has raised its dividend by an average of 14.6% annually over the last three years and has increased 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. 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 1.7 %

Shares of NYSE SNA traded up $5.94 during midday trading on Friday, hitting $359.07. 38,096 shares of the stock traded hands, compared to its average volume of 306,073. The company has a market cap of $18.85 billion, a PE ratio of 18.18, a P/E/G ratio of 2.34 and a beta of 0.96. Snap-on has a one year low of $252.98 and a one year high of $360.41. The business has a 50 day moving average price of $299.65 and a two-hundred day moving average price of $281.27. The company has a debt-to-equity ratio of 0.22, a quick ratio of 3.14 and a current ratio of 4.18.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on SNA shares. Tigress Financial upped their price target on Snap-on from $336.00 to $385.00 and gave the stock a “buy” rating in a report on Friday, October 25th. Barrington Research upped their price target on Snap-on from $325.00 to $350.00 and gave the stock an “outperform” rating in a report on Thursday, October 17th. Roth Mkm upped their price target on Snap-on from $324.00 to $365.00 and gave the stock a “buy” rating in a report on Tuesday, October 22nd. Robert W. Baird upped their price target on Snap-on from $290.00 to $347.00 and gave the stock a “neutral” rating in a report on Friday, October 18th. Finally, Bank of America upped their price target on Snap-on from $255.00 to $280.00 and gave the stock an “underperform” rating in a report 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 company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $345.40.

Insiders Place Their Bets

In other news, VP June C. Lemerand sold 1,186 shares of the company’s stock in a transaction on Monday, August 26th. The stock was sold at an average price of $283.97, for a total transaction of $336,788.42. Following the transaction, the vice president now owns 2,283 shares of the company’s stock, valued at $648,303.51. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, CEO Nicholas T. Pinchuk sold 24,145 shares of the stock in a transaction dated 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 transaction, the chief executive officer now directly owns 759,019 shares in the company, valued at approximately $204,138,160.05. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, VP June C. Lemerand sold 1,186 shares of the stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $283.97, for a total value of $336,788.42. Following the transaction, the vice president now owns 2,283 shares in the company, valued at $648,303.51. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 50,335 shares of company stock valued at $14,706,082. Insiders own 4.10% of the company’s stock.

Snap-on announced that its board has approved a stock buyback plan on Thursday, August 8th that permits the company to buyback $500.00 million in shares. This buyback authorization permits the company to buy up to 3.5% of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s leadership 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.