Snap-on Incorporated (NYSE:SNA) Declares Dividend Increase - $2.14 Per Share

Snap-on Incorporated (NYSE:SNA - Get Free Report) 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 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 increased its dividend every year for the last 14 years. Snap-on has a dividend payout ratio of 36.9% meaning 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 Trading Up 1.8 %

SNA traded up $6.24 during mid-day trading on Friday, hitting $359.37. The stock had a trading volume of 356,796 shares, compared to its average volume of 307,542. The stock's fifty day simple moving average is $299.65 and its 200-day simple moving average is $281.27. Snap-on has a 1-year low of $252.98 and a 1-year high of $360.41. 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 firm has a market capitalization of $18.87 billion, a price-to-earnings ratio of 18.47, a price-to-earnings-growth ratio of 2.34 and a beta of 0.96.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on the company. Robert W. Baird raised their price objective on Snap-on from $290.00 to $347.00 and gave the company a "neutral" rating in a research note on Friday, October 18th. Tigress Financial upped their price target on Snap-on from $336.00 to $385.00 and gave the company a "buy" rating in a research report on Friday, October 25th. Barrington Research upped their price objective on shares of Snap-on from $325.00 to $350.00 and gave the stock an "outperform" rating in a research report on Thursday, October 17th. Bank of America upped their price target on Snap-on from $255.00 to $280.00 and gave the company an "underperform" rating in a research report on Friday, October 18th. Finally, Roth Mkm increased their price objective on shares of Snap-on from $324.00 to $365.00 and gave the company a "buy" rating in a research report on Tuesday, October 22nd. One research analyst has rated the stock with a sell rating, one has given a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $345.40.

Insider Buying and Selling at Snap-on

In other news, CEO Nicholas T. Pinchuk sold 24,145 shares of the company's stock in a transaction on Monday, August 12th. The shares were sold at an average price of $268.95, for a total value of $6,493,797.75. Following the completion of the transaction, the chief executive officer now 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 filing with the SEC, which is accessible through this link. In related news, SVP Thomas J. Ward sold 12,737 shares of the firm's stock in a transaction on Monday, October 28th. The stock was sold at an average price of $333.21, for a total transaction of $4,244,095.77. Following the transaction, the senior vice president now directly owns 55,401 shares in the company, valued at $18,460,167.21. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Nicholas T. Pinchuk sold 24,145 shares of the business's stock in a transaction 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 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. In the last quarter, insiders sold 50,335 shares of company stock worth $14,706,082. Insiders own 4.10% of the company's stock.

Snap-on announced that its Board of Directors has initiated a share repurchase program 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 programs are typically an indication that the company's leadership believes its stock is undervalued.

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.