Snap-on Incorporated (NYSE:SNA) Short Interest Down 20.8% in November

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

Snap-on Stock Performance

Shares of SNA stock traded down $0.53 during trading hours on Friday, hitting $355.11. The company’s stock had a trading volume of 263,855 shares, compared to its average volume of 313,352. The stock has a market cap of $18.65 billion, a PE ratio of 18.28, a price-to-earnings-growth ratio of 2.35 and a beta of 0.98. Snap-on has a 12-month low of $252.98 and a 12-month high of $373.89. The company has a 50 day moving average of $340.72 and a 200 day moving average of $297.02. The company has a current ratio of 4.18, a quick ratio of 3.14 and a debt-to-equity ratio of 0.22.

Snap-on (NYSE:SNA) last posted its earnings results on Thursday, October 17th. The company reported $4.70 earnings per share for the quarter, beating the consensus estimate of $4.58 by $0.12. The firm had revenue of $1.15 billion during the quarter, compared to analyst estimates of $1.16 billion. Snap-on had a net margin of 22.13% and a return on equity of 19.44%. On average, sell-side analysts forecast that Snap-on will post 19.05 EPS for the current fiscal year.

Snap-on Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, December 10th. Stockholders of record on Thursday, November 21st were paid a dividend of $2.14 per share. The ex-dividend date was Thursday, November 21st. This represents a $8.56 dividend on an annualized basis and a dividend yield of 2.41%. This is a boost from Snap-on’s previous quarterly dividend of $1.86. Snap-on’s payout ratio is currently 44.06%.

Wall Street Analyst Weigh In

SNA has been the topic of several recent analyst reports. Bank of America upped their target price on Snap-on from $255.00 to $280.00 and gave the company an “underperform” rating in a research report on Friday, October 18th. Roth Mkm upped their price objective on shares of Snap-on from $324.00 to $365.00 and gave the company a “buy” rating in a report on Tuesday, October 22nd. Robert W. Baird lifted their target price 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. Barrington Research upped their price target on shares of Snap-on from $325.00 to $350.00 and gave the company an “outperform” rating in a research note on Thursday, October 17th. Finally, Tigress Financial lifted their price objective on shares of Snap-on from $336.00 to $385.00 and gave the stock a “buy” rating in a research note on Friday, October 25th. 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. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $345.40.

Insider Activity at Snap-on

In other news, VP Richard Thomas Miller sold 1,750 shares of Snap-on stock in a transaction that occurred on Friday, October 18th. The shares were sold at an average price of $330.00, for a total value of $577,500.00. Following the transaction, the vice president now owns 3,218 shares of the company’s stock, valued at $1,061,940. The trade was a 35.23 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Nicholas T. Pinchuk sold 21,783 shares of the firm’s stock in a transaction that occurred on 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 sale, the chief executive officer now owns 769,738 shares of the company’s stock, valued at approximately $273,126,134.54. This trade represents a 2.75 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 45,814 shares of company stock worth $15,627,963 over the last three months. 4.10% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the stock. Reston Wealth Management LLC purchased a new position in Snap-on in the 3rd quarter valued at $30,000. Innealta Capital LLC purchased a new position in shares of Snap-on in the second quarter worth about $32,000. Massmutual Trust Co. FSB ADV boosted its position in 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 acquiring an additional 44 shares during the last quarter. Brooklyn Investment Group purchased a new stake in Snap-on during the 3rd quarter valued at about $39,000. Finally, Quarry LP raised its holdings in Snap-on by 244.7% in the 2nd quarter. Quarry LP now owns 162 shares of the company’s stock valued at $42,000 after acquiring an additional 115 shares during the last quarter. Institutional investors and hedge funds own 84.88% of the company’s stock.

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.