Snap-on is the 15% dividend hike company
SNA just hiked its dividend for the 15th consecutive year in 2024
Snap-on Incorporated (NYSE: SNA) will raise its quarterly dividend by 15.1%, boosting it to $2.14 per share. This marks the 15th consecutive year of dividend growth, with an impressive average annual increase of 15% over the past decade, reflecting a steadfast commitment to shareholders. With a dividend yield of 2.4% at a stock price of $353, Snap-on showcases its robust financial health and long-term value creation strategy. The company is actually one of the Dividend Heroes.
Founded in 1920, Snap-on manufactures and markets high-quality tools, diagnostics, and systems for various professional industries, from automotive to aerospace. Their consistent dividend history, dating back to 1939, highlights their resilience and operational strength in both growth and challenging economic conditions.
Snap-on reported a 5.3% revenue growth in 2023 to $4.73 billion. The company buys back shares annually and has a rock solid balance sheet with an expected net cash position of more than $100 million at the end of the current year.
The extimated p/e is 18 for 2024 with an 18.8% Return on Capital (ROIC) in 2023. The SNA ebit-margin is expected to top 28% in 2024.
For more, read the official update here.
Disclaimer: The information provided here is for informational purposes only and should not be considered financial advice. Investors should conduct their own research or consult with a financial advisor before making any investment decisions.