Snap-On raises dividend, to boost implied yield above 2.9%

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Snap-On Inc. SNA, +3.83% said Friday it is raising its quarterly dividend by 14.1%, to $1.62 a share from $1.42 a share. The maker of tools, diagnostics and repair information systems’ new dividend will be payable Dec. 9 to shareholders of record on Nov. 21. The stock was still inactive in premarket trading. Based on Thursday’s closing price of $220.68, the new annual dividend rate implies a dividend yield of 2.94%, compared with the yield for the SPDR Industrial Select Sector ETF XLI, +1.60% of 1.63% and the implied yield for the S&P 500 SPX, +1.36% of 1.80%. Snap-On’s stock has slipped 1.1% over the past three months while the S&P 500 has dropped 10.4%.

This article was originally published by Marketwatch.com. Read the original article here.

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