Wedge Capital Management L L P NC Sells 1,595 Shares of Snap-on Incorporated (NYSE:SNA)

Wedge Capital Management L L P NC reduced its position in shares of Snap-on Incorporated (NYSE:SNA) by 4.9% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 30,987 shares of the company’s stock after selling 1,595 shares during the period. Wedge Capital Management L L P NC’s holdings in Snap-on were worth $10,443,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in SNA. GAMMA Investing LLC lifted its holdings in Snap-on by 65,113.6% during the 1st quarter. GAMMA Investing LLC now owns 703,003 shares of the company’s stock valued at $236,919,000 after purchasing an additional 701,925 shares during the last quarter. Raymond James Financial Inc. bought a new position in Snap-on during the 4th quarter valued at about $148,839,000. Norges Bank bought a new position in shares of Snap-on in the fourth quarter worth about $145,342,000. First Trust Advisors LP raised its stake in shares of Snap-on by 29.2% in the fourth quarter. First Trust Advisors LP now owns 1,819,403 shares of the company’s stock worth $617,651,000 after acquiring an additional 411,317 shares during the last quarter. Finally, Proficio Capital Partners LLC bought a new position in shares of Snap-on in the fourth quarter worth about $57,738,000. 84.88% of the stock is owned by institutional investors.

Insider Buying and Selling

In other Snap-on news, CFO Aldo John Pagliari sold 5,553 shares of the business’s stock in a transaction dated Thursday, May 15th. The stock was sold at an average price of $326.84, for a total value of $1,814,942.52. Following the completion of the transaction, the chief financial officer now directly owns 109,560 shares of the company’s stock, valued at approximately $35,808,590.40. The trade was a 4.82% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Nicholas T. Pinchuk sold 22,700 shares of the stock in a transaction dated Thursday, March 27th. The stock was sold at an average price of $335.32, for a total value of $7,611,764.00. Following the completion of the sale, the chief executive officer now owns 793,932 shares of the company’s stock, valued at $266,221,278.24. This trade represents a 2.78% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 52,515 shares of company stock valued at $17,094,296 over the last ninety days. Insiders own 3.90% of the company’s stock.

Snap-on Trading Up 0.9%

SNA opened at $321.91 on Monday. The company has a debt-to-equity ratio of 0.22, a current ratio of 4.15 and a quick ratio of 3.17. The company has a market cap of $16.83 billion, a price-to-earnings ratio of 16.51, a price-to-earnings-growth ratio of 2.21 and a beta of 0.78. The firm has a 50 day simple moving average of $319.41 and a 200 day simple moving average of $335.59. Snap-on Incorporated has a fifty-two week low of $252.98 and a fifty-two week high of $373.90.

Snap-on (NYSE:SNA) last posted its quarterly earnings results on Thursday, April 17th. The company reported $4.51 earnings per share for the quarter, missing analysts’ consensus estimates of $4.81 by ($0.30). The business had revenue of $1.14 billion for the quarter, compared to the consensus estimate of $1.20 billion. Snap-on had a return on equity of 19.20% and a net margin of 21.71%. During the same period last year, the firm earned $4.91 earnings per share. On average, sell-side analysts anticipate that Snap-on Incorporated will post 19.79 earnings per share for the current year.

Snap-on Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, June 10th. Investors of record on Tuesday, May 20th will be paid a dividend of $2.14 per share. This represents a $8.56 dividend on an annualized basis and a dividend yield of 2.66%. The ex-dividend date is Tuesday, May 20th. Snap-on’s dividend payout ratio (DPR) is 44.82%.

Analysts Set New Price Targets

A number of brokerages have weighed in on SNA. Robert W. Baird dropped their target price on shares of Snap-on from $349.00 to $320.00 and set a “neutral” rating for the company in a research note on Monday, April 21st. Wall Street Zen raised shares of Snap-on from a “hold” rating to a “buy” rating in a research note on Friday, May 16th. Longbow Research raised shares of Snap-on from a “neutral” rating to a “buy” rating and set a $400.00 target price for the company in a research note on Monday, March 31st. Barrington Research reaffirmed an “outperform” rating and issued a $350.00 target price on shares of Snap-on in a research note on Monday, May 19th. Finally, Tigress Financial boosted their target price on shares of Snap-on from $385.00 to $390.00 and gave the stock a “buy” rating in a research note on Tuesday, March 4th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $350.83.

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.