LSV Asset Management Lowers Position in Snap-On Incorporated (NYSE:SNA)

LSV Asset Management reduced its stake in Snap-On Incorporated (NYSE:SNA) by 6.2% in the first quarter, HoldingsChannel reports. The institutional investor owned 474,047 shares of the company’s stock after selling 31,327 shares during the quarter. LSV Asset Management’s holdings in Snap-On were worth $159,759,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of SNA. Auto Owners Insurance Co raised its position in Snap-On by 35,967.2% in the 1st quarter. Auto Owners Insurance Co now owns 1,073,000 shares of the company’s stock valued at $361,612,000 after buying an additional 1,070,025 shares during the last quarter. GAMMA Investing LLC raised its position in Snap-On by 65,113.6% in the 1st quarter. GAMMA Investing LLC now owns 703,003 shares of the company’s stock valued at $236,919,000 after buying an additional 701,925 shares during the last quarter. First Trust Advisors LP raised its position in Snap-On by 29.2% in the 4th quarter. First Trust Advisors LP now owns 1,819,403 shares of the company’s stock valued at $617,651,000 after buying an additional 411,317 shares during the last quarter. Northern Trust Corp increased its position in shares of Snap-On by 22.4% during the 4th quarter. Northern Trust Corp now owns 798,254 shares of the company’s stock valued at $270,991,000 after purchasing an additional 145,861 shares during the last quarter. Finally, Aware Super Pty Ltd as trustee of Aware Super purchased a new stake in shares of Snap-On during the 4th quarter valued at $36,403,000. 84.88% of the stock is owned by hedge funds and other institutional investors.

Snap-On Price Performance

Shares of Snap-On stock opened at $317.56 on Friday. The company has a debt-to-equity ratio of 0.21, a current ratio of 4.48 and a quick ratio of 3.42. The business’s 50 day simple moving average is $318.96 and its two-hundred day simple moving average is $327.13. The stock has a market capitalization of $16.56 billion, a P/E ratio of 16.94, a price-to-earnings-growth ratio of 2.24 and a beta of 0.76. Snap-On Incorporated has a one year low of $266.56 and a one year high of $373.89.

Snap-On (NYSE:SNA) last announced its quarterly earnings results on Thursday, July 17th. The company reported $4.72 EPS for the quarter, topping analysts’ consensus estimates of $4.61 by $0.11. Snap-On had a return on equity of 18.02% and a net margin of 20.98%. The business had revenue of $1.18 billion for the quarter, compared to analysts’ expectations of $1.16 billion. During the same period in the previous year, the firm earned $5.07 EPS. The business’s quarterly revenue was up .0% on a year-over-year basis. Analysts forecast that Snap-On Incorporated will post 19.79 EPS for the current year.

Insider Activity

In related news, CEO Nicholas T. Pinchuk sold 23,172 shares of Snap-On stock in a transaction that occurred on Monday, June 2nd. The stock was sold at an average price of $315.85, for a total transaction of $7,318,876.20. Following the sale, the chief executive officer directly owned 804,510 shares in the company, valued at $254,104,483.50. The trade was a 2.80% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Aldo John Pagliari sold 5,553 shares of Snap-On stock in a transaction that occurred on Thursday, May 15th. The shares were sold at an average price of $326.84, for a total value of $1,814,942.52. Following the sale, the chief financial officer owned 109,560 shares in the company, valued at $35,808,590.40. This represents a 4.82% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 29,815 shares of company stock valued at $9,482,532. Company insiders own 3.90% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on the company. Barrington Research reaffirmed an “outperform” rating and set a $350.00 target price on shares of Snap-On in a research report on Tuesday, July 15th. Bank of America raised their target price on Snap-On from $265.00 to $285.00 and gave the company an “underperform” rating in a research report on Friday, July 18th. Robert W. Baird lifted their price objective on Snap-On from $329.00 to $347.00 and gave the stock a “neutral” rating in a report on Friday, July 18th. Finally, Wall Street Zen raised Snap-On from a “hold” rating to a “buy” rating in a report on Friday, May 16th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $356.17.

About Snap-On

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.