Freedom Investment Management Inc. Cuts Holdings in Snap-On Incorporated $SNA

Freedom Investment Management Inc. trimmed its holdings in shares of Snap-On Incorporated (NYSE:SNA) by 7.6% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 3,945 shares of the company’s stock after selling 325 shares during the period. Freedom Investment Management Inc.’s holdings in Snap-On were worth $1,228,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of SNA. Alpine Bank Wealth Management bought a new position in shares of Snap-On during the 1st quarter valued at $25,000. Ameritas Advisory Services LLC bought a new position in shares of Snap-On during the 2nd quarter valued at $30,000. Golden State Wealth Management LLC lifted its holdings in shares of Snap-On by 421.1% during the 1st quarter. Golden State Wealth Management LLC now owns 99 shares of the company’s stock valued at $33,000 after buying an additional 80 shares during the period. Cullen Frost Bankers Inc. lifted its holdings in shares of Snap-On by 248.3% during the 1st quarter. Cullen Frost Bankers Inc. now owns 101 shares of the company’s stock valued at $34,000 after buying an additional 72 shares during the period. Finally, Ransom Advisory Ltd bought a new position in shares of Snap-On during the 1st quarter valued at $34,000. 84.88% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on SNA. Tigress Financial increased their price target on Snap-On from $395.00 to $405.00 and gave the company a “buy” rating in a report on Tuesday. Barrington Research reissued an “outperform” rating and set a $350.00 price target on shares of Snap-On in a report on Wednesday, October 15th. Robert W. Baird lifted their target price on Snap-On from $355.00 to $365.00 and gave the company a “neutral” rating in a research report on Friday, October 17th. Roth Capital reiterated a “buy” rating and set a $385.00 target price on shares of Snap-On in a research report on Friday, October 17th. Finally, Bank of America lifted 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. Five research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $365.00.

Insider Activity

In other news, CFO Aldo John Pagliari sold 125 shares of Snap-On stock in a transaction dated Friday, August 15th. The stock was sold at an average price of $325.21, for a total value of $40,651.25. Following the sale, the chief financial officer directly owned 111,721 shares of the company’s stock, valued at approximately $36,332,786.41. The trade was a 0.11% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Nicholas T. Pinchuk sold 23,042 shares of Snap-On stock in a transaction dated Monday, August 11th. The stock was sold at an average price of $320.88, for a total value of $7,393,716.96. Following the completion of the sale, the chief executive officer directly owned 815,219 shares in the company, valued at $261,587,472.72. This trade represents a 2.75% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 27,898 shares of company stock worth $8,983,203 over the last ninety days. Insiders own 3.90% of the company’s stock.

Snap-On Price Performance

NYSE:SNA opened at $347.09 on Friday. The company has a quick ratio of 3.37, a current ratio of 4.40 and a debt-to-equity ratio of 0.20. The business’s 50-day simple moving average is $334.18 and its two-hundred day simple moving average is $324.39. The stock has a market cap of $18.05 billion, a PE ratio of 18.20, a P/E/G ratio of 2.37 and a beta of 0.78. Snap-On Incorporated has a 52 week low of $289.81 and a 52 week high of $373.89.

Snap-On (NYSE:SNA) last issued its earnings results on Thursday, October 16th. The company reported $4.71 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.59 by $0.12. Snap-On had a return on equity of 17.71% and a net margin of 21.08%.The firm had revenue of $1.19 billion for the quarter, compared to analysts’ expectations of $1.16 billion. During the same period in the previous year, the firm posted $4.70 earnings per share. The business’s revenue was up 3.8% compared to the same quarter last year. As a group, analysts forecast that Snap-On Incorporated will post 19.79 EPS for the current fiscal year.

Snap-On Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, September 10th. Stockholders of record on Tuesday, August 19th were issued a $2.14 dividend. This represents a $8.56 annualized dividend and a dividend yield of 2.5%. The ex-dividend date of this dividend was Tuesday, August 19th. Snap-On’s payout ratio is 44.89%.

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.