Sterling Capital Management LLC cut its position in shares of Snap-On Incorporated (NYSE:SNA – Free Report) by 41.9% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,828 shares of the company’s stock after selling 1,321 shares during the period. Sterling Capital Management LLC’s holdings in Snap-On were worth $664,000 as of its most recent filing with the Securities & Exchange Commission.
Other hedge funds have also made changes to their positions in the company. Kennebec Savings Bank increased its stake in shares of Snap-On by 3.6% during the fourth quarter. Kennebec Savings Bank now owns 783 shares of the company’s stock valued at $270,000 after buying an additional 27 shares during the period. Annis Gardner Whiting Capital Advisors LLC lifted its position in shares of Snap-On by 36.4% in the 4th quarter. Annis Gardner Whiting Capital Advisors LLC now owns 105 shares of the company’s stock worth $36,000 after purchasing an additional 28 shares during the period. Verition Fund Management LLC boosted its stake in shares of Snap-On by 1.5% during the fourth quarter. Verition Fund Management LLC now owns 1,844 shares of the company’s stock valued at $635,000 after purchasing an additional 28 shares in the last quarter. CWM LLC raised its stake in Snap-On by 0.6% in the fourth quarter. CWM LLC now owns 5,517 shares of the company’s stock worth $1,901,000 after buying an additional 31 shares in the last quarter. Finally, Ritholtz Wealth Management lifted its holdings in Snap-On by 2.5% during the fourth quarter. Ritholtz Wealth Management now owns 1,401 shares of the company’s stock worth $483,000 after buying an additional 34 shares during the period. 84.88% of the stock is currently owned by hedge funds and other institutional investors.
Snap-On Stock Up 0.3%
Snap-On stock opened at $403.54 on Thursday. Snap-On Incorporated has a 1-year low of $310.23 and a 1-year high of $406.30. The business has a fifty day moving average price of $379.51 and a 200-day moving average price of $371.82. The company has a debt-to-equity ratio of 0.15, a current ratio of 3.53 and a quick ratio of 2.74. The stock has a market capitalization of $20.90 billion, a price-to-earnings ratio of 20.83, a PEG ratio of 2.83 and a beta of 0.73.
Snap-On Announces Dividend
The business also recently disclosed a quarterly dividend, which was paid on Wednesday, June 10th. Stockholders of record on Wednesday, May 20th were issued a dividend of $2.44 per share. The ex-dividend date was Wednesday, May 20th. This represents a $9.76 annualized dividend and a dividend yield of 2.4%. Snap-On’s dividend payout ratio is 50.39%.
Snap-On announced that its Board of Directors has approved a share buyback program on Thursday, April 30th that permits the company to buyback $500.00 million in shares. This buyback authorization permits the company to reacquire up to 2.5% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s board believes its stock is undervalued.
Analyst Ratings Changes
SNA has been the subject of a number of analyst reports. Robert W. Baird upped their price objective on Snap-On from $380.00 to $395.00 and gave the stock a “neutral” rating in a research note on Friday, April 24th. Barclays began coverage on shares of Snap-On in a report on Thursday, May 28th. They issued an “overweight” rating and a $420.00 target price for the company. Roth Mkm reissued a “buy” rating and set a $431.00 price target on shares of Snap-On in a research report on Friday, April 24th. Finally, Weiss Ratings restated a “buy (b)” rating on shares of Snap-On in a report on Monday, April 20th. Five research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, Snap-On has a consensus rating of “Moderate Buy” and a consensus price target of $387.67.
Read Our Latest Stock Report on SNA
Insider Activity at Snap-On
In other Snap-On news, VP Richard Thomas Miller sold 427 shares of the company’s stock in a transaction that occurred on Wednesday, June 10th. The shares were sold at an average price of $389.55, for a total transaction of $166,337.85. Following the transaction, the vice president owned 4,527 shares in the company, valued at approximately $1,763,492.85. This represents a 8.62% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Aldo John Pagliari sold 5,713 shares of Snap-On stock in a transaction on Thursday, May 14th. The stock was sold at an average price of $367.19, for a total transaction of $2,097,756.47. Following the sale, the chief financial officer owned 119,488 shares of the company’s stock, valued at $43,874,798.72. The trade was a 4.56% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders sold 35,117 shares of company stock valued at $13,192,082. Company insiders own 3.80% of the company’s stock.
Snap-On Company Profile
Snap‑On Incorporated (NYSE: SNA) is a designer, manufacturer and marketer of tools, diagnostic equipment, repair information and shop equipment for professional users. The company’s product range includes hand and power tools, tool storage and cabinets, diagnostic scan tools and software, shop equipment such as lifts and tire changers, and specialized specialty tools for automotive, aviation, marine and industrial applications. Snap‑On also offers information and workflow solutions that combine diagnostic data, repair procedures and parts information to support professional technicians.
Founded in 1920 and headquartered in Kenosha, Wisconsin, Snap‑On has established a long history in the professional tools market.
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