Kestra Advisory Services LLC cut its position in Snap-On Incorporated (NYSE:SNA – Free Report) by 51.2% during the first quarter, Holdings Channel.com reports. The institutional investor owned 5,679 shares of the company’s stock after selling 5,949 shares during the quarter. Kestra Advisory Services LLC’s holdings in Snap-On were worth $2,063,000 at the end of the most recent reporting period.
Several other hedge funds also recently modified their holdings of the company. Auto Owners Insurance Co boosted its holdings in shares of Snap-On by 34,360.0% in the 4th quarter. Auto Owners Insurance Co now owns 1,025,185 shares of the company’s stock worth $353,279,000 after acquiring an additional 1,022,210 shares in the last quarter. Norges Bank bought a new stake in Snap-On during the 4th quarter worth approximately $210,814,000. PFA Pension Forsikringsaktieselskab acquired a new stake in Snap-On during the 4th quarter valued at $69,751,000. UBS Group AG raised its position in Snap-On by 30.7% in the 4th quarter. UBS Group AG now owns 617,620 shares of the company’s stock valued at $212,832,000 after purchasing an additional 144,926 shares during the last quarter. Finally, Miller Howard Investments Inc. NY bought a new position in Snap-On in the 1st quarter valued at $51,244,000. Institutional investors and hedge funds own 84.88% of the company’s stock.
Analysts Set New Price Targets
SNA has been the topic of several research analyst reports. Robert W. Baird increased their target price on Snap-On from $380.00 to $395.00 and gave the stock a “neutral” rating in a report on Friday, April 24th. Barclays started coverage on Snap-On in a report on Thursday, May 28th. They issued an “overweight” rating and a $420.00 price target for the company. Weiss Ratings reiterated a “buy (b)” rating on shares of Snap-On in a research report on Monday, April 20th. Finally, Roth Capital reissued a “buy” rating and set a $431.00 price objective on shares of Snap-On in a report on Friday, April 24th. Five investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. According to MarketBeat, Snap-On has an average rating of “Moderate Buy” and an average target price of $408.20.
Insider Buying and Selling at Snap-On
In related news, VP Richard Thomas Miller sold 2,000 shares of Snap-On stock in a transaction on Wednesday, July 1st. The stock was sold at an average price of $405.92, for a total transaction of $811,840.00. Following the completion of the sale, the vice president directly owned 4,529 shares of the company’s stock, valued at $1,838,411.68. The trade was a 30.63% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Aldo John Pagliari sold 1,330 shares of Snap-On stock in a transaction on Thursday, June 4th. The stock was sold at an average price of $379.27, for a total value of $504,429.10. Following the sale, the chief financial officer directly owned 118,158 shares of the company’s stock, valued at approximately $44,813,784.66. This trade represents a 1.11% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 37,117 shares of company stock worth $14,003,922. 3.80% of the stock is currently owned by insiders.
Snap-On Stock Performance
Snap-On stock opened at $411.01 on Monday. The company has a market cap of $21.29 billion, a PE ratio of 21.22, a PEG ratio of 2.89 and a beta of 0.73. The company has a current ratio of 3.53, a quick ratio of 2.74 and a debt-to-equity ratio of 0.15. Snap-On Incorporated has a 1 year low of $312.78 and a 1 year high of $419.68. The company’s 50-day moving average is $385.83 and its two-hundred day moving average is $376.62.
Snap-On (NYSE:SNA – Get Free Report) last issued its quarterly earnings results on Thursday, April 23rd. The company reported $4.69 EPS for the quarter, missing the consensus estimate of $4.75 by ($0.06). The business had revenue of $1.21 billion for the quarter, compared to analyst estimates of $1.19 billion. Snap-On had a return on equity of 17.13% and a net margin of 21.28%.The firm’s quarterly revenue was up 5.8% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $4.51 EPS. Equities analysts anticipate that Snap-On Incorporated will post 19.7 earnings per share for the current year.
Snap-On Dividend Announcement
The firm also recently announced a quarterly dividend, which was paid on Wednesday, June 10th. Shareholders of record on Wednesday, May 20th were issued a dividend of $2.44 per share. This represents a $9.76 dividend on an annualized basis and a yield of 2.4%. The ex-dividend date of this dividend was Wednesday, May 20th. Snap-On’s payout ratio is currently 50.39%.
Snap-On declared that its Board of Directors has initiated a share buyback program on Thursday, April 30th that authorizes the company to buyback $500.00 million in outstanding shares. This buyback authorization authorizes the company to buy up to 2.5% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s management believes its shares are undervalued.
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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