Corient Private Wealth LLC increased its stake in shares of Snap-On Incorporated (NYSE:SNA – Free Report) by 10.2% during the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 25,278 shares of the company’s stock after purchasing an additional 2,347 shares during the period. Corient Private Wealth LLC’s holdings in Snap-On were worth $8,751,000 as of its most recent SEC filing.
Several other large investors have also added to or reduced their stakes in SNA. Thurston Springer Miller Herd & Titak Inc. bought a new stake in shares of Snap-On during the fourth quarter valued at about $25,000. DV Equities LLC bought a new position in shares of Snap-On in the fourth quarter valued at approximately $25,000. GoalVest Advisory LLC bought a new position in shares of Snap-On in the fourth quarter valued at approximately $28,000. Montag A & Associates Inc. grew its stake in Snap-On by 331.8% during the fourth quarter. Montag A & Associates Inc. now owns 95 shares of the company’s stock valued at $33,000 after acquiring an additional 73 shares in the last quarter. Finally, Quattro Advisors LLC purchased a new position in Snap-On during the fourth quarter valued at approximately $35,000. Institutional investors own 84.88% of the company’s stock.
Wall Street Analyst Weigh In
Several analysts have issued reports on the stock. Weiss Ratings reiterated a “buy (b)” rating on shares of Snap-On in a research note on Monday, April 20th. Tigress Financial boosted their price target on shares of Snap-On from $405.00 to $445.00 and gave the company a “buy” rating in a research report on Friday, February 27th. Robert W. Baird upped their price target on shares of Snap-On from $380.00 to $395.00 and gave the stock a “neutral” rating in a report on Friday, April 24th. Roth Mkm reiterated a “buy” rating and issued a $431.00 price objective on shares of Snap-On in a research report on Friday, April 24th. Finally, Barclays initiated coverage on Snap-On in a research note on Thursday, May 28th. They set an “overweight” rating and a $420.00 price objective for the company. Five research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $387.67.
Snap-On News Summary
Here are the key news stories impacting Snap-On this week:
- Positive Sentiment: Snap-On received an average analyst rating of “Moderate Buy”, reinforcing constructive Wall Street sentiment around the stock. Snap-On Incorporated (NYSE:SNA) Receives Average Rating of “Moderate Buy” from Analysts
- Positive Sentiment: Another report highlighted Snap-On’s operational agility, RCI plan, and innovation efforts as supporting future growth, with the company’s brand strength and customer relationships cited as key advantages. Will Snap-on’s Operational Agility, RCI Plan & Innovations Aid Growth?
- Neutral Sentiment: Multiple stories about federal judges blocking SNAP restrictions on soda and candy in several states are generating attention, but these articles are about the U.S. food-stamp program and do not directly affect Snap-On’s industrial tool business. Federal judge blocks USDA’s SNAP restrictions on soda, candy in five states
Snap-On Trading Up 1.7%
Shares of SNA opened at $392.42 on Thursday. Snap-On Incorporated has a 1-year low of $305.19 and a 1-year high of $400.88. The company has a market capitalization of $20.33 billion, a P/E ratio of 20.26, a P/E/G ratio of 2.71 and a beta of 0.73. 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 firm’s 50 day simple moving average is $377.10 and its 200 day simple moving average is $369.96.
Snap-On (NYSE:SNA – Get Free Report) last released its quarterly earnings results on Thursday, April 23rd. The company reported $4.69 EPS for the quarter, missing analysts’ consensus estimates of $4.75 by ($0.06). The company had revenue of $1.21 billion during the quarter, compared to analysts’ expectations of $1.19 billion. Snap-On had a return on equity of 17.13% and a net margin of 21.28%.Snap-On’s quarterly revenue was up 5.8% on a year-over-year basis. During the same period in the prior year, the firm earned $4.51 EPS. Sell-side analysts forecast that Snap-On Incorporated will post 19.7 earnings per share for the current fiscal year.
Snap-On Dividend Announcement
The business also recently announced a quarterly dividend, which was paid on Wednesday, June 10th. Investors of record on Wednesday, May 20th were given a $2.44 dividend. The ex-dividend date was Wednesday, May 20th. This represents a $9.76 annualized dividend and a yield of 2.5%. Snap-On’s payout ratio is 50.39%.
Snap-On announced that its Board of Directors has initiated a stock buyback program on Thursday, April 30th that permits the company to repurchase $500.00 million in shares. This repurchase authorization permits the company to buy up to 2.5% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s board of directors believes its shares are undervalued.
Insider Activity at Snap-On
In other Snap-On news, CEO Nicholas T. Pinchuk sold 23,396 shares of Snap-On stock in a transaction dated Tuesday, May 5th. The stock was sold at an average price of $375.77, for a total transaction of $8,791,514.92. Following the completion of the sale, the chief executive officer owned 856,918 shares of the company’s stock, valued at $322,004,076.86. The trade was a 2.66% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, VP Richard Thomas Miller sold 427 shares of the company’s stock in a transaction dated Wednesday, June 10th. The stock was sold at an average price of $389.55, for a total value of $166,337.85. Following the completion of the transaction, the vice president owned 4,527 shares of the company’s stock, valued at $1,763,492.85. The trade was a 8.62% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 35,117 shares of company stock valued at $13,192,082 over the last ninety days. 3.80% of the stock is currently owned by insiders.
About Snap-On
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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