Vision Capital Management Inc. cut its holdings in Snap-On Incorporated (NYSE:SNA – Free Report) by 11.3% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 15,400 shares of the company’s stock after selling 1,959 shares during the quarter. Vision Capital Management Inc.’s holdings in Snap-On were worth $5,594,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also modified their holdings of the business. Thurston Springer Miller Herd & Titak Inc. bought a new stake in Snap-On in the fourth quarter worth $25,000. DV Equities LLC acquired a new position in shares of Snap-On during the 4th quarter valued at about $25,000. GoalVest Advisory LLC bought a new position in shares of Snap-On in the 4th quarter valued at approximately $28,000. Montag A & Associates Inc. lifted its holdings in Snap-On by 331.8% in the 4th quarter. Montag A & Associates Inc. now owns 95 shares of the company’s stock worth $33,000 after purchasing an additional 73 shares during the last quarter. Finally, Quattro Advisors LLC acquired 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
A number of brokerages have recently weighed in on SNA. Barclays started coverage on shares of Snap-On in a research note on Thursday, May 28th. They issued an “overweight” rating and a $420.00 price objective for the company. Robert W. Baird raised their price target on Snap-On from $380.00 to $395.00 and gave the company a “neutral” rating in a research report on Friday, April 24th. Weiss Ratings reissued a “buy (b)” rating on shares of Snap-On in a research report on Monday, April 20th. Finally, Roth Mkm reaffirmed a “buy” rating and issued a $431.00 target price on shares of Snap-On in a report on Friday, April 24th. Five analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, Snap-On currently has an average rating of “Moderate Buy” and an average target price of $387.67.
Snap-On Stock Up 0.3%
SNA stock opened at $403.54 on Thursday. Snap-On Incorporated has a twelve month low of $310.23 and a twelve month high of $406.30. The company has a quick ratio of 2.74, a current ratio of 3.53 and a debt-to-equity ratio of 0.15. The company has a market cap of $20.90 billion, a PE ratio of 20.83, a price-to-earnings-growth ratio of 2.83 and a beta of 0.73. The business’s 50-day simple moving average is $379.51 and its 200 day simple moving average is $371.82.
Snap-On (NYSE:SNA – Get Free Report) last posted 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). Snap-On had a net margin of 21.28% and a return on equity of 17.13%. The firm had revenue of $1.21 billion during the quarter, compared to analyst estimates of $1.19 billion. During the same period last year, the company earned $4.51 EPS. The company’s revenue was up 5.8% on a year-over-year basis. On average, research analysts anticipate that Snap-On Incorporated will post 19.7 earnings per share for the current year.
Snap-On Dividend Announcement
The company also recently announced a quarterly dividend, which was paid on Wednesday, June 10th. Investors of record on Wednesday, May 20th were paid a $2.44 dividend. This represents a $9.76 dividend on an annualized basis and a dividend yield of 2.4%. The ex-dividend date was Wednesday, May 20th. Snap-On’s dividend payout ratio is presently 50.39%.
Snap-On declared that its Board of Directors has approved a share repurchase program on Thursday, April 30th that allows the company to buyback $500.00 million in shares. This buyback authorization allows the company to buy up to 2.5% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.
Insider Transactions at Snap-On
In other Snap-On news, SVP Jesus Arregui sold 4,251 shares of the business’s stock in a transaction on Wednesday, June 10th. The shares were sold at an average price of $383.92, for a total value of $1,632,043.92. Following the sale, the senior vice president owned 4,439 shares of the company’s stock, valued at $1,704,220.88. The trade was a 48.92% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Nicholas T. Pinchuk sold 23,396 shares of the firm’s 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 transaction, the chief executive officer directly 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. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 35,117 shares of company stock valued at $13,192,082 in the last ninety days. 3.80% of the stock is owned by company insiders.
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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