First Horizon Corp Grows Stake in Snap-On Incorporated $SNA

First Horizon Corp increased its position in Snap-On Incorporated (NYSE:SNA) by 67.0% in the 1st quarter, HoldingsChannel.com reports. The fund owned 19,719 shares of the company’s stock after acquiring an additional 7,914 shares during the quarter. First Horizon Corp’s holdings in Snap-On were worth $7,162,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors also recently bought and sold shares of the company. Thurston Springer Miller Herd & Titak Inc. bought a new stake in shares of Snap-On during the 4th quarter valued at about $25,000. DV Equities LLC bought a new position in shares of Snap-On in the 4th quarter worth approximately $25,000. GoalVest Advisory LLC purchased a new position in shares of Snap-On in the fourth quarter worth approximately $28,000. Montag A & Associates Inc. boosted its holdings in shares of Snap-On by 331.8% in the fourth quarter. Montag A & Associates Inc. now owns 95 shares of the company’s stock worth $33,000 after buying an additional 73 shares during the last quarter. Finally, Quattro Advisors LLC bought a new stake in Snap-On during the fourth quarter valued at approximately $35,000. Institutional investors own 84.88% of the company’s stock.

Snap-On Stock Performance

Shares of NYSE SNA opened at $399.59 on Friday. The stock has a market cap of $20.70 billion, a PE ratio of 20.63, a price-to-earnings-growth ratio of 2.82 and a beta of 0.73. Snap-On Incorporated has a 1 year low of $310.23 and a 1 year high of $414.62. The firm has a fifty day moving average price of $382.50 and a 200-day moving average price of $374.34. The company has a debt-to-equity ratio of 0.15, a current ratio of 3.53 and a quick ratio of 2.74.

Snap-On (NYSE:SNA) last issued its earnings results on Thursday, April 23rd. The company reported $4.69 earnings per share for the quarter, missing the consensus estimate of $4.75 by ($0.06). Snap-On had a return on equity of 17.13% and a net margin of 21.28%.The firm had revenue of $1.21 billion during the quarter, compared to the consensus estimate of $1.19 billion. During the same period in the prior year, the company posted $4.51 EPS. The company’s quarterly revenue was up 5.8% on a year-over-year basis. Equities analysts anticipate that Snap-On Incorporated will post 19.7 earnings per share for the current fiscal year.

Snap-On declared that its Board of Directors has authorized a share buyback program on Thursday, April 30th that authorizes the company to buyback $500.00 million in shares. This buyback authorization authorizes 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 board believes its shares are undervalued.

Snap-On Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, June 10th. Stockholders of record on Wednesday, May 20th were paid a $2.44 dividend. The ex-dividend date of this dividend was Wednesday, May 20th. This represents a $9.76 dividend on an annualized basis and a dividend yield of 2.4%. Snap-On’s dividend payout ratio is 50.39%.

Insiders Place Their Bets

In related news, VP Richard Thomas Miller sold 2,000 shares of the business’s stock in a transaction that occurred on Wednesday, July 1st. The stock was sold at an average price of $405.92, for a total value of $811,840.00. Following the transaction, the vice president directly owned 4,529 shares of the company’s stock, valued at approximately $1,838,411.68. The trade was a 30.63% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Aldo John Pagliari sold 5,713 shares of the company’s stock in a transaction that occurred on Thursday, May 14th. The stock was sold at an average price of $367.19, for a total value of $2,097,756.47. Following the completion of the transaction, 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 SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders sold 37,117 shares of company stock worth $14,003,922. 3.80% of the stock is currently owned by insiders.

Analysts Set New Price Targets

SNA has been the topic of several recent research reports. Robert W. Baird increased their price target on shares of Snap-On from $380.00 to $395.00 and gave the stock a “neutral” rating in a research report on Friday, April 24th. Roth Capital reissued a “buy” rating and set a $431.00 price objective on shares of Snap-On in a research report on Friday, April 24th. Weiss Ratings restated a “buy (b)” rating on shares of Snap-On in a research note on Monday, April 20th. Finally, Barclays assumed coverage on Snap-On in a report on Thursday, May 28th. They issued an “overweight” rating and a $420.00 target price on the stock. Five research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $387.67.

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.