2,582 Shares in Snap-On Incorporated $SNA Purchased by NewEdge Wealth LLC

NewEdge Wealth LLC purchased a new stake in shares of Snap-On Incorporated (NYSE:SNA) in the 2nd quarter, Holdings Channel reports. The fund purchased 2,582 shares of the company’s stock, valued at approximately $1,039,000.

Other hedge funds have also recently bought and sold shares of the company. BlackRock Inc. bought a new stake in shares of Snap-On during the 2nd quarter worth approximately $1,715,363,000. Auto Owners Insurance Co grew its stake in shares of Snap-On by 34,360.0% in the fourth quarter. Auto Owners Insurance Co now owns 1,025,185 shares of the company’s stock valued at $353,279,000 after buying an additional 1,022,210 shares in the last quarter. Norges Bank bought a new position in shares of Snap-On in the fourth quarter valued at $210,814,000. Bank of New York Mellon Corp acquired a new position in Snap-On during the second quarter worth $174,736,000. Finally, Deutsche Bank AG acquired a new position in Snap-On during the second quarter worth $106,496,000. 84.88% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of analysts have commented on the stock. Tigress Financial increased their price target on shares of Snap-On from $445.00 to $485.00 and gave the company a “buy” rating in a research note on Friday, July 31st. Weiss Ratings restated a “buy (b)” rating on shares of Snap-On in a research note on Friday, July 17th. Barclays initiated coverage on shares of Snap-On in a report on Thursday, May 28th. They issued an “overweight” rating and a $420.00 target price on the stock. Roth Capital reiterated a “buy” rating and issued a $461.00 target price (up from $409.00) on shares of Snap-On in a research note on Friday, July 24th. Finally, Robert W. Baird set a $415.00 price target on Snap-On in a report on Friday, July 24th. Five investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $426.20.

Snap-On Stock Up 0.5%

SNA opened at $393.11 on Friday. Snap-On Incorporated has a 1-year low of $319.20 and a 1-year high of $423.02. The stock’s fifty day simple moving average is $403.30 and its 200 day simple moving average is $384.56. The company has a current ratio of 3.43, a quick ratio of 2.64 and a debt-to-equity ratio of 0.15. The stock has a market cap of $20.33 billion, a PE ratio of 20.05, a price-to-earnings-growth ratio of 2.75 and a beta of 0.73.

Snap-On (NYSE:SNA) last released its quarterly earnings data on Thursday, July 23rd. The company reported $4.96 EPS for the quarter, topping analysts’ consensus estimates of $4.95 by $0.01. Snap-On had a net margin of 21.25% and a return on equity of 17.07%. The firm had revenue of $1.24 billion during the quarter, compared to analysts’ expectations of $1.22 billion. During the same period in the previous year, the business posted $4.72 earnings per share. The company’s revenue for the quarter was up 4.7% compared to the same quarter last year. As a group, research analysts expect that Snap-On Incorporated will post 19.7 earnings per share for the current year.

Snap-On Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, September 10th. Stockholders of record on Wednesday, August 19th will be paid a dividend of $2.44 per share. This represents a $9.76 dividend on an annualized basis and a dividend yield of 2.5%. The ex-dividend date is Wednesday, August 19th. Snap-On’s dividend payout ratio (DPR) is currently 49.77%.

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

Insider Activity at Snap-On

In related news, SVP Timothy L. Chambers sold 9,111 shares of Snap-On stock in a transaction dated Tuesday, July 28th. The shares were sold at an average price of $419.36, for a total transaction of $3,820,788.96. Following the completion of the sale, the senior vice president owned 21,223 shares of the company’s stock, valued at approximately $8,900,077.28. The trade was a 30.04% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Aldo John Pagliari sold 5,531 shares of the company’s stock in a transaction dated Thursday, August 13th. The shares were sold at an average price of $404.25, for a total transaction of $2,235,906.75. Following the completion of the transaction, the chief financial officer owned 120,644 shares in the company, valued at approximately $48,770,337. This trade represents a 4.38% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 45,928 shares of company stock worth $18,483,009 in the last quarter. 3.80% of the stock is owned by corporate 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.