Evolve Private Wealth LLC Makes New Investment in Snap-On Incorporated $SNA

Evolve Private Wealth LLC bought a new stake in Snap-On Incorporated (NYSE:SNA) in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 10,756 shares of the company’s stock, valued at approximately $4,328,000.

Several other hedge funds have also modified their holdings of the stock. Vanguard Group Inc. lifted its position in Snap-On by 0.5% during the 4th quarter. Vanguard Group Inc. now owns 6,525,488 shares of the company’s stock worth $2,248,683,000 after acquiring an additional 31,073 shares in the last quarter. BlackRock Inc. acquired a new stake in Snap-On in the second quarter valued at approximately $1,715,363,000. State Street Corp grew its position in Snap-On by 1.3% in the fourth quarter. State Street Corp now owns 2,272,041 shares of the company’s stock valued at $782,945,000 after acquiring an additional 28,071 shares in the last quarter. First Trust Advisors LP raised its stake in shares of Snap-On by 3.3% during the first quarter. First Trust Advisors LP now owns 2,033,129 shares of the company’s stock valued at $738,473,000 after purchasing an additional 65,521 shares during the period. Finally, Charles Schwab Investment Management Inc. lifted its position in shares of Snap-On by 2.0% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,011,914 shares of the company’s stock worth $693,306,000 after purchasing an additional 39,765 shares in the last quarter. 84.88% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

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

Snap-On Stock Up 0.5%

Shares of Snap-On stock opened at $393.11 on Friday. The business has a 50-day moving average price of $403.30 and a 200 day moving average price of $384.56. Snap-On Incorporated has a fifty-two week low of $319.20 and a fifty-two week high of $423.02. The firm has a market cap of $20.34 billion, a P/E ratio of 20.05, a P/E/G ratio of 2.77 and a beta of 0.73. The company has a quick ratio of 2.64, a current ratio of 3.43 and a debt-to-equity ratio of 0.15.

Snap-On (NYSE:SNA) last issued its quarterly earnings results on Thursday, July 23rd. The company reported $4.96 earnings per share for the quarter, beating analysts’ consensus estimates of $4.95 by $0.01. Snap-On had a return on equity of 17.07% and a net margin of 21.25%.The business had revenue of $1.24 billion during the quarter, compared to the consensus estimate of $1.22 billion. During the same period in the previous year, the business earned $4.72 EPS. The business’s quarterly revenue was up 4.7% on a year-over-year basis. On average, 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 firm also recently announced a quarterly dividend, which will be paid on Thursday, September 10th. Shareholders of record on Wednesday, August 19th will be issued a $2.44 dividend. The ex-dividend date of this dividend is Wednesday, August 19th. This represents a $9.76 dividend on an annualized basis and a yield of 2.5%. Snap-On’s dividend payout ratio (DPR) is currently 49.77%.

Snap-On declared that its Board of Directors has initiated a share buyback 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 often a sign that the company’s board believes its stock is undervalued.

Insider Buying and Selling

In other news, CFO Aldo John Pagliari sold 5,531 shares of the stock in a transaction that occurred on Thursday, August 13th. The stock was sold at an average price of $404.25, for a total transaction of $2,235,906.75. Following the sale, the chief financial officer directly owned 120,644 shares in the company, valued at approximately $48,770,337. This represents a 4.38% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP Timothy L. Chambers sold 9,111 shares of the firm’s stock in a transaction that occurred on Tuesday, July 28th. The stock was sold at an average price of $419.36, for a total value of $3,820,788.96. Following the completion of the sale, the senior vice president directly owned 21,223 shares in the company, valued at approximately $8,900,077.28. This trade represents a 30.04% 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 sold a total of 45,928 shares of company stock valued at $18,483,009 over the last 90 days. 3.80% of the stock is owned by corporate insiders.

Snap-On 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.