Snap-On Incorporated $SNA Shares Sold by Twin Capital Management Inc.

Twin Capital Management Inc. lessened its stake in shares of Snap-On Incorporated (NYSE:SNA) by 29.9% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 6,786 shares of the company’s stock after selling 2,888 shares during the period. Twin Capital Management Inc.’s holdings in Snap-On were worth $2,465,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of the company. Auto Owners Insurance Co boosted its holdings in Snap-On by 34,360.0% in the 4th quarter. Auto Owners Insurance Co now owns 1,025,185 shares of the company’s stock valued at $353,279,000 after purchasing an additional 1,022,210 shares during the last quarter. Norges Bank acquired a new stake in shares of Snap-On during the 4th quarter worth approximately $210,814,000. PFA Pension Forsikringsaktieselskab acquired a new stake in shares of Snap-On during the 4th quarter worth approximately $69,751,000. UBS Group AG raised its position in shares of Snap-On by 30.7% during the 4th quarter. UBS Group AG now owns 617,620 shares of the company’s stock valued at $212,832,000 after buying an additional 144,926 shares during the period. Finally, Miller Howard Investments Inc. NY purchased a new stake in shares of Snap-On during the 1st quarter valued at approximately $51,244,000. Institutional investors and hedge funds own 84.88% of the company’s stock.

Snap-On Price Performance

SNA opened at $404.05 on Thursday. The stock’s 50-day moving average price is $384.20 and its 200 day moving average price is $375.77. Snap-On Incorporated has a 12-month low of $310.23 and a 12-month high of $414.62. The company has a current ratio of 3.53, a quick ratio of 2.74 and a debt-to-equity ratio of 0.15. The firm has a market cap of $20.93 billion, a price-to-earnings ratio of 20.86, a PEG ratio of 2.85 and a beta of 0.73.

Snap-On (NYSE:SNA) last released 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). The firm had revenue of $1.21 billion during the quarter, compared to analyst estimates of $1.19 billion. Snap-On had a net margin of 21.28% and a return on equity of 17.13%. The business’s revenue was up 5.8% compared to the same quarter last year. During the same period in the prior year, the firm earned $4.51 earnings per share. As a group, sell-side analysts expect that Snap-On Incorporated will post 19.7 earnings per share for the current year.

Snap-On declared that its board has approved a stock buyback program on Thursday, April 30th that authorizes the company to buyback $500.00 million in shares. This buyback authorization authorizes the company to repurchase up to 2.5% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board of directors believes its stock is undervalued.

Snap-On Announces Dividend

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

Insider Buying and Selling at Snap-On

In other Snap-On news, VP Richard Thomas Miller sold 2,000 shares of the firm’s stock in a transaction that occurred on Wednesday, July 1st. The shares were sold at an average price of $405.92, for a total value of $811,840.00. Following the completion of the transaction, the vice president owned 4,529 shares of the company’s stock, valued at $1,838,411.68. This trade represents a 30.63% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at 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 business’s stock in a transaction on Thursday, May 14th. The stock was sold at an average price of $367.19, for a total transaction 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 approximately $43,874,798.72. This trade represents a 4.56% 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. Over the last ninety days, insiders have sold 37,117 shares of company stock worth $14,003,922. 3.80% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several brokerages recently weighed in on SNA. Barclays started coverage on Snap-On in a research report on Thursday, May 28th. They issued an “overweight” rating and a $420.00 price objective for the company. Roth Capital reiterated a “buy” rating and set a $431.00 price target on shares of Snap-On in a 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, Robert W. Baird boosted their price objective on shares of Snap-On from $380.00 to $395.00 and gave the company a “neutral” rating in a report on Friday, April 24th. Five research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, Snap-On presently has a consensus rating of “Moderate Buy” and a consensus price target of $387.67.

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.