Snap-on Incorporated (NYSE:SNA) Shares Sold by Quest Partners LLC

Quest Partners LLC cut its stake in shares of Snap-on Incorporated (NYSE:SNA) by 66.2% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 520 shares of the company’s stock after selling 1,019 shares during the quarter. Quest Partners LLC’s holdings in Snap-on were worth $136,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Earnest Partners LLC increased its stake in Snap-on by 9.9% in the 1st quarter. Earnest Partners LLC now owns 929,710 shares of the company’s stock worth $275,399,000 after purchasing an additional 83,686 shares in the last quarter. Nordea Investment Management AB increased its position in shares of Snap-on by 3.2% in the first quarter. Nordea Investment Management AB now owns 891,994 shares of the company’s stock worth $265,217,000 after acquiring an additional 27,429 shares in the last quarter. Envestnet Asset Management Inc. raised its holdings in shares of Snap-on by 2.3% during the fourth quarter. Envestnet Asset Management Inc. now owns 755,445 shares of the company’s stock valued at $218,203,000 after acquiring an additional 16,972 shares during the period. LSV Asset Management raised its holdings in shares of Snap-on by 0.5% during the first quarter. LSV Asset Management now owns 674,341 shares of the company’s stock valued at $199,753,000 after acquiring an additional 3,535 shares during the period. Finally, Confluence Investment Management LLC purchased a new stake in shares of Snap-on in the 1st quarter valued at approximately $173,451,000. 84.88% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on the stock. Robert W. Baird lowered their price objective on shares of Snap-on from $282.00 to $275.00 and set a “neutral” rating on the stock in a research report on Friday, July 12th. Tigress Financial reissued a “buy” rating and set a $336.00 price target on shares of Snap-on in a research report on Thursday, July 25th. Barrington Research restated an “outperform” rating and set a $325.00 price objective on shares of Snap-on in a research report on Tuesday, July 16th. Finally, Roth Mkm reiterated a “buy” rating and issued a $324.00 target price on shares of Snap-on in a report on Tuesday, July 16th. One analyst has rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat.com, Snap-on currently has an average rating of “Moderate Buy” and an average target price of $315.00.

Snap-on Stock Performance

Shares of SNA stock opened at $281.52 on Tuesday. Snap-on Incorporated has a fifty-two week low of $249.84 and a fifty-two week high of $298.49. The stock’s 50-day moving average is $275.24 and its two-hundred day moving average is $276.54. The company has a debt-to-equity ratio of 0.22, a current ratio of 4.06 and a quick ratio of 3.05. The firm has a market cap of $14.84 billion, a P/E ratio of 14.77, a PEG ratio of 1.93 and a beta of 0.98.

Snap-on (NYSE:SNA) last issued its quarterly earnings data on Thursday, July 18th. The company reported $5.07 earnings per share for the quarter, beating the consensus estimate of $4.94 by $0.13. The firm had revenue of $1.18 billion for the quarter, compared to analyst estimates of $1.20 billion. Snap-on had a net margin of 21.90% and a return on equity of 19.90%. The company’s revenue for the quarter was down 1.0% on a year-over-year basis. During the same quarter last year, the firm earned $4.89 earnings per share. Analysts predict that Snap-on Incorporated will post 18.95 earnings per share for the current fiscal year.

Snap-on Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, September 10th. Shareholders of record on Monday, August 19th were issued a dividend of $1.86 per share. The ex-dividend date of this dividend was Monday, August 19th. This represents a $7.44 annualized dividend and a yield of 2.64%. Snap-on’s dividend payout ratio (DPR) is currently 39.03%.

Snap-on announced that its Board of Directors has authorized a stock repurchase plan on Thursday, August 8th that allows the company to buyback $500.00 million in shares. This buyback authorization allows the company to reacquire up to 3.5% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s leadership believes its shares are undervalued.

Insiders Place Their Bets

In other news, CFO Aldo John Pagliari sold 4,473 shares of the stock in a transaction dated Thursday, August 22nd. The stock was sold at an average price of $278.74, for a total transaction of $1,246,804.02. Following the transaction, the chief financial officer now owns 99,244 shares of the company’s stock, valued at approximately $27,663,272.56. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In related news, CEO Nicholas T. Pinchuk sold 24,145 shares of Snap-on stock in a transaction on Monday, August 12th. The shares were sold at an average price of $268.95, for a total value of $6,493,797.75. Following the transaction, the chief executive officer now owns 759,019 shares in the company, valued at approximately $204,138,160.05. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Aldo John Pagliari sold 4,473 shares of the company’s stock in a transaction dated Thursday, August 22nd. The shares were sold at an average price of $278.74, for a total transaction of $1,246,804.02. Following the sale, the chief financial officer now owns 99,244 shares of the company’s stock, valued at $27,663,272.56. The disclosure for this sale can be found here. Insiders sold 29,804 shares of company stock valued at $8,077,390 over the last quarter. Insiders own 4.10% of the company’s stock.

About Snap-on

Snap-on Incorporated manufactures and markets tools, equipment, diagnostics, and repair information and systems solutions for professional users worldwide. It operates through Commercial & Industrial Group, Snap-on Tools Group, Repair Systems & Information Group, and Financial Services segments.