Inspire Investing LLC Cuts Stock Holdings in Snap-on Incorporated (NYSE:SNA)

Inspire Investing LLC reduced its position in shares of Snap-on Incorporated (NYSE:SNA) by 47.1% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 4,385 shares of the company’s stock after selling 3,899 shares during the period. Inspire Investing LLC’s holdings in Snap-on were worth $1,146,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in the company. XTX Topco Ltd purchased a new position in Snap-on during the second quarter worth about $1,076,000. Sienna Gestion purchased a new position in Snap-on during the second quarter worth about $6,525,000. Seven Eight Capital LP purchased a new position in Snap-on during the second quarter worth about $445,000. Hsbc Holdings PLC raised its holdings in Snap-on by 23.0% during the second quarter. Hsbc Holdings PLC now owns 397,134 shares of the company’s stock worth $103,698,000 after purchasing an additional 74,154 shares in the last quarter. Finally, Blair William & Co. IL raised its holdings in Snap-on by 0.6% during the second quarter. Blair William & Co. IL now owns 7,885 shares of the company’s stock worth $2,061,000 after purchasing an additional 48 shares in the last quarter. 84.88% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on SNA shares. Robert W. Baird dropped their target price on shares of Snap-on from $282.00 to $275.00 and set a “neutral” rating for the company in a report on Friday, July 12th. Tigress Financial reaffirmed a “buy” rating and issued a $336.00 target price on shares of Snap-on in a report on Thursday, July 25th. Roth Mkm reaffirmed a “buy” rating and issued a $324.00 target price on shares of Snap-on in a report on Tuesday, July 16th. Finally, Barrington Research reaffirmed an “outperform” rating and issued a $325.00 target price on shares of Snap-on in a report on Tuesday, July 16th. One investment analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, Snap-on currently has an average rating of “Moderate Buy” and a consensus price target of $315.00.

Insider Buying and Selling

In related news, CEO Nicholas T. Pinchuk sold 24,145 shares of the firm’s stock in a transaction that occurred on Monday, August 12th. The shares were sold at an average price of $268.95, for a total transaction of $6,493,797.75. Following the sale, the chief executive officer now owns 759,019 shares in the company, valued at $204,138,160.05. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, CEO Nicholas T. Pinchuk sold 24,145 shares of the firm’s stock in a transaction that occurred on Monday, August 12th. The shares were sold at an average price of $268.95, for a total transaction of $6,493,797.75. Following the sale, the chief executive officer now owns 759,019 shares in the company, valued at $204,138,160.05. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, VP June C. Lemerand sold 1,186 shares of the firm’s stock in a transaction that occurred on Monday, August 26th. The stock was sold at an average price of $283.97, for a total transaction of $336,788.42. Following the sale, the vice president now owns 2,283 shares in the company, valued at approximately $648,303.51. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 29,804 shares of company stock worth $8,077,390. 4.10% of the stock is owned by insiders.

Snap-on Trading Up 2.0 %

Shares of SNA opened at $286.17 on Friday. 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 50 day simple moving average of $276.96 and a 200-day simple moving average of $276.69. Snap-on Incorporated has a 1-year low of $249.84 and a 1-year high of $298.49. The stock has a market cap of $15.08 billion, a price-to-earnings ratio of 15.01, a price-to-earnings-growth ratio of 1.95 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, topping analysts’ consensus estimates of $4.94 by $0.13. Snap-on had a net margin of 21.90% and a return on equity of 19.90%. The business had revenue of $1.18 billion during the quarter, compared to analysts’ expectations of $1.20 billion. During the same period last year, the company posted $4.89 EPS. The company’s revenue was down 1.0% on a year-over-year basis. Equities analysts forecast that Snap-on Incorporated will post 18.95 EPS for the current fiscal year.

Snap-on Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 10th. Investors of record on Monday, August 19th were given a dividend of $1.86 per share. The ex-dividend date of this dividend was Monday, August 19th. This represents a $7.44 dividend on an annualized basis and a yield of 2.60%. Snap-on’s dividend payout ratio (DPR) is currently 39.03%.

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

Snap-on Profile

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.