Weaver C. Barksdale & Associates Inc. Cuts Stake in Snap-on Incorporated (NYSE:SNA)

Weaver C. Barksdale & Associates Inc. cut its stake in Snap-on Incorporated (NYSE:SNA) by 1.8% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 7,157 shares of the company’s stock after selling 132 shares during the quarter. Snap-on makes up approximately 1.8% of Weaver C. Barksdale & Associates Inc.’s portfolio, making the stock its 25th largest holding. Weaver C. Barksdale & Associates Inc.’s holdings in Snap-on were worth $1,871,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Earnest Partners LLC lifted its position in shares of Snap-on by 9.9% in the first quarter. Earnest Partners LLC now owns 929,710 shares of the company’s stock valued at $275,399,000 after acquiring an additional 83,686 shares in the last quarter. Nordea Investment Management AB lifted its holdings in Snap-on by 3.2% in the 1st quarter. Nordea Investment Management AB now owns 891,994 shares of the company’s stock valued at $265,217,000 after purchasing an additional 27,429 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in Snap-on by 8.7% during the 2nd quarter. Dimensional Fund Advisors LP now owns 817,536 shares of the company’s stock worth $213,686,000 after purchasing an additional 65,485 shares during the last quarter. Envestnet Asset Management Inc. grew 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 worth $218,203,000 after buying an additional 16,972 shares in the last quarter. Finally, LSV Asset Management raised its position in shares of Snap-on by 0.5% in the first quarter. LSV Asset Management now owns 674,341 shares of the company’s stock valued at $199,753,000 after buying an additional 3,535 shares during the last quarter. 84.88% of the stock is currently owned by institutional investors and hedge funds.

Snap-on Stock Up 2.0 %

SNA stock opened at $286.17 on Friday. The firm has a market cap of $15.08 billion, a PE ratio of 15.01, a PEG ratio of 1.95 and a beta of 0.98. The company has a debt-to-equity ratio of 0.22, a quick ratio of 3.05 and a current ratio of 4.06. Snap-on Incorporated has a one year low of $249.84 and a one year high of $298.49. The firm’s 50 day moving average price is $276.96 and its 200-day moving average price is $276.69.

Snap-on (NYSE:SNA) last released its quarterly earnings results on Thursday, July 18th. The company reported $5.07 EPS for the quarter, topping the consensus estimate of $4.94 by $0.13. The business had revenue of $1.18 billion during the quarter, compared to analyst estimates of $1.20 billion. Snap-on had a return on equity of 19.90% and a net margin of 21.90%. The company’s quarterly revenue was down 1.0% on a year-over-year basis. During the same period last year, the business posted $4.89 earnings per share. On average, equities research analysts anticipate that Snap-on Incorporated will post 18.95 EPS for the current year.

Snap-on announced that its Board of Directors has authorized a share repurchase plan on Thursday, August 8th that authorizes the company to repurchase $500.00 million in shares. This repurchase authorization authorizes the company to purchase up to 3.5% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s board of directors believes its shares are undervalued.

Snap-on Dividend Announcement

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

Insider Buying and Selling

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

Analysts Set New Price Targets

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

Snap-on Company 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.