Legacy Financial Advisors Inc. Cuts Position in Snap-on Incorporated (NYSE:SNA)

Legacy Financial Advisors Inc. decreased its holdings in Snap-on Incorporated (NYSE:SNA) by 1.6% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 6,546 shares of the company’s stock after selling 109 shares during the quarter. Legacy Financial Advisors Inc.’s holdings in Snap-on were worth $1,711,000 as of its most recent filing with the SEC.

Several other large investors have also recently bought and sold shares of the business. Earnest Partners LLC increased 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 buying an additional 83,686 shares in the last quarter. Nordea Investment Management AB boosted its stake in shares of Snap-on by 3.2% during the first quarter. Nordea Investment Management AB now owns 891,994 shares of the company’s stock valued at $265,217,000 after acquiring an additional 27,429 shares during the last quarter. Pacer Advisors Inc. boosted its stake in shares of Snap-on by 51.2% during the second quarter. Pacer Advisors Inc. now owns 829,471 shares of the company’s stock valued at $216,815,000 after acquiring an additional 280,997 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of Snap-on by 8.7% during the second quarter. Dimensional Fund Advisors LP now owns 817,536 shares of the company’s stock valued at $213,686,000 after acquiring an additional 65,485 shares during the last quarter. Finally, Envestnet Asset Management Inc. boosted its stake in Snap-on by 2.3% in the 4th 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 during the last quarter. Hedge funds and other institutional investors own 84.88% of the company’s stock.

Snap-on Price Performance

SNA stock opened at $283.19 on Friday. The company has a quick ratio of 3.05, a current ratio of 4.06 and a debt-to-equity ratio of 0.22. Snap-on Incorporated has a 52-week low of $249.84 and a 52-week high of $298.49. The stock’s 50 day moving average is $277.23 and its two-hundred day moving average is $276.68. The company has a market capitalization of $14.93 billion, a PE ratio of 14.86, a P/E/G ratio of 1.95 and a beta of 0.98.

Snap-on (NYSE:SNA) last issued its 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. Snap-on had a return on equity of 19.90% and a net margin of 21.90%. The company had revenue of $1.18 billion during the quarter, compared to analyst estimates of $1.20 billion. During the same quarter last year, the firm earned $4.89 EPS. The business’s revenue was down 1.0% on a year-over-year basis. Analysts predict that Snap-on Incorporated will post 18.95 earnings per share for the current fiscal year.

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

Snap-on Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 10th. Stockholders of record on Monday, August 19th were issued a $1.86 dividend. This represents a $7.44 annualized dividend and a dividend yield of 2.63%. The ex-dividend date of this dividend was Monday, August 19th. Snap-on’s dividend payout ratio (DPR) is presently 39.03%.

Insider Activity at Snap-on

In other Snap-on news, VP June C. Lemerand sold 1,186 shares of the company’s stock in a transaction on Monday, August 26th. The stock was sold at an average price of $283.97, for a total value of $336,788.42. Following the transaction, the vice president now owns 2,283 shares of the company’s stock, valued at $648,303.51. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other Snap-on news, VP June C. Lemerand sold 1,186 shares of Snap-on stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $283.97, for a total transaction of $336,788.42. Following the transaction, the vice president now directly owns 2,283 shares in the company, valued at approximately $648,303.51. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Aldo John Pagliari sold 4,473 shares of Snap-on stock in a transaction that occurred on 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 in the company, valued at $27,663,272.56. The disclosure for this sale can be found here. Insiders have sold 29,804 shares of company stock worth $8,077,390 over the last quarter. 4.10% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

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

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.