Kayne Anderson Rudnick Investment Management LLC Has $2.48 Million Stock Position in Snap-on Incorporated (NYSE:SNA)

Kayne Anderson Rudnick Investment Management LLC cut its holdings in Snap-on Incorporated (NYSE:SNA) by 2.1% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 9,467 shares of the company’s stock after selling 203 shares during the quarter. Kayne Anderson Rudnick Investment Management LLC’s holdings in Snap-on were worth $2,475,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Scarborough Advisors LLC acquired a new stake in shares of Snap-on in the fourth quarter valued at about $30,000. Opal Wealth Advisors LLC bought a new position in Snap-on in the 2nd quarter worth approximately $30,000. Innealta Capital LLC acquired a new position in shares of Snap-on during the second quarter worth approximately $32,000. Fidelis Capital Partners LLC bought a new stake in shares of Snap-on in the first quarter valued at approximately $56,000. Finally, Versant Capital Management Inc lifted its position in Snap-on by 529.0% in the second quarter. Versant Capital Management Inc now owns 195 shares of the company’s stock worth $51,000 after purchasing an additional 164 shares during the period. 84.88% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, CEO Nicholas T. Pinchuk sold 24,145 shares of the firm’s stock in a transaction dated 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 transaction, the chief executive officer now directly owns 759,019 shares of the company’s stock, valued at $204,138,160.05. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other Snap-on news, CFO Aldo John Pagliari sold 4,473 shares of the company’s stock in a transaction on 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Nicholas T. Pinchuk sold 24,145 shares of the business’s stock in a transaction dated 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 directly owns 759,019 shares in the company, valued at $204,138,160.05. The disclosure for this sale can be found here. In the last ninety days, insiders sold 29,804 shares of company stock valued at $8,077,390. Insiders own 4.10% of the company’s stock.

Snap-on Stock Down 1.0 %

Snap-on stock opened at $283.19 on Monday. The company has a current ratio of 4.06, a quick ratio of 3.05 and a debt-to-equity ratio of 0.22. Snap-on Incorporated has a 1-year low of $249.84 and a 1-year high of $298.49. The company has a fifty day simple moving average of $277.23 and a 200 day simple moving average of $276.57. The company has a market cap of $14.93 billion, a P/E ratio of 14.86, a price-to-earnings-growth ratio of 1.95 and a beta of 0.98.

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

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

Snap-on Dividend Announcement

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

Wall Street Analyst Weigh In

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