Park Place Capital Corp Decreases Stock Position in Snap-on Incorporated (NYSE:SNA)

Park Place Capital Corp reduced its position in Snap-on Incorporated (NYSE:SNA) by 28.5% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 466 shares of the company’s stock after selling 186 shares during the period. Park Place Capital Corp’s holdings in Snap-on were worth $135,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in the company. Earnest Partners LLC raised its holdings in Snap-on by 1.4% in the 2nd quarter. Earnest Partners LLC now owns 942,743 shares of the company’s stock worth $246,424,000 after acquiring an additional 13,033 shares during the last quarter. Nordea Investment Management AB raised 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 worth $265,217,000 after acquiring an additional 27,429 shares during the last quarter. Pacer Advisors Inc. raised its stake in Snap-on by 51.2% during the 2nd quarter. Pacer Advisors Inc. now owns 829,471 shares of the company’s stock valued at $216,815,000 after buying an additional 280,997 shares during the last quarter. Dimensional Fund Advisors LP raised 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 valued at $213,686,000 after buying an additional 65,485 shares during the last quarter. Finally, Envestnet Asset Management Inc. raised its stake in Snap-on by 0.4% during the 2nd quarter. Envestnet Asset Management Inc. now owns 732,571 shares of the company’s stock valued at $191,487,000 after buying an additional 2,616 shares during the last quarter. 84.88% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on SNA. Tigress Financial reiterated a “buy” rating and set a $336.00 target price on shares of Snap-on in a research note on Thursday, July 25th. Barrington Research reiterated an “outperform” rating and set a $325.00 target price on shares of Snap-on in a research note on Friday, September 20th. Robert W. Baird decreased their target price on shares of Snap-on from $282.00 to $275.00 and set a “neutral” rating for the company in a research note 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 note on Tuesday, July 16th.

Insider Buying and Selling at Snap-on

In other Snap-on news, VP June C. Lemerand sold 1,186 shares of the stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $283.97, for a total transaction of $336,788.42. Following the completion of the transaction, the vice president now owns 2,283 shares of the company’s stock, valued at $648,303.51. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, VP June C. Lemerand sold 1,186 shares of the stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $283.97, for a total value of $336,788.42. Following the sale, the vice president now directly owns 2,283 shares of the company’s stock, valued at $648,303.51. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Nicholas T. Pinchuk sold 24,145 shares of the stock in a transaction dated Monday, August 12th. The stock was sold at an average price of $268.95, for a total transaction of $6,493,797.75. Following the completion of the sale, the chief executive officer now directly owns 759,019 shares in the company, valued at $204,138,160.05. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 29,804 shares of company stock valued at $8,077,390 in the last 90 days. Insiders own 4.10% of the company’s stock.

Snap-on Trading Down 0.2 %

Shares of Snap-on stock opened at $285.44 on Wednesday. The company has a market capitalization of $15.05 billion, a P/E ratio of 14.98, a P/E/G ratio of 2.02 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. The company has a fifty day moving average of $280.03 and a 200 day moving average of $276.16. Snap-on Incorporated has a fifty-two week low of $249.84 and a fifty-two week high of $298.49.

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

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 issued a dividend of $1.86 per share. This represents a $7.44 annualized dividend and a dividend yield of 2.61%. The ex-dividend date was Monday, August 19th. Snap-on’s dividend payout ratio (DPR) is presently 39.03%.

Snap-on declared that its Board of Directors has approved a share buyback program on Thursday, August 8th that authorizes the company to buyback $500.00 million in outstanding shares. This buyback authorization authorizes the company to repurchase up to 3.5% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s board believes its stock is 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.