Renaissance Technologies LLC Sells 42,115 Shares of Snap-on Incorporated (NYSE:SNA)

Renaissance Technologies LLC decreased its holdings in shares of Snap-on Incorporated (NYSE:SNA) by 31.8% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 90,385 shares of the company’s stock after selling 42,115 shares during the period. Renaissance Technologies LLC owned about 0.17% of Snap-on worth $23,626,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Dimensional Fund Advisors LP raised its stake in shares of Snap-on by 8.7% in 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. J.W. Cole Advisors Inc. raised its stake in shares of Snap-on by 11.2% in the second quarter. J.W. Cole Advisors Inc. now owns 2,280 shares of the company’s stock valued at $596,000 after acquiring an additional 230 shares during the last quarter. Inspire Advisors LLC bought a new position in shares of Snap-on in the second quarter valued at approximately $429,000. Envestnet Asset Management Inc. raised its stake in shares of Snap-on by 0.4% in the second quarter. Envestnet Asset Management Inc. now owns 732,571 shares of the company’s stock valued at $191,487,000 after acquiring an additional 2,616 shares during the last quarter. Finally, Federated Hermes Inc. raised its stake in shares of Snap-on by 0.4% in the second quarter. Federated Hermes Inc. now owns 17,673 shares of the company’s stock valued at $4,620,000 after acquiring an additional 69 shares during the last quarter. Institutional investors own 84.88% of the company’s stock.

Snap-on Stock Up 2.0 %

NYSE:SNA opened at $286.17 on Friday. The stock’s fifty day moving average price is $276.96 and its two-hundred day moving average price is $276.69. Snap-on Incorporated has a 52-week low of $249.84 and a 52-week high of $298.49. 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 market cap of $15.08 billion, a price-to-earnings ratio of 15.01, 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, beating the consensus estimate of $4.94 by $0.13. The company had revenue of $1.18 billion during the quarter, compared to analysts’ expectations of $1.20 billion. Snap-on had a net margin of 21.90% and a return on equity of 19.90%. The business’s revenue for the quarter was down 1.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted $4.89 EPS. On average, analysts anticipate that Snap-on Incorporated will post 18.95 EPS for the current year.

Snap-on announced that its board has approved a share buyback plan on Thursday, August 8th that permits the company to repurchase $500.00 million in shares. This repurchase authorization permits 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 Announces Dividend

The firm also recently announced 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. This represents a $7.44 annualized dividend and a dividend yield of 2.60%. The ex-dividend date of this dividend was Monday, August 19th. Snap-on’s payout ratio is 39.03%.

Insider Buying and Selling at Snap-on

In other Snap-on news, CEO Nicholas T. Pinchuk sold 24,145 shares of the company’s stock in a transaction 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 completion of the sale, the chief executive officer now owns 759,019 shares in the company, valued at approximately $204,138,160.05. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related 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 value of $1,246,804.02. Following the completion of the sale, the chief financial officer now owns 99,244 shares in the company, valued at approximately $27,663,272.56. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CEO Nicholas T. Pinchuk sold 24,145 shares of the company’s stock in a transaction 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 completion of 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. In the last 90 days, insiders sold 29,804 shares of company stock worth $8,077,390. Insiders own 4.10% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on the stock. Tigress Financial reiterated a “buy” rating and issued a $336.00 target price on shares of Snap-on in a research note on Thursday, July 25th. Roth Mkm reaffirmed a “buy” rating and set a $324.00 price objective on shares of Snap-on in a report on Tuesday, July 16th. Barrington Research reaffirmed an “outperform” rating and set a $325.00 price objective on shares of Snap-on in a report on Tuesday, July 16th. Finally, Robert W. Baird reduced 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. One analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, Snap-on has an average rating of “Moderate Buy” and an average price target of $315.00.

About Snap-on

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.