NewEdge Advisors LLC Sells 5,363 Shares of Snap-on Incorporated (NYSE:SNA)

NewEdge Advisors LLC decreased its position in Snap-on Incorporated (NYSE:SNA) by 46.6% during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 6,154 shares of the company’s stock after selling 5,363 shares during the quarter. NewEdge Advisors LLC’s holdings in Snap-on were worth $1,609,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in SNA. Scarborough Advisors LLC bought a new stake in Snap-on during the fourth quarter worth about $30,000. Opal Wealth Advisors LLC acquired a new stake in Snap-on during the 2nd quarter valued at $30,000. Innealta Capital LLC acquired a new stake in Snap-on during the 2nd quarter valued at $32,000. Fidelis Capital Partners LLC bought a new position in Snap-on in the 1st quarter valued at $56,000. Finally, Versant Capital Management Inc boosted its stake 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 in the last quarter. Institutional investors and hedge funds own 84.88% of the company’s stock.

Snap-on Stock Down 0.7 %

Shares of NYSE:SNA opened at $286.74 on Friday. The company has a debt-to-equity ratio of 0.22, a current ratio of 4.06 and a quick ratio of 3.05. The stock has a market cap of $15.11 billion, a price-to-earnings ratio of 15.04, a P/E/G ratio of 2.02 and a beta of 0.98. The company has a 50 day moving average of $279.91 and a 200-day moving average of $276.36. Snap-on Incorporated has a one year low of $249.84 and a one year high of $298.49.

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. 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 analysts’ expectations of $1.20 billion. During the same quarter in the previous year, the company posted $4.89 EPS. The business’s revenue for the quarter was down 1.0% compared to the same quarter last year. On average, sell-side analysts forecast that Snap-on Incorporated will post 18.95 earnings per share for the current year.

Snap-on declared that its board has authorized a stock buyback plan on Thursday, August 8th that authorizes the company to repurchase $500.00 million in shares. This repurchase authorization authorizes the company to buy up to 3.5% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s leadership believes its shares are undervalued.

Snap-on Announces Dividend

The business also recently announced 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 dividend on an annualized basis and a yield of 2.59%. The ex-dividend date of this dividend was Monday, August 19th. Snap-on’s dividend payout ratio (DPR) is currently 39.03%.

Insider Transactions at Snap-on

In related 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 owns 2,283 shares of the company’s stock, valued at $648,303.51. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other Snap-on news, CFO Aldo John Pagliari sold 4,473 shares of the stock in a transaction dated 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 completion of the sale, the chief financial officer now directly owns 99,244 shares in the company, valued at $27,663,272.56. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP June C. Lemerand sold 1,186 shares of Snap-on 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 transaction, the vice president now owns 2,283 shares in the company, valued at $648,303.51. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 29,804 shares of company stock worth $8,077,390. 4.10% of the stock is currently owned by company insiders.

Analyst Ratings Changes

SNA has been the subject of a number of research analyst reports. 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. Barrington Research reiterated an “outperform” rating and set a $325.00 target price on shares of Snap-on in a research report on Friday, September 20th. Robert W. Baird lowered their price target on shares of Snap-on from $282.00 to $275.00 and set a “neutral” rating for the company in a report on Friday, July 12th. Finally, Tigress Financial reaffirmed a “buy” rating and set a $336.00 price objective on shares of Snap-on in a report on Thursday, July 25th.

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.