Envestnet Portfolio Solutions Inc. Buys 3,236 Shares of Snap-on Incorporated (NYSE:SNA)

Envestnet Portfolio Solutions Inc. lifted its position in Snap-on Incorporated (NYSE:SNA) by 5.1% during the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 67,222 shares of the company’s stock after purchasing an additional 3,236 shares during the period. Envestnet Portfolio Solutions Inc. owned about 0.13% of Snap-on worth $17,571,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in the company. Bridgefront Capital LLC bought a new position in Snap-on during the 4th quarter valued at approximately $1,119,000. Rockland Trust Co. purchased a new stake in Snap-on in the first quarter worth $889,000. Goldman Sachs Group Inc. boosted its holdings in Snap-on by 11.8% in the fourth quarter. Goldman Sachs Group Inc. now owns 271,436 shares of the company’s stock valued at $78,401,000 after acquiring an additional 28,566 shares in the last quarter. Manning & Napier Advisors LLC purchased a new position in Snap-on during the 2nd quarter valued at $4,571,000. Finally, Kingsview Wealth Management LLC raised its holdings in Snap-on by 42.0% in the 4th quarter. Kingsview Wealth Management LLC now owns 26,456 shares of the company’s stock worth $7,641,000 after purchasing an additional 7,830 shares in the last quarter. 84.88% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Snap-on news, CFO Aldo John Pagliari sold 5,978 shares of the stock in a transaction that occurred on Tuesday, May 21st. The shares were sold at an average price of $276.86, for a total value of $1,655,069.08. Following the transaction, the chief financial officer now directly owns 97,699 shares in the company, valued at $27,048,945.14. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, CFO Aldo John Pagliari sold 5,978 shares of the company’s stock in a transaction on Tuesday, May 21st. The shares were sold at an average price of $276.86, for a total value of $1,655,069.08. Following the completion of the transaction, the chief financial officer now owns 97,699 shares of the company’s stock, valued at approximately $27,048,945.14. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, SVP Jesus Arregui sold 8,434 shares of the company’s stock in a transaction on Wednesday, May 29th. The stock was sold at an average price of $265.17, for a total transaction of $2,236,443.78. Following the transaction, the senior vice president now owns 252 shares of the company’s stock, valued at approximately $66,822.84. The disclosure for this sale can be found here. Insiders sold 62,777 shares of company stock valued at $16,847,207 over the last 90 days. Company insiders own 4.10% of the company’s stock.

Analyst Ratings Changes

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

Snap-on Stock Up 1.3 %

NYSE:SNA traded up $3.51 on Thursday, reaching $276.74. 39,148 shares of the stock traded hands, compared to its average volume of 296,230. The company’s fifty day simple moving average is $268.79 and its 200 day simple moving average is $276.25. Snap-on Incorporated has a 12 month low of $249.84 and a 12 month high of $298.49. The company has a current ratio of 4.06, a quick ratio of 3.05 and a debt-to-equity ratio of 0.22. The company has a market capitalization of $14.59 billion, a price-to-earnings ratio of 14.32, a PEG ratio of 1.89 and a beta of 0.98.

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 analysts’ consensus estimates of $4.94 by $0.13. Snap-on had a return on equity of 19.90% and a net margin of 21.90%. The business had revenue of $1.18 billion during the quarter, compared to analyst estimates of $1.20 billion. During the same quarter in the previous year, the firm earned $4.89 EPS. Snap-on’s revenue was down 1.0% on a year-over-year basis. Equities analysts predict that Snap-on Incorporated will post 18.95 EPS for the current fiscal year.

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

Snap-on Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 10th. Investors of record on Monday, August 19th will be issued a $1.86 dividend. This represents a $7.44 annualized dividend and a dividend yield of 2.69%. The ex-dividend date is Monday, August 19th. Snap-on’s payout ratio is currently 39.03%.

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.