Portside Wealth Group LLC Sells 50 Shares of Snap-on Incorporated (NYSE:SNA)

Portside Wealth Group LLC lowered its position in shares of Snap-on Incorporated (NYSE:SNA) by 1.7% during the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 2,881 shares of the company’s stock after selling 50 shares during the quarter. Portside Wealth Group LLC’s holdings in Snap-on were worth $753,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Assenagon Asset Management S.A. increased its position in shares of Snap-on by 248.8% during the second quarter. Assenagon Asset Management S.A. now owns 48,697 shares of the company’s stock valued at $12,729,000 after acquiring an additional 34,737 shares during the last quarter. Robbins Farley raised its stake in shares of Snap-on by 11.1% during the 2nd quarter. Robbins Farley now owns 6,121 shares of the company’s stock worth $1,600,000 after purchasing an additional 611 shares during the period. Envestnet Portfolio Solutions Inc. raised its stake in shares of Snap-on by 5.1% during the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 67,222 shares of the company’s stock worth $17,571,000 after purchasing an additional 3,236 shares during the period. V Square Quantitative Management LLC boosted its holdings in shares of Snap-on by 12.1% in the 2nd quarter. V Square Quantitative Management LLC now owns 796 shares of the company’s stock worth $208,000 after buying an additional 86 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC increased its holdings in Snap-on by 0.8% during the second quarter. Wealth Enhancement Advisory Services LLC now owns 35,093 shares of the company’s stock worth $9,173,000 after buying an additional 263 shares during the last quarter. Hedge funds and other institutional investors own 84.88% of the company’s stock.

Snap-on Stock Performance

SNA traded up $0.06 on Friday, hitting $276.19. The company’s stock had a trading volume of 242,385 shares, compared to its average volume of 279,671. Snap-on Incorporated has a 12 month low of $249.84 and a 12 month high of $298.49. The firm has a market cap of $14.55 billion, a P/E ratio of 14.49, a price-to-earnings-growth ratio of 1.90 and a beta of 0.98. The company has a quick ratio of 3.05, a current ratio of 4.06 and a debt-to-equity ratio of 0.22. The company’s 50 day simple moving average is $269.13 and its 200-day simple moving average is $276.14.

Snap-on (NYSE:SNA) last posted its quarterly earnings results on Thursday, July 18th. The company reported $5.07 EPS 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 firm had revenue of $1.18 billion during the quarter, compared to analyst estimates of $1.20 billion. During the same period last year, the company earned $4.89 earnings per share. The business’s revenue for the quarter was down 1.0% on a year-over-year basis. Analysts forecast that Snap-on Incorporated will post 18.95 EPS for the current year.

Snap-on Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 10th. Shareholders of record on Monday, August 19th will be issued a dividend of $1.86 per share. This represents a $7.44 dividend on an annualized basis and a yield of 2.69%. The ex-dividend date of this dividend is Monday, August 19th. Snap-on’s payout ratio is presently 39.03%.

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

Analyst Ratings Changes

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

Insider Transactions at Snap-on

In related news, CFO Aldo John Pagliari sold 5,978 shares of the business’s stock in a transaction that occurred on Tuesday, May 21st. The shares were sold at an average price of $276.86, for a total transaction 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 $27,048,945.14. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In other Snap-on news, CFO Aldo John Pagliari sold 5,978 shares of the firm’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 directly 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 SEC, which can be accessed through the SEC website. Also, CEO Nicholas T. Pinchuk sold 24,220 shares of the company’s stock in a transaction on Tuesday, June 4th. The stock was sold at an average price of $266.80, for a total transaction of $6,461,896.00. Following the completion of the transaction, the chief executive officer now directly owns 750,663 shares in the company, valued at approximately $200,276,888.40. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 62,777 shares of company stock valued at $16,847,207. 4.10% of the stock is currently owned by corporate insiders.

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.