Inspire Advisors LLC Takes Position in Snap-on Incorporated (NYSE:SNA)

Inspire Advisors LLC purchased a new position in Snap-on Incorporated (NYSE:SNA) in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm purchased 1,641 shares of the company’s stock, valued at approximately $429,000.

A number of other large investors also recently bought and sold shares of SNA. Confluence Investment Management LLC bought a new position in shares of Snap-on during the first quarter valued at approximately $173,451,000. Norges Bank bought a new position in Snap-on during the 4th quarter valued at approximately $145,665,000. Mawer Investment Management Ltd. raised its stake in Snap-on by 234.7% during the second quarter. Mawer Investment Management Ltd. now owns 632,226 shares of the company’s stock valued at $165,258,000 after buying an additional 443,333 shares during the last quarter. Glassman Wealth Services bought a new stake in Snap-on in the second quarter worth $26,608,000. Finally, Earnest Partners LLC grew its stake in shares of Snap-on by 9.9% in the first quarter. Earnest Partners LLC now owns 929,710 shares of the company’s stock worth $275,399,000 after acquiring an additional 83,686 shares during the last quarter. 84.88% of the stock is owned by hedge funds and other institutional investors.

Snap-on Stock Performance

Shares of NYSE SNA opened at $280.44 on Friday. 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 firm’s 50-day moving average price is $275.24 and its 200-day moving average price is $276.51. Snap-on Incorporated has a 52-week low of $249.84 and a 52-week high of $298.49. The company has a market cap of $14.77 billion, a PE ratio of 14.71, a PEG ratio of 1.92 and a beta of 0.98.

Snap-on (NYSE:SNA) last posted its 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. The business had revenue of $1.18 billion during the quarter, compared to the consensus estimate of $1.20 billion. Snap-on had a net margin of 21.90% and a return on equity of 19.90%. The firm’s revenue was down 1.0% on a year-over-year basis. During the same quarter in the previous year, the firm posted $4.89 EPS. As a group, 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 repurchase program on Thursday, August 8th that permits the company to buyback $500.00 million in outstanding shares. This buyback authorization permits the company to reacquire up to 3.5% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s management believes its shares are undervalued.

Snap-on Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 10th. Shareholders of record on Monday, August 19th were given a $1.86 dividend. The ex-dividend date was Monday, August 19th. This represents a $7.44 annualized dividend and a yield of 2.65%. Snap-on’s payout ratio is 39.03%.

Insider Buying and Selling at Snap-on

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

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on SNA shares. Roth Mkm reaffirmed a “buy” rating and issued a $324.00 price target on shares of Snap-on in a research report on Tuesday, July 16th. 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. Barrington Research reissued an “outperform” rating and set a $325.00 price target on shares of Snap-on in a research report on Tuesday, July 16th. Finally, Tigress Financial restated a “buy” rating and issued a $336.00 price objective on shares of Snap-on in a 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 stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price 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.