Commonwealth Equity Services LLC Reduces Stake in Snap-On Incorporated $SNA

Commonwealth Equity Services LLC lowered its holdings in Snap-On Incorporated (NYSE:SNA) by 27.1% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 13,449 shares of the company’s stock after selling 5,008 shares during the quarter. Commonwealth Equity Services LLC’s holdings in Snap-On were worth $4,634,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Thurston Springer Miller Herd & Titak Inc. acquired a new stake in shares of Snap-On in the fourth quarter worth $25,000. GoalVest Advisory LLC acquired a new stake in shares of Snap-On in the fourth quarter worth $28,000. Montag A & Associates Inc. raised its stake in shares of Snap-On by 331.8% during the 4th quarter. Montag A & Associates Inc. now owns 95 shares of the company’s stock valued at $33,000 after buying an additional 73 shares during the last quarter. Annis Gardner Whiting Capital Advisors LLC raised its stake in shares of Snap-On by 36.4% during the 4th quarter. Annis Gardner Whiting Capital Advisors LLC now owns 105 shares of the company’s stock valued at $36,000 after buying an additional 28 shares during the last quarter. Finally, Manchester Capital Management LLC raised its stake in shares of Snap-On by 152.4% during the 4th quarter. Manchester Capital Management LLC now owns 106 shares of the company’s stock valued at $37,000 after buying an additional 64 shares during the last quarter. Institutional investors and hedge funds own 84.88% of the company’s stock.

Snap-On Price Performance

NYSE:SNA opened at $379.67 on Monday. Snap-On Incorporated has a 52 week low of $301.82 and a 52 week high of $400.88. The company has a quick ratio of 2.74, a current ratio of 3.53 and a debt-to-equity ratio of 0.15. The stock has a market capitalization of $19.67 billion, a PE ratio of 19.60, a price-to-earnings-growth ratio of 2.67 and a beta of 0.73. The stock’s 50-day moving average price is $372.58 and its 200-day moving average price is $365.53.

Snap-On (NYSE:SNA) last posted its earnings results on Thursday, April 23rd. The company reported $4.69 EPS for the quarter, missing analysts’ consensus estimates of $4.75 by ($0.06). Snap-On had a net margin of 21.28% and a return on equity of 17.13%. The business had revenue of $1.21 billion for the quarter, compared to analyst estimates of $1.19 billion. During the same quarter last year, the business earned $4.51 earnings per share. Snap-On’s revenue was up 5.8% on a year-over-year basis. As a group, equities analysts expect that Snap-On Incorporated will post 19.7 EPS for the current fiscal year.

Snap-On announced that its Board of Directors has approved a stock buyback program on Thursday, April 30th that permits the company to buyback $500.00 million in shares. This buyback authorization permits the company to purchase up to 2.6% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board believes its shares are undervalued.

Snap-On Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 10th. Stockholders of record on Wednesday, May 20th will be given a $2.44 dividend. The ex-dividend date is Wednesday, May 20th. This represents a $9.76 dividend on an annualized basis and a dividend yield of 2.6%. Snap-On’s payout ratio is 50.39%.

Insider Buying and Selling

In related news, CEO Nicholas T. Pinchuk sold 23,396 shares of the firm’s stock in a transaction dated Tuesday, May 5th. The shares were sold at an average price of $375.77, for a total value of $8,791,514.92. Following the transaction, the chief executive officer directly owned 856,918 shares of the company’s stock, valued at approximately $322,004,076.86. This trade represents a 2.66% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Aldo John Pagliari sold 1,330 shares of the firm’s stock in a transaction dated Thursday, June 4th. The shares were sold at an average price of $379.27, for a total transaction of $504,429.10. Following the completion of the transaction, the chief financial officer directly owned 118,158 shares in the company, valued at $44,813,784.66. This represents a 1.11% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 30,439 shares of company stock valued at $11,393,700 over the last 90 days. Company insiders own 3.80% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have weighed in on SNA. Weiss Ratings reiterated a “buy (b)” rating on shares of Snap-On in a research note on Monday, April 20th. Roth Mkm reissued a “buy” rating and issued a $431.00 price target on shares of Snap-On in a report on Friday, April 24th. Barclays began coverage on Snap-On in a report on Thursday, May 28th. They issued an “overweight” rating and a $420.00 price target for the company. Robert W. Baird boosted their price target on Snap-On from $380.00 to $395.00 and gave the company a “neutral” rating in a report on Friday, April 24th. Finally, Tigress Financial boosted their price target on Snap-On from $405.00 to $445.00 and gave the company a “buy” rating in a report on Friday, February 27th. Five investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, Snap-On has a consensus rating of “Moderate Buy” and an average price target of $387.67.

About Snap-On

Snap‑On Incorporated (NYSE: SNA) is a designer, manufacturer and marketer of tools, diagnostic equipment, repair information and shop equipment for professional users. The company’s product range includes hand and power tools, tool storage and cabinets, diagnostic scan tools and software, shop equipment such as lifts and tire changers, and specialized specialty tools for automotive, aviation, marine and industrial applications. Snap‑On also offers information and workflow solutions that combine diagnostic data, repair procedures and parts information to support professional technicians.

Founded in 1920 and headquartered in Kenosha, Wisconsin, Snap‑On has established a long history in the professional tools market.