Canandaigua National Bank & Trust Co. Purchases Shares of 5,987 Snap-On Incorporated $SNA

Canandaigua National Bank & Trust Co. purchased a new stake in Snap-On Incorporated (NYSE:SNA) during the second quarter, according to its most recent 13F filing with the SEC. The firm purchased 5,987 shares of the company’s stock, valued at approximately $2,409,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Versant Capital Management Inc boosted its stake in Snap-On by 11.2% in the second quarter. Versant Capital Management Inc now owns 1,890 shares of the company’s stock valued at $761,000 after acquiring an additional 191 shares in the last quarter. CX Institutional increased its position in shares of Snap-On by 10.6% during the second quarter. CX Institutional now owns 447 shares of the company’s stock worth $180,000 after purchasing an additional 43 shares in the last quarter. DV Trading LLC purchased a new stake in shares of Snap-On during the 1st quarter valued at $247,000. Parallel Advisors LLC lifted its holdings in shares of Snap-On by 13.6% during the 1st quarter. Parallel Advisors LLC now owns 753 shares of the company’s stock valued at $274,000 after purchasing an additional 90 shares during the last quarter. Finally, Cozad Asset Management Inc. boosted its position in shares of Snap-On by 3.6% in the 1st quarter. Cozad Asset Management Inc. now owns 7,675 shares of the company’s stock worth $2,788,000 after purchasing an additional 264 shares in the last quarter. Hedge funds and other institutional investors own 84.88% of the company’s stock.

Snap-On Trading Up 2.3%

NYSE:SNA opened at $418.69 on Wednesday. The company has a market capitalization of $21.66 billion, a P/E ratio of 21.35, a PEG ratio of 2.88 and a beta of 0.73. The company has a current ratio of 3.43, a quick ratio of 2.64 and a debt-to-equity ratio of 0.15. Snap-On Incorporated has a 12 month low of $318.91 and a 12 month high of $420.91. The firm has a fifty day simple moving average of $396.28 and a 200-day simple moving average of $381.22.

Snap-On (NYSE:SNA) last posted its quarterly earnings results on Thursday, July 23rd. The company reported $4.96 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.95 by $0.01. The company had revenue of $1.24 billion during the quarter, compared to analyst estimates of $1.22 billion. Snap-On had a net margin of 21.25% and a return on equity of 17.07%. Snap-On’s revenue for the quarter was up 4.7% compared to the same quarter last year. During the same period last year, the firm posted $4.72 EPS. On average, equities research analysts anticipate that Snap-On Incorporated will post 19.7 earnings per share for the current year.

Snap-On announced that its board has approved a stock repurchase program on Thursday, April 30th that authorizes the company to buyback $500.00 million in outstanding shares. This buyback authorization authorizes the company to purchase up to 2.5% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.

Analyst Ratings Changes

Several brokerages recently weighed in on SNA. Roth Capital restated a “buy” rating and set a $461.00 target price (up from $409.00) on shares of Snap-On in a research note on Friday, July 24th. Robert W. Baird set a $415.00 price target on Snap-On in a research note on Friday, July 24th. Weiss Ratings reissued a “buy (b)” rating on shares of Snap-On in a report on Friday, July 17th. Barclays initiated coverage on Snap-On in a research note on Thursday, May 28th. They set an “overweight” rating and a $420.00 price target on the stock. Finally, Tigress Financial upped their price objective on shares of Snap-On from $445.00 to $485.00 and gave the company a “buy” rating in a report on Friday. Five investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $426.20.

Insider Buying and Selling at Snap-On

In other Snap-On news, VP Richard Thomas Miller sold 2,000 shares of the company’s stock in a transaction on Wednesday, July 1st. The shares were sold at an average price of $405.92, for a total value of $811,840.00. Following the sale, the vice president directly owned 4,529 shares of the company’s stock, valued at approximately $1,838,411.68. This represents a 30.63% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP Jesus Arregui sold 4,251 shares of the stock in a transaction dated Wednesday, June 10th. The stock was sold at an average price of $383.92, for a total value of $1,632,043.92. Following the sale, the senior vice president directly owned 4,439 shares in the company, valued at $1,704,220.88. This represents a 48.92% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 23,221 shares of company stock valued at $9,196,355. Company insiders own 3.80% of the company’s stock.

Snap-On Profile

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.