Spire Wealth Management Buys 314 Shares of Snap-on Incorporated (NYSE:SNA)

Spire Wealth Management raised its stake in Snap-on Incorporated (NYSE:SNA) by 2.2% in the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 14,657 shares of the company’s stock after purchasing an additional 314 shares during the quarter. Spire Wealth Management’s holdings in Snap-on were worth $3,831,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in SNA. Scarborough Advisors LLC bought a new stake in Snap-on during the 4th quarter valued at $30,000. Opal Wealth Advisors LLC purchased a new stake in shares of Snap-on during the second quarter worth about $30,000. Innealta Capital LLC bought a new stake in shares of Snap-on in the second quarter worth about $32,000. Pacific Capital Wealth Advisors Inc. purchased a new position in Snap-on during the 4th quarter valued at about $55,000. Finally, Fidelis Capital Partners LLC bought a new position in Snap-on during the 1st quarter valued at approximately $56,000. Hedge funds and other institutional investors own 84.88% of the company’s stock.

Insider Buying and Selling at Snap-on

In other Snap-on news, CEO Nicholas T. Pinchuk sold 24,145 shares of the company’s stock in a transaction that occurred on Monday, August 12th. The shares were sold at an average price of $268.95, for a total transaction of $6,493,797.75. Following the completion of the sale, the chief executive officer now directly owns 759,019 shares of the company’s stock, valued at $204,138,160.05. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In other news, CEO Nicholas T. Pinchuk sold 24,220 shares of the firm’s stock in a transaction on Tuesday, June 4th. The shares were sold at an average price of $266.80, for a total transaction of $6,461,896.00. Following the sale, the chief executive officer now directly owns 750,663 shares in the company, valued at approximately $200,276,888.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Nicholas T. Pinchuk sold 24,145 shares of the company’s stock in a transaction on Monday, August 12th. The stock was sold at an average price of $268.95, for a total transaction of $6,493,797.75. Following the completion of the transaction, the chief executive officer now directly owns 759,019 shares of the company’s stock, valued at approximately $204,138,160.05. The disclosure for this sale can be found here. Insiders sold a total of 54,024 shares of company stock worth $14,539,286 in the last three months. 4.10% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

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

Snap-on Stock Up 0.9 %

Snap-on stock traded up $2.60 during mid-day trading on Friday, reaching $283.74. The stock had a trading volume of 292,388 shares, compared to its average volume of 290,839. Snap-on Incorporated has a one year low of $249.84 and a one year high of $298.49. The company has a 50-day moving average price of $271.70 and a two-hundred day moving average price of $275.87. The company has a market capitalization of $14.95 billion, a price-to-earnings ratio of 14.89, a PEG ratio of 1.96 and a beta of 0.98. The company has a debt-to-equity ratio of 0.22, a current ratio of 4.06 and a quick ratio of 3.05.

Snap-on (NYSE:SNA) last announced its quarterly earnings results on Thursday, July 18th. The company reported $5.07 earnings per share (EPS) for the quarter, beating 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 for the quarter, compared to the consensus estimate of $1.20 billion. During the same period in the prior year, the company posted $4.89 earnings per share. The company’s quarterly revenue was down 1.0% on a year-over-year basis. On average, analysts expect that Snap-on Incorporated will post 18.95 EPS for the current fiscal year.

Snap-on announced that its Board of Directors has initiated a share repurchase plan on Thursday, August 8th that authorizes the company to buyback $500.00 million in shares. This buyback authorization authorizes the company to repurchase up to 3.5% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s board of directors believes its stock is undervalued.

Snap-on Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 10th. Shareholders of record on Monday, August 19th will be given a $1.86 dividend. The ex-dividend date of this dividend is Monday, August 19th. This represents a $7.44 annualized dividend and a yield of 2.62%. Snap-on’s payout ratio is 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.