Wedge Capital Management L L P NC Trims Stake in Snap-on Incorporated (NYSE:SNA)

Wedge Capital Management L L P NC lowered its stake in shares of Snap-on Incorporated (NYSE:SNA) by 25.5% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 32,582 shares of the company’s stock after selling 11,171 shares during the quarter. Wedge Capital Management L L P NC owned about 0.06% of Snap-on worth $11,061,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Reston Wealth Management LLC bought a new stake in Snap-on during the third quarter worth about $30,000. Massmutual Trust Co. FSB ADV boosted its stake in Snap-on by 53.0% during the third quarter. Massmutual Trust Co. FSB ADV now owns 127 shares of the company’s stock worth $37,000 after acquiring an additional 44 shares in the last quarter. Brooklyn Investment Group bought a new stake in Snap-on during the third quarter worth about $39,000. Quarry LP boosted its stake in Snap-on by 244.7% during the second quarter. Quarry LP now owns 162 shares of the company’s stock worth $42,000 after acquiring an additional 115 shares in the last quarter. Finally, nVerses Capital LLC bought a new stake in Snap-on during the third quarter worth about $58,000. Hedge funds and other institutional investors own 84.88% of the company’s stock.

Insider Activity

In other Snap-on news, VP June C. Lemerand sold 3,500 shares of the company’s stock in a transaction that occurred on Wednesday, December 4th. The shares were sold at an average price of $362.86, for a total transaction of $1,270,010.00. Following the completion of the sale, the vice president now directly owns 2,289 shares of the company’s stock, valued at approximately $830,586.54. This represents a 60.46 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Aldo John Pagliari sold 6,909 shares of the company’s stock in a transaction that occurred on Wednesday, December 18th. The shares were sold at an average price of $347.62, for a total transaction of $2,401,706.58. Following the sale, the chief financial officer now directly owns 100,668 shares of the company’s stock, valued at approximately $34,994,210.16. This represents a 6.42 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 44,929 shares of company stock valued at $15,645,074 over the last three months. Insiders own 4.10% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the stock. Barrington Research boosted their price objective on shares of Snap-on from $325.00 to $350.00 and gave the stock an “outperform” rating in a research note on Thursday, October 17th. Tigress Financial upped their target price on shares of Snap-on from $336.00 to $385.00 and gave the stock a “buy” rating in a research note on Friday, October 25th. Bank of America upped their target price on shares of Snap-on from $255.00 to $280.00 and gave the stock an “underperform” rating in a research note on Friday, October 18th. Roth Mkm upped their target price on shares of Snap-on from $324.00 to $365.00 and gave the stock a “buy” rating in a research note on Tuesday, October 22nd. Finally, Robert W. Baird upped their target price on shares of Snap-on from $290.00 to $347.00 and gave the stock a “neutral” rating in a research note on Friday, October 18th. One analyst has rated the stock with a sell rating, one has given a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $345.40.

Snap-on Stock Up 0.7 %

SNA opened at $348.17 on Friday. The company has a quick ratio of 3.14, a current ratio of 4.18 and a debt-to-equity ratio of 0.22. The firm has a 50 day moving average price of $351.33 and a 200-day moving average price of $310.37. Snap-on Incorporated has a twelve month low of $252.98 and a twelve month high of $373.89. The stock has a market capitalization of $18.28 billion, a price-to-earnings ratio of 17.92, a PEG ratio of 2.09 and a beta of 1.00.

Snap-on (NYSE:SNA) last released its quarterly earnings data on Thursday, October 17th. The company reported $4.70 earnings per share for the quarter, beating the consensus estimate of $4.58 by $0.12. Snap-on had a net margin of 22.13% and a return on equity of 19.44%. The firm had revenue of $1.15 billion during the quarter, compared to analysts’ expectations of $1.16 billion. Equities research analysts forecast that Snap-on Incorporated will post 19.05 earnings per share for the current year.

Snap-on Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, December 10th. Stockholders of record on Thursday, November 21st were issued a dividend of $2.14 per share. This represents a $8.56 annualized dividend and a dividend yield of 2.46%. This is a boost from Snap-on’s previous quarterly dividend of $1.86. The ex-dividend date was Thursday, November 21st. Snap-on’s payout ratio is presently 44.06%.

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.