Illinois Municipal Retirement Fund Sells 1,614 Shares of Snap-On Incorporated $SNA

Illinois Municipal Retirement Fund lowered its position in shares of Snap-On Incorporated (NYSE:SNA) by 3.5% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 44,415 shares of the company’s stock after selling 1,614 shares during the quarter. Illinois Municipal Retirement Fund’s holdings in Snap-On were worth $16,132,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Journey Advisory Group LLC raised its holdings in shares of Snap-On by 0.5% in the first quarter. Journey Advisory Group LLC now owns 10,634 shares of the company’s stock valued at $3,863,000 after purchasing an additional 48 shares during the last quarter. SouthState Bank Corp boosted its holdings in Snap-On by 2.5% during the first quarter. SouthState Bank Corp now owns 28,298 shares of the company’s stock worth $10,278,000 after purchasing an additional 699 shares during the last quarter. Sanctuary Advisors LLC boosted its holdings in Snap-On by 8.0% during the first quarter. Sanctuary Advisors LLC now owns 36,690 shares of the company’s stock worth $13,326,000 after purchasing an additional 2,714 shares during the last quarter. Checchi Capital Advisers LLC grew its position in Snap-On by 5.8% in the first quarter. Checchi Capital Advisers LLC now owns 1,973 shares of the company’s stock valued at $716,000 after purchasing an additional 108 shares in the last quarter. Finally, Calamos Wealth Management LLC bought a new position in Snap-On in the first quarter valued at $304,000. 84.88% of the stock is owned by institutional investors.

Snap-On Price Performance

Shares of NYSE SNA opened at $415.17 on Friday. The company has a quick ratio of 2.74, a current ratio of 3.53 and a debt-to-equity ratio of 0.15. Snap-On Incorporated has a twelve month low of $312.78 and a twelve month high of $415.40. The business’s 50 day moving average price is $385.08 and its two-hundred day moving average price is $376.20. The company has a market cap of $21.51 billion, a PE ratio of 21.43, a price-to-earnings-growth ratio of 2.84 and a beta of 0.73.

Snap-On (NYSE:SNA) last posted its quarterly earnings results on Thursday, April 23rd. The company reported $4.69 earnings per share 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 during the quarter, compared to the consensus estimate of $1.19 billion. During the same quarter last year, the company posted $4.51 EPS. The firm’s revenue was up 5.8% on a year-over-year basis. On average, analysts predict that Snap-On Incorporated will post 19.7 EPS for the current year.

Snap-On Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, June 10th. Shareholders of record on Wednesday, May 20th were issued a $2.44 dividend. This represents a $9.76 dividend on an annualized basis and a yield of 2.4%. The ex-dividend date of this dividend was Wednesday, May 20th. Snap-On’s dividend payout ratio is currently 50.39%.

Snap-On announced that its Board of Directors has authorized a share buyback program on Thursday, April 30th that permits the company to buyback $500.00 million in shares. This buyback authorization permits the company to reacquire up to 2.5% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s management believes its stock is undervalued.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on SNA. Weiss Ratings restated a “buy (b)” rating on shares of Snap-On in a research note on Monday, April 20th. Roth Capital reaffirmed a “buy” rating and issued a $431.00 target price on shares of Snap-On in a research report on Friday, April 24th. Barclays initiated coverage on Snap-On in a report on Thursday, May 28th. They set an “overweight” rating and a $420.00 target price on the stock. Finally, Robert W. Baird increased their price target on Snap-On from $380.00 to $395.00 and gave the company a “neutral” rating in a research report on Friday, April 24th. Five investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Snap-On has a consensus rating of “Moderate Buy” and an average target price of $387.67.

Insider Transactions at Snap-On

In related news, SVP Jesus Arregui sold 4,251 shares of the company’s stock in a transaction dated Wednesday, June 10th. The shares were sold at an average price of $383.92, for a total value of $1,632,043.92. Following the transaction, the senior vice president directly owned 4,439 shares in the company, valued at approximately $1,704,220.88. This represents a 48.92% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Aldo John Pagliari sold 5,713 shares of the firm’s stock in a transaction dated Thursday, May 14th. The stock was sold at an average price of $367.19, for a total transaction of $2,097,756.47. Following the transaction, the chief financial officer directly owned 119,488 shares in the company, valued at approximately $43,874,798.72. This represents a 4.56% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 37,117 shares of company stock worth $14,003,922 over the last quarter. 3.80% of the stock is currently owned by corporate insiders.

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.