Snap-On Incorporated $SNA Shares Bought by Wedge Capital Management L L P NC

Wedge Capital Management L L P NC grew its stake in Snap-On Incorporated (NYSE:SNA) by 12.4% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 34,335 shares of the company’s stock after buying an additional 3,794 shares during the quarter. Wedge Capital Management L L P NC’s holdings in Snap-On were worth $13,816,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Miller Howard Investments Inc. NY bought a new position in Snap-On in the 1st quarter worth $51,244,000. First Horizon Corp purchased a new position in shares of Snap-On in the fourth quarter valued at about $4,068,000. QRG Capital Management Inc. boosted its stake in shares of Snap-On by 9.9% in the first quarter. QRG Capital Management Inc. now owns 86,849 shares of the company’s stock worth $31,545,000 after acquiring an additional 7,798 shares during the period. Fisher Asset Management LLC grew its position in shares of Snap-On by 21.8% during the fourth quarter. Fisher Asset Management LLC now owns 66,017 shares of the company’s stock worth $22,750,000 after purchasing an additional 11,808 shares in the last quarter. Finally, Novem Group purchased a new stake in shares of Snap-On during the fourth quarter worth about $980,000. 84.88% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other Snap-On news, CFO Aldo John Pagliari sold 1,330 shares of Snap-On stock in a transaction on 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 of the company’s stock, valued at $44,813,784.66. The trade was a 1.11% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Jesus Arregui sold 4,251 shares of the business’s stock in a transaction on Wednesday, June 10th. The shares were sold at an average price of $383.92, for a total transaction of $1,632,043.92. Following the transaction, the senior vice president owned 4,439 shares in the company, valued at $1,704,220.88. This trade represents a 48.92% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 17,508 shares of company stock valued at $7,098,598 over the last ninety days. 3.80% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of research analysts recently commented on the company. Roth Capital reissued a “buy” rating and issued a $461.00 price target (up from $409.00) on shares of Snap-On in a report on Friday, July 24th. Weiss Ratings reiterated a “buy (b)” rating on shares of Snap-On in a research report on Friday, July 17th. Tigress Financial boosted their target price on shares of Snap-On from $445.00 to $485.00 and gave the stock a “buy” rating in a report on Friday, July 31st. Barclays began coverage on shares of Snap-On in a research note on Thursday, May 28th. They set an “overweight” rating and a $420.00 target price for the company. Finally, Robert W. Baird set a $415.00 price target on shares of Snap-On in a report on Friday, July 24th. Five investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat, Snap-On presently has a consensus rating of “Moderate Buy” and an average price target of $426.20.

Snap-On Trading Down 0.9%

SNA opened at $407.90 on Thursday. The stock has a 50-day moving average of $401.18 and a 200 day moving average of $383.23. 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 $319.20 and a 12 month high of $423.02. The firm has a market cap of $21.10 billion, a P/E ratio of 20.80, a P/E/G ratio of 2.90 and a beta of 0.73.

Snap-On (NYSE:SNA) last issued its quarterly earnings data on Thursday, July 23rd. The company reported $4.96 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.95 by $0.01. The business had revenue of $1.24 billion for the quarter, compared to the consensus estimate of $1.22 billion. Snap-On had a return on equity of 17.07% and a net margin of 21.25%.The company’s quarterly revenue was up 4.7% compared to the same quarter last year. During the same period in the prior year, the business posted $4.72 earnings per share. As a group, research analysts forecast that Snap-On Incorporated will post 19.7 EPS for the current year.

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

Snap-On Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 10th. Investors of record on Wednesday, August 19th will be given a $2.44 dividend. The ex-dividend date is Wednesday, August 19th. This represents a $9.76 dividend on an annualized basis and a yield of 2.4%. Snap-On’s dividend payout ratio (DPR) is currently 49.77%.

Snap-On Company 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.