Chase Investment Counsel Corp Increases Stock Position in Snap-on Incorporated (NYSE:SNA)

Chase Investment Counsel Corp lifted its holdings in shares of Snap-on Incorporated (NYSE:SNA) by 98.4% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 3,400 shares of the company’s stock after acquiring an additional 1,686 shares during the period. Chase Investment Counsel Corp’s holdings in Snap-on were worth $982,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the business. Legacy Capital Wealth Partners LLC grew its position in shares of Snap-on by 11.2% during the fourth quarter. Legacy Capital Wealth Partners LLC now owns 1,090 shares of the company’s stock worth $315,000 after acquiring an additional 110 shares during the last quarter. Alliance Wealth Advisors LLC UT lifted its holdings in shares of Snap-on by 0.5% during the fourth quarter. Alliance Wealth Advisors LLC UT now owns 8,664 shares of the company’s stock worth $2,503,000 after purchasing an additional 47 shares during the period. Bahl & Gaynor Inc. lifted its holdings in shares of Snap-on by 29.3% during the fourth quarter. Bahl & Gaynor Inc. now owns 157,796 shares of the company’s stock worth $45,578,000 after purchasing an additional 35,731 shares during the period. Bryn Mawr Capital Management LLC lifted its holdings in shares of Snap-on by 3.5% during the fourth quarter. Bryn Mawr Capital Management LLC now owns 11,392 shares of the company’s stock worth $3,290,000 after purchasing an additional 385 shares during the period. Finally, Tokio Marine Asset Management Co. Ltd. lifted its holdings in shares of Snap-on by 4.1% during the fourth quarter. Tokio Marine Asset Management Co. Ltd. now owns 1,235 shares of the company’s stock worth $357,000 after purchasing an additional 49 shares during the period. 84.88% of the stock is currently owned by hedge funds and other institutional investors.

Snap-on Price Performance

Shares of NYSE:SNA traded up $2.29 during midday trading on Monday, hitting $272.99. 56,022 shares of the stock were exchanged, compared to its average volume of 310,557. The stock has a market cap of $14.39 billion, a P/E ratio of 14.22, a PEG ratio of 1.87 and a beta of 0.99. The company has a current ratio of 3.82, a quick ratio of 2.83 and a debt-to-equity ratio of 0.23. Snap-on Incorporated has a twelve month low of $247.68 and a twelve month high of $298.49. The company has a 50 day moving average price of $284.28 and a 200-day moving average price of $278.99.

Snap-on (NYSE:SNA) last posted its quarterly earnings data on Thursday, April 18th. The company reported $4.75 EPS for the quarter, topping analysts’ consensus estimates of $4.66 by $0.09. The firm had revenue of $1.18 billion during the quarter, compared to analysts’ expectations of $1.20 billion. Snap-on had a return on equity of 20.46% and a net margin of 21.69%. The firm’s quarterly revenue was down .1% compared to the same quarter last year. During the same quarter last year, the business posted $4.60 EPS. On average, research analysts forecast that Snap-on Incorporated will post 19.02 earnings per share for the current year.

Snap-on Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 10th. Investors of record on Monday, May 20th will be given a dividend of $1.86 per share. This represents a $7.44 dividend on an annualized basis and a yield of 2.73%. The ex-dividend date of this dividend is Friday, May 17th. Snap-on’s dividend payout ratio is presently 39.03%.

Wall Street Analyst Weigh In

SNA has been the subject of several recent research reports. Tigress Financial reaffirmed a “buy” rating and set a $336.00 price target on shares of Snap-on in a report on Friday, February 16th. Robert W. Baird reduced their target price on Snap-on from $295.00 to $282.00 and set a “neutral” rating for the company in a report on Friday, April 19th. Barrington Research reissued an “outperform” rating and issued a $325.00 target price on shares of Snap-on in a report on Monday, April 15th. Finally, Roth Mkm reissued a “buy” rating and issued a $324.00 target price on shares of Snap-on in a report on Thursday, April 18th. Two investment analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, Snap-on presently has an average rating of “Moderate Buy” and a consensus price target of $316.75.

Insider Buying and Selling

In other Snap-on news, CEO Nicholas T. Pinchuk sold 23,514 shares of Snap-on stock in a transaction dated Tuesday, March 19th. The stock was sold at an average price of $287.48, for a total value of $6,759,804.72. Following the completion of the sale, the chief executive officer now owns 742,383 shares in the company, valued at approximately $213,420,264.84. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other Snap-on news, VP Richard Thomas Miller sold 704 shares of Snap-on stock in a transaction dated Thursday, March 28th. The stock was sold at an average price of $298.16, for a total value of $209,904.64. Following the completion of the sale, the vice president now owns 3,213 shares in the company, valued at approximately $957,988.08. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Nicholas T. Pinchuk sold 23,514 shares of Snap-on stock in a transaction dated Tuesday, March 19th. The shares were sold at an average price of $287.48, for a total value of $6,759,804.72. Following the completion of the sale, the chief executive officer now owns 742,383 shares of the company’s stock, valued at approximately $213,420,264.84. The disclosure for this sale can be found here. In the last quarter, insiders sold 49,930 shares of company stock worth $14,089,523. 4.10% of the stock is owned by corporate insiders.

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.