First Manhattan CO. LLC. Sells 3,466 Shares of Snap-On Incorporated $SNA

First Manhattan CO. LLC. reduced its holdings in shares of Snap-On Incorporated (NYSE:SNA) by 4.3% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 77,744 shares of the company’s stock after selling 3,466 shares during the quarter. First Manhattan CO. LLC. owned approximately 0.15% of Snap-On worth $26,791,000 as of its most recent SEC filing.

A number of other hedge funds have also bought and sold shares of the business. Norges Bank bought a new stake in Snap-On during the 4th quarter valued at $210,814,000. Victory Capital Management Inc. grew its position in shares of Snap-On by 346.0% in the third quarter. Victory Capital Management Inc. now owns 279,484 shares of the company’s stock valued at $96,850,000 after purchasing an additional 216,813 shares in the last quarter. PFA Pension Forsikringsaktieselskab purchased a new position in shares of Snap-On in the fourth quarter valued at $69,751,000. UBS Group AG grew its position in shares of Snap-On by 30.7% in the fourth quarter. UBS Group AG now owns 617,620 shares of the company’s stock valued at $212,832,000 after purchasing an additional 144,926 shares in the last quarter. Finally, Marshall Wace LLP grew its position in shares of Snap-On by 722.7% in the fourth quarter. Marshall Wace LLP now owns 138,302 shares of the company’s stock valued at $47,659,000 after purchasing an additional 121,491 shares in the last quarter. 84.88% of the stock is currently owned by institutional investors.

Insider Transactions at Snap-On

In other news, VP Richard Thomas Miller sold 427 shares of the stock in a transaction that occurred on Wednesday, June 10th. The stock was sold at an average price of $389.55, for a total value of $166,337.85. Following the completion of the transaction, the vice president owned 4,527 shares of the company’s stock, valued at approximately $1,763,492.85. This represents a 8.62% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Nicholas T. Pinchuk sold 23,396 shares of the stock in a transaction that occurred on Tuesday, May 5th. The stock was sold at an average price of $375.77, for a total value of $8,791,514.92. Following the completion of the transaction, the chief executive officer directly owned 856,918 shares of the company’s stock, valued at $322,004,076.86. This represents a 2.66% decrease in their position. 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 sold a total of 35,117 shares of company stock worth $13,192,082 over the last 90 days. 3.80% of the stock is currently owned by insiders.

Snap-On Price Performance

SNA opened at $380.70 on Thursday. The stock has a 50-day moving average price of $376.03 and a 200-day moving average price of $368.29. Snap-On Incorporated has a 12-month low of $301.82 and a 12-month high of $400.88. The company has a current ratio of 3.53, a quick ratio of 2.74 and a debt-to-equity ratio of 0.15. The stock has a market capitalization of $19.72 billion, a P/E ratio of 19.65, a PEG ratio of 2.74 and a beta of 0.73.

Snap-On (NYSE:SNA) last announced its quarterly earnings results on Thursday, April 23rd. The company reported $4.69 EPS for the quarter, missing analysts’ consensus estimates of $4.75 by ($0.06). The company had revenue of $1.21 billion during the quarter, compared to analysts’ expectations of $1.19 billion. Snap-On had a return on equity of 17.13% and a net margin of 21.28%.Snap-On’s revenue for the quarter was up 5.8% on a year-over-year basis. During the same period last year, the firm earned $4.51 earnings per share. Equities analysts predict that Snap-On Incorporated will post 19.7 earnings per share for the current fiscal year.

Snap-On declared that its board has authorized a share buyback plan on Thursday, April 30th that authorizes the company to buyback $500.00 million in shares. This buyback authorization authorizes the company to reacquire up to 2.6% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s leadership believes its shares are undervalued.

Snap-On Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, June 10th. Stockholders of record on Wednesday, May 20th were given a $2.44 dividend. The ex-dividend date of this dividend was Wednesday, May 20th. This represents a $9.76 annualized dividend and a dividend yield of 2.6%. Snap-On’s dividend payout ratio is currently 50.39%.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on SNA shares. Barclays started coverage on shares of Snap-On in a report on Thursday, May 28th. They issued an “overweight” rating and a $420.00 price target on the stock. Weiss Ratings reissued a “buy (b)” rating on shares of Snap-On in a report on Monday, April 20th. Robert W. Baird increased their price target on shares of Snap-On from $380.00 to $395.00 and gave the stock a “neutral” rating in a report on Friday, April 24th. Tigress Financial increased their price target on shares of Snap-On from $405.00 to $445.00 and gave the stock a “buy” rating in a report on Friday, February 27th. Finally, Roth Mkm reissued a “buy” rating and issued a $431.00 price target on shares of Snap-On in a report on Friday, April 24th. Five research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $387.67.

Snap-On 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.