Snap-On Incorporated $SNA Stock: Confluence Wealth Services Inc. Cuts Holdings

Confluence Wealth Services Inc. lessened its position in shares of Snap-On Incorporated (NYSE:SNA) by 30.9% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 4,792 shares of the company’s stock after selling 2,146 shares during the quarter. Confluence Wealth Services Inc.’s holdings in Snap-On were worth $1,741,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in SNA. BlackRock Inc. purchased a new position in Snap-On in the second quarter worth approximately $1,715,363,000. State Street Corp grew its holdings in shares of Snap-On by 2.9% during the 2nd quarter. State Street Corp now owns 2,356,671 shares of the company’s stock worth $948,324,000 after purchasing an additional 66,754 shares during the period. First Trust Advisors LP grew its holdings in shares of Snap-On by 3.3% during the 1st quarter. First Trust Advisors LP now owns 2,033,129 shares of the company’s stock worth $738,473,000 after purchasing an additional 65,521 shares during the period. Bank of America Corp DE increased its position in shares of Snap-On by 0.4% during the 1st quarter. Bank of America Corp DE now owns 999,497 shares of the company’s stock worth $363,037,000 after purchasing an additional 3,770 shares during the last quarter. Finally, Dimensional Fund Advisors LP increased its position in shares of Snap-On by 2.0% during the 1st quarter. Dimensional Fund Advisors LP now owns 880,951 shares of the company’s stock worth $319,955,000 after purchasing an additional 17,337 shares during the last quarter. 84.88% of the stock is currently owned by institutional investors and hedge funds.

Snap-On Stock Performance

Shares of Snap-On stock opened at $374.74 on Thursday. The stock has a market capitalization of $19.33 billion, a price-to-earnings ratio of 19.49, a price-to-earnings-growth ratio of 2.66 and a beta of 0.75. The company has a debt-to-equity ratio of 0.14, a current ratio of 3.55 and a quick ratio of 2.71. The business has a 50-day moving average of $368.00 and a 200 day moving average of $380.30. Snap-On Incorporated has a 12 month low of $320.80 and a 12 month high of $423.02.

Snap-On (NYSE:SNA) last issued its quarterly earnings results on Thursday, October 22nd. The company reported $4.64 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $4.93 by ($0.29). The business had revenue of $1.18 billion for the quarter, compared to analysts’ expectations of $1.24 billion. Snap-On had a return on equity of 16.77% and a net margin of 20.82%. The firm’s revenue for the quarter was down .6% on a year-over-year basis. During the same quarter last year, the company earned $4.71 earnings per share. As a group, sell-side analysts forecast that Snap-On Incorporated will post 19.24 earnings per share for the current year.

Snap-On Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 10th. Investors of record on Friday, November 20th will be paid a dividend of $2.75 per share. This represents a $11.00 annualized dividend and a yield of 2.9%. The ex-dividend date of this dividend is Friday, November 20th. This is an increase from Snap-On’s previous quarterly dividend of $2.44. Snap-On’s payout ratio is currently 50.75%.

Insider Buying and Selling

In other Snap-On news, CEO Nicholas T. Pinchuk sold 22,889 shares of the business’s stock in a transaction on Tuesday, August 18th. The shares were sold at an average price of $399.69, for a total value of $9,148,504.41. Following the completion of the transaction, the chief executive officer owned 867,779 shares in the company, valued at $346,842,588.51. The trade was a 2.57% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, VP Marty V. Ozolins sold 800 shares of the stock in a transaction on Wednesday, August 26th. The shares were sold at an average price of $400.00, for a total value of $320,000.00. Following the completion of the sale, the vice president owned 1,526 shares in the company, valued at approximately $610,400. The trade was a 34.39% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 3.80% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

SNA has been the topic of several research analyst reports. Roth Capital restated a “buy” rating and issued a $461.00 price objective (up from $409.00) on shares of Snap-On in a report on Friday, July 24th. Weiss Ratings downgraded shares of Snap-On from a “buy (b)” rating to a “buy (b-)” rating in a research note on Friday, October 30th. Tigress Financial upped their price objective 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. Robert W. Baird set a $385.00 price objective on shares of Snap-On in a research report on Friday, October 23rd. Finally, Barclays dropped their target price on shares of Snap-On from $435.00 to $405.00 and set an “overweight” rating for the company in a report on Monday, October 26th. Four research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. Based on data from MarketBeat, Snap-On presently has a consensus rating of “Moderate Buy” and an average target price of $434.00.

About Snap-On

Snap-on Incorporated develops, manufactures and markets tools, equipment, diagnostics and information systems for professional users. Its offerings include hand and power tools, tool storage, vehicle diagnostic equipment, shop equipment, repair information and software, and related products and services. The company serves customers in vehicle repair and other industries, including aviation, aerospace, agriculture, construction and manufacturing. Its products and services reach customers in the United States and international markets.