Snap-On Incorporated $SNA Shares Sold by HighTower Advisors LLC

HighTower Advisors LLC trimmed its position in Snap-On Incorporated (NYSE:SNA) by 8.6% during the fourth quarter, Holdings Channel.com reports. The firm owned 43,116 shares of the company’s stock after selling 4,059 shares during the period. HighTower Advisors LLC’s holdings in Snap-On were worth $14,858,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. Vanguard Group Inc. boosted its position in Snap-On by 0.5% during the fourth quarter. Vanguard Group Inc. now owns 6,525,488 shares of the company’s stock worth $2,248,683,000 after acquiring an additional 31,073 shares during the last quarter. State Street Corp raised its holdings in Snap-On by 1.6% in the 3rd quarter. State Street Corp now owns 2,243,970 shares of the company’s stock valued at $777,603,000 after acquiring an additional 36,130 shares during the last quarter. First Trust Advisors LP raised its holdings in Snap-On by 1.3% in the 3rd quarter. First Trust Advisors LP now owns 1,916,571 shares of the company’s stock valued at $664,149,000 after acquiring an additional 23,863 shares during the last quarter. Nordea Investment Management AB lifted its stake in shares of Snap-On by 4.1% during the 4th quarter. Nordea Investment Management AB now owns 1,310,198 shares of the company’s stock worth $454,206,000 after purchasing an additional 51,486 shares during the period. Finally, Bank of America Corp DE lifted its stake in shares of Snap-On by 2.0% during the 3rd quarter. Bank of America Corp DE now owns 933,495 shares of the company’s stock worth $323,484,000 after purchasing an additional 18,549 shares during the period. 84.88% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on the company. Tigress Financial lifted their price objective on Snap-On from $405.00 to $445.00 and gave the company a “buy” rating in a research report on Friday, February 27th. Roth Mkm reiterated a “buy” rating and set a $431.00 target price on shares of Snap-On in a research report on Friday, April 24th. Wall Street Zen lowered Snap-On from a “buy” rating to a “hold” rating in a research note on Saturday, February 7th. Robert W. Baird raised their price target on Snap-On from $380.00 to $395.00 and gave the stock a “neutral” rating in a research note on Friday, April 24th. Finally, Weiss Ratings restated a “buy (b)” rating on shares of Snap-On in a report on Monday, April 20th. Four investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $381.20.

Snap-On Stock Performance

Snap-On stock opened at $367.10 on Monday. Snap-On Incorporated has a 52 week low of $301.82 and a 52 week 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 cap of $19.02 billion, a P/E ratio of 18.95, a price-to-earnings-growth ratio of 2.58 and a beta of 0.75. The stock has a 50 day moving average of $370.73 and a 200-day moving average of $363.11.

Snap-On (NYSE:SNA) last issued its quarterly earnings results on Thursday, April 23rd. The company reported $4.69 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $4.75 by ($0.06). Snap-On had a return on equity of 17.13% and a net margin of 21.28%.The company 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 firm posted $4.51 EPS. The firm’s quarterly revenue was up 5.8% on a year-over-year basis. On average, analysts expect that Snap-On Incorporated will post 19.7 EPS for the current fiscal year.

Snap-On Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, June 10th. Stockholders of record on Wednesday, May 20th will be given a $2.44 dividend. The ex-dividend date of this dividend is Wednesday, May 20th. This represents a $9.76 annualized dividend and a dividend yield of 2.7%. Snap-On’s payout ratio is presently 50.39%.

Snap-On declared that its board has approved a share repurchase program on Thursday, April 30th that allows the company to repurchase $500.00 million in shares. This repurchase authorization allows the company to reacquire up to 2.6% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s board of directors believes its stock is undervalued.

Insider Transactions at Snap-On

In other Snap-On news, CEO Nicholas T. Pinchuk sold 23,396 shares of the company’s stock in a transaction that occurred on Tuesday, May 5th. The stock was sold at an average price of $375.77, for a total transaction of $8,791,514.92. Following the sale, the chief executive officer owned 856,918 shares in the company, valued at $322,004,076.86. This represents a 2.66% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Aldo John Pagliari sold 5,713 shares of Snap-On stock in a transaction that occurred on Thursday, May 14th. The stock was sold at an average price of $367.19, for a total value of $2,097,756.47. Following the completion of the transaction, the chief financial officer owned 119,488 shares of the company’s stock, valued at approximately $43,874,798.72. The trade was a 4.56% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders have sold 30,487 shares of company stock valued at $11,423,343. Insiders own 3.80% of the company’s stock.

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.