Capital Investment Advisors LLC Reduces Stock Holdings in Snap-on Incorporated (NYSE:SNA)

Capital Investment Advisors LLC reduced its position in shares of Snap-on Incorporated (NYSE:SNA) by 8.0% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 16,574 shares of the company’s stock after selling 1,450 shares during the period. Capital Investment Advisors LLC’s holdings in Snap-on were worth $4,332,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Manning & Napier Advisors LLC acquired a new position in shares of Snap-on in the second quarter valued at approximately $4,571,000. RDA Financial Network grew its stake in shares of Snap-on by 2.3% in the second quarter. RDA Financial Network now owns 1,990 shares of the company’s stock worth $520,000 after acquiring an additional 44 shares in the last quarter. Park Avenue Securities LLC increased its position in shares of Snap-on by 1.1% during the second quarter. Park Avenue Securities LLC now owns 27,973 shares of the company’s stock worth $7,312,000 after acquiring an additional 293 shares during the period. Birch Capital Management LLC raised its stake in shares of Snap-on by 27.5% in the second quarter. Birch Capital Management LLC now owns 2,697 shares of the company’s stock valued at $705,000 after acquiring an additional 582 shares in the last quarter. Finally, Versant Capital Management Inc boosted its holdings in Snap-on by 529.0% in the second quarter. Versant Capital Management Inc now owns 195 shares of the company’s stock valued at $51,000 after purchasing an additional 164 shares during the period. 84.88% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the stock. Tigress Financial restated a “buy” rating and issued a $336.00 price objective on shares of Snap-on in a report on Thursday, July 25th. Barrington Research reaffirmed an “outperform” rating and set a $325.00 price target on shares of Snap-on in a report on Tuesday, July 16th. Robert W. Baird dropped their price objective on Snap-on from $282.00 to $275.00 and set a “neutral” rating on the stock in a report on Friday, July 12th. Finally, Roth Mkm restated a “buy” rating and set a $324.00 target price on shares of Snap-on in a research note on Tuesday, July 16th. One research analyst has rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $315.00.

Snap-on Price Performance

NYSE:SNA traded down $0.50 during mid-day trading on Friday, hitting $273.19. 169,045 shares of the company’s stock traded hands, compared to its average volume of 299,804. The company has a debt-to-equity ratio of 0.22, a quick ratio of 3.05 and a current ratio of 4.06. The company has a market cap of $14.40 billion, a PE ratio of 14.33, a price-to-earnings-growth ratio of 1.89 and a beta of 0.98. The firm’s 50 day simple moving average is $268.62 and its 200 day simple moving average is $276.61. Snap-on Incorporated has a 1 year low of $249.84 and a 1 year high of $298.49.

Snap-on (NYSE:SNA) last issued its quarterly earnings data on Thursday, July 18th. The company reported $5.07 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.94 by $0.13. The business had revenue of $1.18 billion for the quarter, compared to the consensus estimate of $1.20 billion. Snap-on had a return on equity of 19.90% and a net margin of 21.90%. The business’s revenue was down 1.0% on a year-over-year basis. During the same period in the prior year, the business earned $4.89 earnings per share. Sell-side analysts expect that Snap-on Incorporated will post 18.97 EPS for the current year.

Snap-on Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 10th. Investors of record on Monday, August 19th will be given a $1.86 dividend. The ex-dividend date of this dividend is Monday, August 19th. This represents a $7.44 annualized dividend and a dividend yield of 2.72%. Snap-on’s dividend payout ratio is presently 39.03%.

Snap-on announced that its board has initiated a stock repurchase plan on Thursday, August 8th that authorizes the company to repurchase $500.00 million in outstanding shares. This repurchase authorization authorizes the company to purchase up to 3.5% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.

Insider Activity at Snap-on

In other news, CEO Nicholas T. Pinchuk sold 24,220 shares of the business’s stock in a transaction on Tuesday, June 4th. The shares were sold at an average price of $266.80, for a total transaction of $6,461,896.00. Following the completion of the sale, the chief executive officer now directly owns 750,663 shares of the company’s stock, valued at approximately $200,276,888.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other Snap-on news, CEO Nicholas T. Pinchuk sold 24,220 shares of Snap-on stock in a transaction that occurred on Tuesday, June 4th. The shares were sold at an average price of $266.80, for a total transaction of $6,461,896.00. Following the transaction, the chief executive officer now directly owns 750,663 shares of the company’s stock, valued at $200,276,888.40. The sale was disclosed in a filing with the SEC, which is available at this link. Also, SVP Jesus Arregui sold 8,434 shares of Snap-on stock in a transaction on Wednesday, May 29th. The shares were sold at an average price of $265.17, for a total transaction of $2,236,443.78. Following the transaction, the senior vice president now owns 252 shares in the company, valued at approximately $66,822.84. The disclosure for this sale can be found here. Over the last three months, insiders sold 38,632 shares of company stock worth $10,353,409. 4.10% of the stock is owned by company insiders.

Snap-on Company Profile

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.