Busey Bank Has $439,000 Holdings in Snap-on Incorporated (NYSE:SNA)

Busey Bank cut its holdings in shares of Snap-on Incorporated (NYSE:SNA) by 16.2% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 1,681 shares of the company’s stock after selling 326 shares during the period. Busey Bank’s holdings in Snap-on were worth $439,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors also recently added to or reduced their stakes in the company. Scarborough Advisors LLC acquired a new stake in shares of Snap-on in the 4th quarter valued at approximately $30,000. Opal Wealth Advisors LLC acquired a new stake in shares of Snap-on in the 2nd quarter valued at approximately $30,000. Pacific Capital Wealth Advisors Inc. acquired a new stake in shares of Snap-on in the 4th quarter valued at approximately $55,000. Fidelis Capital Partners LLC acquired a new stake in shares of Snap-on in the 1st quarter valued at approximately $56,000. Finally, Versant Capital Management Inc raised its position in shares of Snap-on by 529.0% in the 2nd quarter. Versant Capital Management Inc now owns 195 shares of the company’s stock valued at $51,000 after acquiring an additional 164 shares during the period. 84.88% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, CEO Nicholas T. Pinchuk sold 24,220 shares of the stock in a transaction that occurred on Tuesday, June 4th. The stock was sold at an average price of $266.80, for a total value of $6,461,896.00. Following the completion of the sale, the chief executive officer now owns 750,663 shares of the company’s stock, valued at approximately $200,276,888.40. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In other news, CEO Nicholas T. Pinchuk sold 24,220 shares of Snap-on stock in a transaction on Tuesday, June 4th. The stock was 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 owns 750,663 shares of the company’s stock, valued at $200,276,888.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Jesus Arregui sold 8,434 shares of Snap-on stock in a transaction on Wednesday, May 29th. The stock was sold at an average price of $265.17, for a total value of $2,236,443.78. Following the sale, the senior vice president now directly owns 252 shares of the company’s stock, valued at approximately $66,822.84. The disclosure for this sale can be found here. In the last 90 days, insiders sold 56,799 shares of company stock valued at $15,192,138. 4.10% of the stock is owned by insiders.

Snap-on Stock Up 0.3 %

NYSE SNA traded up $0.80 during trading hours on Thursday, reaching $279.72. 38,041 shares of the company’s stock were exchanged, compared to its average volume of 292,141. The company’s 50-day moving average is $269.73 and its two-hundred day moving average is $275.73. Snap-on Incorporated has a one year low of $249.84 and a one year high of $298.49. 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 capitalization of $14.74 billion, a price-to-earnings ratio of 14.63, a price-to-earnings-growth ratio of 1.92 and a beta of 0.98.

Snap-on (NYSE:SNA) last issued its quarterly earnings results on Thursday, July 18th. The company reported $5.07 earnings per share for the quarter, topping the consensus estimate of $4.94 by $0.13. The company had revenue of $1.18 billion during the quarter, compared to analysts’ expectations of $1.20 billion. Snap-on had a net margin of 21.90% and a return on equity of 19.90%. The business’s quarterly revenue was down 1.0% on a year-over-year basis. During the same period last year, the business earned $4.89 EPS. On average, analysts forecast that Snap-on Incorporated will post 18.95 EPS for the current fiscal year.

Snap-on declared that its board has initiated a share buyback plan on Thursday, August 8th that allows the company to repurchase $500.00 million in outstanding shares. This repurchase authorization allows the company to reacquire up to 3.5% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s leadership believes its stock is undervalued.

Snap-on Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 10th. Stockholders of record on Monday, August 19th will be paid a dividend of $1.86 per share. The ex-dividend date is Monday, August 19th. This represents a $7.44 annualized dividend and a dividend yield of 2.66%. Snap-on’s dividend payout ratio is currently 39.03%.

Analysts Set New Price Targets

A number of brokerages recently weighed in on SNA. Roth Mkm reiterated a “buy” rating and issued a $324.00 price target on shares of Snap-on in a research report on Tuesday, July 16th. Tigress Financial reissued a “buy” rating and set a $336.00 target price on shares of Snap-on in a research note on Thursday, July 25th. Robert W. Baird lowered their target price on Snap-on from $282.00 to $275.00 and set a “neutral” rating for the company in a research note on Friday, July 12th. Finally, Barrington Research reissued an “outperform” rating and set a $325.00 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 assigned a buy rating to the stock. Based on data from MarketBeat, Snap-on presently has a consensus rating of “Moderate Buy” and an average target price of $315.00.

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.