Foster & Motley Inc. Acquires 1,378 Shares of Snap-on Incorporated (NYSE:SNA)

Foster & Motley Inc. raised its position in shares of Snap-on Incorporated (NYSE:SNA) by 7.7% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 19,365 shares of the company’s stock after purchasing an additional 1,378 shares during the quarter. Foster & Motley Inc.’s holdings in Snap-on were worth $5,062,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Scarborough Advisors LLC bought a new stake in Snap-on in the fourth quarter worth $30,000. Opal Wealth Advisors LLC bought a new position in shares of Snap-on during the second quarter valued at approximately $30,000. Innealta Capital LLC purchased a new stake in shares of Snap-on in the second quarter worth approximately $32,000. Versant Capital Management Inc lifted its stake in shares of Snap-on by 529.0% during the 2nd quarter. Versant Capital Management Inc now owns 195 shares of the company’s stock worth $51,000 after acquiring an additional 164 shares during the last quarter. Finally, Fidelis Capital Partners LLC purchased a new position in Snap-on in the 1st quarter worth about $56,000. Institutional investors own 84.88% of the company’s stock.

Snap-on Stock Performance

Shares of SNA stock traded down $4.80 during mid-day trading on Thursday, hitting $274.27. 11,395 shares of the stock were exchanged, compared to its average volume of 288,976. The stock has a market capitalization of $14.45 billion, a price-to-earnings ratio of 14.64, a P/E/G ratio of 1.97 and a beta of 0.98. The stock’s fifty day simple moving average is $272.71 and its two-hundred day simple moving average is $276.26. The company has a debt-to-equity ratio of 0.22, a quick ratio of 3.05 and a current ratio of 4.06. Snap-on Incorporated has a 12-month low of $249.84 and a 12-month high of $298.49.

Snap-on (NYSE:SNA) last released its earnings results on Thursday, July 18th. The company reported $5.07 EPS 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 revenue was down 1.0% on a year-over-year basis. During the same quarter last year, the business earned $4.89 EPS. On average, analysts forecast that Snap-on Incorporated will post 18.95 EPS for the current year.

Snap-on declared that its board has approved a stock repurchase program on Thursday, August 8th that authorizes the company to buyback $500.00 million in outstanding shares. This buyback authorization authorizes the company to purchase up to 3.5% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board believes its stock is undervalued.

Snap-on Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 10th. Shareholders of record on Monday, August 19th will be given a dividend of $1.86 per share. The ex-dividend date of this dividend is Monday, August 19th. This represents a $7.44 dividend on an annualized basis and a yield of 2.71%. Snap-on’s payout ratio is 39.03%.

Insider Buying and Selling

In other Snap-on news, CEO Nicholas T. Pinchuk sold 24,145 shares of Snap-on stock in a transaction dated Monday, August 12th. The shares were sold at an average price of $268.95, for a total transaction of $6,493,797.75. Following the completion of the transaction, the chief executive officer now owns 759,019 shares in the company, valued at $204,138,160.05. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other news, CFO Aldo John Pagliari sold 4,473 shares of the business’s stock in a transaction on Thursday, August 22nd. The stock was sold at an average price of $278.74, for a total value of $1,246,804.02. Following the completion of the transaction, the chief financial officer now directly owns 99,244 shares of the company’s stock, valued at $27,663,272.56. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Nicholas T. Pinchuk sold 24,145 shares of the business’s stock in a transaction dated Monday, August 12th. The shares were sold at an average price of $268.95, for a total transaction of $6,493,797.75. Following the completion of the transaction, the chief executive officer now directly owns 759,019 shares of the company’s stock, valued at approximately $204,138,160.05. The disclosure for this sale can be found here. Insiders have sold 29,804 shares of company stock worth $8,077,390 in the last three months. Corporate insiders own 4.10% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on SNA. Roth Mkm reaffirmed a “buy” rating and issued a $324.00 price target on shares of Snap-on in a research report on Tuesday, July 16th. Barrington Research reaffirmed an “outperform” rating and issued a $325.00 price target on shares of Snap-on in a report on Tuesday, July 16th. Robert W. Baird decreased their price objective on shares of Snap-on from $282.00 to $275.00 and set a “neutral” rating for the company in a research report on Friday, July 12th. Finally, Tigress Financial reaffirmed a “buy” rating and set a $336.00 price objective on shares of Snap-on in a research note on Thursday, July 25th. One analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target 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.