Orca Investment Management LLC Sells 126 Shares of Snap-on Incorporated (NYSE:SNA)

Orca Investment Management LLC lessened its holdings in shares of Snap-on Incorporated (NYSE:SNA) by 3.2% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 3,823 shares of the company’s stock after selling 126 shares during the quarter. Snap-on comprises 1.0% of Orca Investment Management LLC’s portfolio, making the stock its 28th biggest holding. Orca Investment Management LLC’s holdings in Snap-on were worth $999,000 as of its most recent SEC filing.

A number of other large investors also recently added to or reduced their stakes in SNA. Gallacher Capital Management LLC lifted its holdings in shares of Snap-on by 21.4% in the second quarter. Gallacher Capital Management LLC now owns 2,531 shares of the company’s stock worth $662,000 after buying an additional 447 shares in the last quarter. Strategic Financial Concepts LLC purchased a new stake in Snap-on in the 2nd quarter worth $3,653,000. Illinois Municipal Retirement Fund boosted its holdings in shares of Snap-on by 1.5% during the 2nd quarter. Illinois Municipal Retirement Fund now owns 42,414 shares of the company’s stock valued at $11,087,000 after purchasing an additional 625 shares during the last quarter. Candriam S.C.A. grew its position in shares of Snap-on by 6.3% during the second quarter. Candriam S.C.A. now owns 6,201 shares of the company’s stock valued at $1,621,000 after purchasing an additional 367 shares in the last quarter. Finally, Farmers & Merchants Investments Inc. increased its holdings in shares of Snap-on by 16.5% in the second quarter. Farmers & Merchants Investments Inc. now owns 566 shares of the company’s stock worth $148,000 after purchasing an additional 80 shares during the last quarter. 84.88% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

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

Insider Buying and Selling at Snap-on

In other news, CEO Nicholas T. Pinchuk sold 24,145 shares of the stock in a transaction that occurred on Monday, August 12th. The stock was sold at an average price of $268.95, for a total value of $6,493,797.75. Following the sale, the chief executive officer now directly 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 available at this link. In other Snap-on news, CFO Aldo John Pagliari sold 4,473 shares of the business’s stock in a transaction dated Thursday, August 22nd. The shares were sold at an average price of $278.74, for a total value of $1,246,804.02. Following the completion of the sale, the chief financial officer now directly owns 99,244 shares of the company’s stock, valued at approximately $27,663,272.56. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CEO Nicholas T. Pinchuk sold 24,145 shares of the company’s stock in a transaction dated Monday, August 12th. The stock was 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 disclosure for this sale can be found here. Insiders sold 29,804 shares of company stock worth $8,077,390 over the last 90 days. Company insiders own 4.10% of the company’s stock.

Snap-on Stock Performance

NYSE SNA opened at $270.84 on Friday. The business’s 50 day moving average price is $273.16 and its 200-day moving average price is $276.31. Snap-on Incorporated has a fifty-two week low of $249.84 and a fifty-two week high of $298.49. The company has a market cap of $14.28 billion, a P/E ratio of 14.21, a P/E/G ratio of 1.94 and a beta of 0.98. 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 (NYSE:SNA) last posted its quarterly earnings data on Thursday, July 18th. The company reported $5.07 earnings per share for the quarter, beating analysts’ consensus estimates of $4.94 by $0.13. The business had revenue of $1.18 billion for 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% compared to the same quarter last year. During the same quarter in the previous year, the business posted $4.89 earnings per share. Sell-side analysts predict that Snap-on Incorporated will post 18.95 earnings per share for the current year.

Snap-on Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 10th. Shareholders of record on Monday, August 19th will be paid a $1.86 dividend. This represents a $7.44 annualized dividend and a yield of 2.75%. The ex-dividend date is Monday, August 19th. Snap-on’s payout ratio is currently 39.03%.

Snap-on declared that its Board of Directors has initiated a stock repurchase program on Thursday, August 8th that permits the company to repurchase $500.00 million in outstanding shares. This repurchase authorization permits the company to buy up to 3.5% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s leadership believes its shares are undervalued.

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.