Procyon Advisors LLC Makes New Investment in Snap-on Incorporated (NYSE:SNA)

Procyon Advisors LLC purchased a new position in shares of Snap-on Incorporated (NYSE:SNA - Free Report) during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm purchased 4,824 shares of the company's stock, valued at approximately $1,498,000.

Several other large investors have also made changes to their positions in SNA. GAMMA Investing LLC boosted its position in shares of Snap-on by 65,113.6% during the 1st quarter. GAMMA Investing LLC now owns 703,003 shares of the company's stock worth $236,919,000 after acquiring an additional 701,925 shares in the last quarter. Raymond James Financial Inc. bought a new position in Snap-on in the 4th quarter valued at approximately $148,839,000. Norges Bank bought a new position in Snap-on in the 4th quarter valued at approximately $145,342,000. First Trust Advisors LP lifted its stake in Snap-on by 29.2% in the 4th quarter. First Trust Advisors LP now owns 1,819,403 shares of the company's stock valued at $617,651,000 after purchasing an additional 411,317 shares during the last quarter. Finally, Proficio Capital Partners LLC bought a new position in Snap-on in the 4th quarter valued at approximately $57,738,000. Institutional investors and hedge funds own 84.88% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts recently commented on the stock. Tigress Financial increased their price objective on shares of Snap-on from $385.00 to $390.00 and gave the company a "buy" rating in a research note on Tuesday, March 4th. Robert W. Baird cut their price target on shares of Snap-on from $349.00 to $320.00 and set a "neutral" rating on the stock in a report on Monday, April 21st. Barrington Research reiterated an "outperform" rating and set a $350.00 price target on shares of Snap-on in a report on Monday, May 19th. Longbow Research upgraded shares of Snap-on from a "neutral" rating to a "buy" rating and set a $400.00 price target on the stock in a report on Monday, March 31st. Finally, Wall Street Zen upgraded shares of Snap-on from a "hold" rating to a "buy" rating in a report on Friday, May 16th. One analyst has rated the stock with a sell rating, one has issued a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $350.83.

Insider Buying and Selling at Snap-on

In other news, CFO Aldo John Pagliari sold 5,553 shares of Snap-on stock in a transaction dated Thursday, May 15th. The shares were sold at an average price of $326.84, for a total transaction of $1,814,942.52. Following the completion of the transaction, the chief financial officer now directly owns 109,560 shares in the company, valued at $35,808,590.40. This trade represents a 4.82% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Nicholas T. Pinchuk sold 22,700 shares of Snap-on stock in a transaction dated Thursday, March 27th. The shares were sold at an average price of $335.32, for a total transaction of $7,611,764.00. Following the transaction, the chief executive officer now owns 793,932 shares of the company's stock, valued at $266,221,278.24. This represents a 2.78% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 52,515 shares of company stock valued at $17,094,296. Corporate insiders own 3.90% of the company's stock.

Snap-on Trading Up 0.4%

NYSE SNA traded up $1.25 during mid-day trading on Tuesday, reaching $322.01. 242,505 shares of the stock were exchanged, compared to its average volume of 365,671. Snap-on Incorporated has a one year low of $252.98 and a one year high of $373.90. The stock has a 50 day simple moving average of $318.87 and a 200-day simple moving average of $335.18. The stock has a market cap of $16.84 billion, a P/E ratio of 16.51, a P/E/G ratio of 2.21 and a beta of 0.78. The company has a debt-to-equity ratio of 0.22, a current ratio of 4.15 and a quick ratio of 3.17.

Snap-on (NYSE:SNA - Get Free Report) last announced its earnings results on Thursday, April 17th. The company reported $4.51 earnings per share for the quarter, missing analysts' consensus estimates of $4.81 by ($0.30). Snap-on had a return on equity of 19.20% and a net margin of 21.71%. The firm had revenue of $1.14 billion for the quarter, compared to the consensus estimate of $1.20 billion. During the same period in the prior year, the business earned $4.91 EPS. On average, analysts anticipate that Snap-on Incorporated will post 19.79 EPS for the current year.

Snap-on Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, June 10th. Shareholders of record on Tuesday, May 20th will be paid a $2.14 dividend. This represents a $8.56 annualized dividend and a yield of 2.66%. The ex-dividend date is Tuesday, May 20th. Snap-on's dividend payout ratio (DPR) is currently 44.82%.

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.