Eventide Asset Management LLC Buys New Shares in Snap-On Incorporated $SNA

Key Points

• Eventide Asset Management LLC acquired 778 shares of Snap-On Incorporated, valued at approximately $256,000, during the 1st quarter.
• Insider transactions saw CFO Aldo John Pagliari and CEO Nicholas T. Pinchuk sell a total of 23,167 shares collectively, indicating a decrease in their positions.
• Snap-On recently declared a quarterly dividend of $2.14 per share, which represents a yield of 2.6%, with a payout ratio of 45.65%.

Eventide Asset Management LLC acquired a new position in shares of Snap-On Incorporated (NYSE:SNA - Free Report) in the 1st quarter, according to its most recent filing with the SEC. The fund acquired 778 shares of the company's stock, valued at approximately $256,000.

Several other hedge funds and other institutional investors have also modified their holdings of the company. Choreo LLC raised its position in shares of Snap-On by 78.3% in the 1st quarter. Choreo LLC now owns 7,218 shares of the company's stock worth $2,432,000 after buying an additional 3,170 shares during the period. Ethic Inc. grew its position in Snap-On by 18.6% in the fourth quarter. Ethic Inc. now owns 9,212 shares of the company's stock worth $3,127,000 after buying an additional 1,445 shares during the last quarter. Jump Financial LLC grew its holdings in shares of Snap-On by 367.7% during the 1st quarter. Jump Financial LLC now owns 5,523 shares of the company's stock valued at $1,861,000 after acquiring an additional 4,342 shares in the last quarter. Credit Agricole S A lifted its stake in shares of Snap-On by 7.3% in the 1st quarter. Credit Agricole S A now owns 15,842 shares of the company's stock valued at $5,339,000 after purchasing an additional 1,072 shares during the last quarter. Finally, DAVENPORT & Co LLC acquired a new stake in shares of Snap-On in the 1st quarter valued at $218,000. 84.88% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on the stock. Bank of America upped their target price on shares of Snap-On from $265.00 to $285.00 and gave the company an "underperform" rating in a research note on Friday, July 18th. Wall Street Zen raised shares of Snap-On from a "hold" rating to a "buy" rating in a research note on Friday, May 16th. Tigress Financial upped their price objective on shares of Snap-On from $390.00 to $395.00 and gave the stock a "buy" rating in a research note on Friday, August 29th. Barrington Research reaffirmed an "outperform" rating and set a $350.00 price objective on shares of Snap-On in a research note on Tuesday, July 15th. Finally, Robert W. Baird upped their price objective on shares of Snap-On from $329.00 to $347.00 and gave the stock a "neutral" rating in a research note on Friday, July 18th. Four equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $357.00.

Insider Activity at Snap-On

In other news, CEO Nicholas T. Pinchuk sold 23,042 shares of the stock in a transaction on Monday, August 11th. The shares were sold at an average price of $320.88, for a total transaction of $7,393,716.96. Following the completion of the sale, the chief executive officer owned 815,219 shares of the company's stock, valued at $261,587,472.72. This represents a 2.75% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Aldo John Pagliari sold 125 shares of the stock in a transaction on Friday, August 15th. The stock was sold at an average price of $325.21, for a total transaction of $40,651.25. Following the sale, the chief financial officer directly owned 111,721 shares of the company's stock, valued at $36,332,786.41. This represents a 0.11% decrease in their position. The disclosure for this sale can be found here. Insiders sold 27,898 shares of company stock valued at $8,983,203 in the last ninety days. Insiders own 3.90% of the company's stock.

Snap-On Trading Up 0.0%

NYSE SNA traded up $0.03 during trading hours on Wednesday, hitting $322.67. The company's stock had a trading volume of 62,717 shares, compared to its average volume of 365,512. The stock has a fifty day moving average of $324.38 and a 200 day moving average of $323.03. Snap-On Incorporated has a twelve month low of $269.58 and a twelve month high of $373.89. The firm has a market capitalization of $16.83 billion, a P/E ratio of 17.21, a PEG ratio of 2.27 and a beta of 0.77. The company has a quick ratio of 3.42, a current ratio of 4.48 and a debt-to-equity ratio of 0.21.

Snap-On (NYSE:SNA - Get Free Report) last announced its quarterly earnings data on Thursday, July 17th. The company reported $4.72 earnings per share for the quarter, beating the consensus estimate of $4.61 by $0.11. Snap-On had a net margin of 20.98% and a return on equity of 18.02%. The business had revenue of $1.18 billion for the quarter, compared to analyst estimates of $1.16 billion. During the same period in the prior year, the business posted $5.07 earnings per share. Snap-On's revenue was up .0% compared to the same quarter last year. Equities research analysts forecast that Snap-On Incorporated will post 19.79 earnings per share for the current fiscal year.

Snap-On Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 10th. Shareholders of record on Tuesday, August 19th will be paid a $2.14 dividend. This represents a $8.56 annualized dividend and a yield of 2.7%. The ex-dividend date of this dividend is Tuesday, August 19th. Snap-On's dividend payout ratio is presently 45.65%.

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.