Hennessy Advisors Inc. Makes New Investment in Snap-on Incorporated (NYSE:SNA)

Hennessy Advisors Inc. bought 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 Form 13F filing with the Securities and Exchange Commission. The firm bought 7,800 shares of the company's stock, valued at approximately $2,629,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of SNA. New York Life Investment Management LLC raised its stake in shares of Snap-on by 0.4% during the 4th quarter. New York Life Investment Management LLC now owns 7,106 shares of the company's stock worth $2,412,000 after purchasing an additional 31 shares during the period. TrinityPoint Wealth LLC boosted its stake in Snap-on by 0.8% in the fourth quarter. TrinityPoint Wealth LLC now owns 4,164 shares of the company's stock valued at $1,414,000 after acquiring an additional 33 shares during the last quarter. Inspire Advisors LLC grew its position in shares of Snap-on by 1.0% during the 4th quarter. Inspire Advisors LLC now owns 3,382 shares of the company's stock valued at $1,148,000 after acquiring an additional 34 shares during the period. Good Life Advisors LLC increased its stake in shares of Snap-on by 3.0% during the 4th quarter. Good Life Advisors LLC now owns 1,196 shares of the company's stock worth $406,000 after purchasing an additional 35 shares during the last quarter. Finally, Richwood Investment Advisors LLC raised its holdings in shares of Snap-on by 1.2% in the 4th quarter. Richwood Investment Advisors LLC now owns 3,053 shares of the company's stock worth $1,036,000 after purchasing an additional 35 shares during the period. Hedge funds and other institutional investors own 84.88% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on SNA shares. Wall Street Zen upgraded shares of Snap-on from a "hold" rating to a "buy" rating in a research note on Friday, May 16th. Barrington Research restated an "outperform" rating and set a $350.00 price objective on shares of Snap-on in a research report on Monday, May 19th. Tigress Financial increased their target price on 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 dropped their price target on Snap-on from $349.00 to $320.00 and set a "neutral" rating for the company in a research note on Monday, April 21st. Finally, Longbow Research upgraded Snap-on from a "neutral" rating to a "buy" rating and set a $400.00 price objective on the stock in a research report on Monday, March 31st. One research analyst has rated the stock with a sell rating, one has issued a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $350.83.

Insider Buying and Selling at Snap-on

In related news, Director Karen L. Daniel sold 1,090 shares of the firm's stock in a transaction that occurred on Thursday, June 5th. The stock was sold at an average price of $319.92, for a total transaction of $348,712.80. Following the completion of the transaction, the director now owns 8,030 shares of the company's stock, valued at $2,568,957.60. This trade represents a 11.95% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Nicholas T. Pinchuk sold 22,700 shares of the business's stock in a transaction on Thursday, March 27th. The stock was sold at an average price of $335.32, for a total value of $7,611,764.00. Following the completion of the sale, the chief executive officer now directly owns 793,932 shares in the company, valued at $266,221,278.24. This trade represents a 2.78% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 52,515 shares of company stock valued at $17,094,296. 3.90% of the stock is currently owned by company insiders.

Snap-on Trading Up 0.4%

Shares of NYSE SNA traded up $1.09 during midday trading on Monday, reaching $311.09. The company had a trading volume of 134,839 shares, compared to its average volume of 366,119. The stock has a market cap of $16.27 billion, a PE ratio of 15.94, a price-to-earnings-growth ratio of 2.21 and a beta of 0.78. Snap-on Incorporated has a one year low of $252.98 and a one year high of $373.90. The company has a quick ratio of 3.17, a current ratio of 4.15 and a debt-to-equity ratio of 0.22. The firm's fifty day moving average price is $319.15 and its 200-day moving average price is $333.81.

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

Snap-on Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, June 10th. Shareholders of record on Tuesday, May 20th were issued a $2.14 dividend. The ex-dividend date of this dividend was Tuesday, May 20th. This represents a $8.56 dividend on an annualized basis and a yield of 2.75%. Snap-on's dividend payout ratio (DPR) is 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.