Element Capital Management LLC Purchases New Stake in Snap-On Incorporated $SNA

Key Points

• Element Capital Management LLC acquired 8,082 shares of Snap-On Incorporated, valued at approximately $2.7 million, signaling significant institutional interest in the company.
• Insider transactions included Director Karen L. Daniel selling 1,090 shares and CEO Nicholas T. Pinchuk selling 23,172 shares, indicating a cumulative decline in their holdings.
• Analysts have mixed opinions on Snap-On's stock, with price targets ranging from $265 to $350 and ratings from "underperform" to "buy."

Element Capital Management LLC purchased a new position in shares of Snap-On Incorporated (NYSE:SNA - Free Report) during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 8,082 shares of the company's stock, valued at approximately $2,724,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Alpine Bank Wealth Management acquired a new stake in shares of Snap-On during the 1st quarter worth about $25,000. Golden State Wealth Management LLC lifted its stake in shares of Snap-On by 421.1% during the 1st quarter. Golden State Wealth Management LLC now owns 99 shares of the company's stock worth $33,000 after buying an additional 80 shares during the last quarter. Cullen Frost Bankers Inc. lifted its stake in shares of Snap-On by 248.3% during the 1st quarter. Cullen Frost Bankers Inc. now owns 101 shares of the company's stock worth $34,000 after buying an additional 72 shares during the last quarter. Opal Wealth Advisors LLC acquired a new stake in shares of Snap-On during the 1st quarter worth about $35,000. Finally, ORG Partners LLC lifted its stake in shares of Snap-On by 150.8% during the 1st quarter. ORG Partners LLC now owns 158 shares of the company's stock worth $54,000 after buying an additional 95 shares during the last quarter. 84.88% of the stock is owned by institutional investors.

Insider Activity

In related news, Director Karen L. Daniel sold 1,090 shares of the business's stock in a transaction on Thursday, June 5th. The shares were sold at an average price of $319.92, for a total transaction of $348,712.80. Following the transaction, the director owned 8,030 shares in the company, valued at $2,568,957.60. The trade was a 11.95% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Nicholas T. Pinchuk sold 23,042 shares of the company's stock in a transaction on Monday, August 11th. The stock was 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 approximately $261,587,472.72. The trade was a 2.75% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 52,160 shares of company stock valued at $16,650,792. 3.90% of the stock is currently owned by insiders.

Snap-On Price Performance

Shares of NYSE:SNA traded up $3.3690 during midday trading on Tuesday, hitting $324.4290. The stock had a trading volume of 293,006 shares, compared to its average volume of 381,491. The company's 50-day moving average price is $319.63 and its 200-day moving average price is $324.67. The company has a market capitalization of $16.92 billion, a P/E ratio of 17.30, a price-to-earnings-growth ratio of 2.27 and a beta of 0.76. 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 Incorporated has a fifty-two week low of $268.90 and a fifty-two week high of $373.89.

Snap-On (NYSE:SNA - Get Free Report) last announced its quarterly earnings results on Thursday, July 17th. The company reported $4.72 earnings per share (EPS) for the quarter, topping 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 company had revenue of $1.18 billion during the quarter, compared to the consensus estimate of $1.16 billion. During the same period in the prior year, the business earned $5.07 earnings per share. The company's revenue for the quarter was up .0% compared to the same quarter last year. As a group, equities research analysts predict that Snap-On Incorporated will post 19.79 EPS for the current fiscal year.

Snap-On Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 10th. Stockholders of record on Tuesday, August 19th will be paid a $2.14 dividend. This represents a $8.56 dividend on an annualized basis and a dividend yield of 2.6%. The ex-dividend date of this dividend is Tuesday, August 19th. Snap-On's dividend payout ratio is currently 45.65%.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on SNA shares. Barrington Research restated an "outperform" rating and set a $350.00 target price on shares of Snap-On in a research note on Tuesday, July 15th. Robert W. Baird raised their target price 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. Bank of America lifted their price objective on shares of Snap-On from $265.00 to $285.00 and gave the stock an "underperform" rating in a research note on Friday, July 18th. Finally, Wall Street Zen upgraded shares of Snap-On from a "hold" rating to a "buy" rating in a research note on Friday, May 16th. Four analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, Snap-On has a consensus rating of "Moderate Buy" and an average price target of $356.17.

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.