Advisors Asset Management Inc. Reduces Stock Holdings in Snap-On Incorporated $SNA

Key Points

• Advisors Asset Management Inc. reduced its stake in Snap-On Incorporated by 21.6%, selling 2,407 shares in the first quarter, leaving it with 8,745 shares valued at approximately $2.94 million.
• Snap-On's CFO and CEO both recently sold shares, with the CFO selling 125 shares and the CEO selling 23,042 shares, resulting in slight decreases in their ownership.
• The company announced a quarterly dividend of $2.14, representing a yield of 2.6%, payable to shareholders of record on August 19.

Advisors Asset Management Inc. cut its position in Snap-On Incorporated (NYSE:SNA - Free Report) by 21.6% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 8,745 shares of the company's stock after selling 2,407 shares during the period. Advisors Asset Management Inc.'s holdings in Snap-On were worth $2,947,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Charles Schwab Investment Management Inc. increased its stake in shares of Snap-On by 6.4% in the first quarter. Charles Schwab Investment Management Inc. now owns 1,921,584 shares of the company's stock worth $647,593,000 after purchasing an additional 115,306 shares in the last quarter. Auto Owners Insurance Co grew its stake in Snap-On by 35,967.2% during the first quarter. Auto Owners Insurance Co now owns 1,073,000 shares of the company's stock valued at $361,612,000 after acquiring an additional 1,070,025 shares in the last quarter. Northern Trust Corp grew its stake in Snap-On by 5.4% during the first quarter. Northern Trust Corp now owns 841,721 shares of the company's stock valued at $283,668,000 after acquiring an additional 43,467 shares in the last quarter. Envestnet Asset Management Inc. grew its stake in Snap-On by 2.0% during the first quarter. Envestnet Asset Management Inc. now owns 774,526 shares of the company's stock valued at $261,023,000 after acquiring an additional 15,097 shares in the last quarter. Finally, GAMMA Investing LLC grew its stake in Snap-On by 65,113.6% during the first quarter. GAMMA Investing LLC now owns 703,003 shares of the company's stock valued at $236,919,000 after acquiring an additional 701,925 shares in the last quarter. 84.88% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on SNA shares. Tigress Financial increased their price objective on shares of Snap-On from $390.00 to $395.00 and gave the company a "buy" rating in a research report on Friday, August 29th. Barrington Research reiterated an "outperform" rating and set a $350.00 price objective on shares of Snap-On in a research report on Tuesday, July 15th. Wall Street Zen upgraded shares of Snap-On from a "hold" rating to a "buy" rating in a research report on Friday, May 16th. Robert W. Baird increased their price objective on shares of Snap-On from $329.00 to $347.00 and gave the company a "neutral" rating in a research report on Friday, July 18th. Finally, Bank of America increased their price objective on shares of Snap-On from $265.00 to $285.00 and gave the company an "underperform" rating in a research report on Friday, July 18th. Four analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, Snap-On has an average rating of "Moderate Buy" and an average price target of $357.00.

Insider Buying and Selling

In other news, CFO Aldo John Pagliari sold 4,731 shares of Snap-On stock in a transaction that occurred on Thursday, August 14th. The shares were sold at an average price of $327.38, for a total value of $1,548,834.78. Following the transaction, the chief financial officer owned 111,667 shares of the company's stock, valued at $36,557,542.46. The trade was a 4.06% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Nicholas T. Pinchuk sold 23,042 shares of Snap-On stock in a transaction that occurred 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 transaction, the chief executive officer directly owned 815,219 shares in the company, 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 ninety days, insiders sold 27,898 shares of company stock worth $8,983,203. Insiders own 3.90% of the company's stock.

Snap-On Trading Up 1.8%

SNA traded up $5.85 on Thursday, reaching $330.01. 82,944 shares of the company traded hands, compared to its average volume of 364,792. The company has a quick ratio of 3.42, a current ratio of 4.48 and a debt-to-equity ratio of 0.21. The company has a market cap of $17.21 billion, a P/E ratio of 17.58, a price-to-earnings-growth ratio of 2.24 and a beta of 0.77. The firm has a fifty day simple moving average of $324.47 and a two-hundred day simple moving average of $323.04. Snap-On Incorporated has a one year low of $273.08 and a one year high of $373.89.

Snap-On (NYSE:SNA - Get Free Report) last posted its earnings results on Thursday, July 17th. The company reported $4.72 EPS for the quarter, beating analysts' consensus estimates of $4.61 by $0.11. The business had revenue of $1.18 billion for the quarter, compared to the consensus estimate of $1.16 billion. Snap-On had a net margin of 20.98% and a return on equity of 18.02%. The company's revenue for the quarter was up .0% on a year-over-year basis. During the same quarter last year, the firm posted $5.07 EPS. As a group, equities research analysts expect 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 Wednesday, September 10th. Stockholders of record on Tuesday, August 19th were given a $2.14 dividend. The ex-dividend date of this dividend was Tuesday, August 19th. This represents a $8.56 dividend on an annualized basis and a dividend yield of 2.6%. Snap-On's payout ratio is presently 45.65%.

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.