Allworth Financial LP Acquires Shares of 4,067 Snap-On Incorporated $SNA

Key Points

• Allworth Financial initiated a position in Snap-On by purchasing 4,067 shares valued at approximately $1.64 million; institutional investors collectively own 84.88% of the company.
• Analysts remain broadly positive, with five Buy ratings and one Hold rating, producing a “Moderate Buy” consensus and an average price target of $426.20.
• Snap-On exceeded quarterly earnings and revenue expectations, while maintaining a $2.44 quarterly dividend and a $500 million share-repurchase authorization. Recent insider sales totaled about $18.5 million over 90 days.

Allworth Financial LP bought a new position in Snap-On Incorporated (NYSE:SNA - Free Report) during the second quarter, according to the company in its most recent 13F filing with the SEC. The fund bought 4,067 shares of the company's stock, valued at approximately $1,637,000.

Several other institutional investors also recently modified their holdings of the business. DV Equities LLC purchased a new stake in shares of Snap-On during the fourth quarter valued at approximately $25,000. Western Wealth Management LLC purchased a new position in Snap-On in the first quarter worth $29,000. Montag A & Associates Inc. grew its stake in Snap-On by 331.8% in the 4th quarter. Montag A & Associates Inc. now owns 95 shares of the company's stock valued at $33,000 after purchasing an additional 73 shares during the period. Quattro Advisors LLC bought a new position in Snap-On in the 4th quarter valued at $35,000. Finally, Annis Gardner Whiting Capital Advisors LLC increased its position in shares of Snap-On by 36.4% during the 4th quarter. Annis Gardner Whiting Capital Advisors LLC now owns 105 shares of the company's stock valued at $36,000 after purchasing an additional 28 shares during the last quarter. 84.88% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on SNA shares. Weiss Ratings reiterated a "buy (b)" rating on shares of Snap-On in a research note on Friday, July 17th. Tigress Financial raised their price objective on shares of Snap-On from $445.00 to $485.00 and gave the stock a "buy" rating in a report on Friday, July 31st. Barclays initiated coverage on shares of Snap-On in a research report on Thursday, May 28th. They issued an "overweight" rating and a $420.00 price objective on the stock. Roth Capital reiterated a "buy" rating and issued a $461.00 target price (up from $409.00) on shares of Snap-On in a research note on Friday, July 24th. Finally, Robert W. Baird set a $415.00 target price on shares of Snap-On in a research report on Friday, July 24th. Five research analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $426.20.

Snap-On Trading Up 0.5%

Shares of SNA stock opened at $393.11 on Friday. The business has a 50-day moving average of $403.30 and a 200 day moving average of $384.56. The company has a debt-to-equity ratio of 0.15, a current ratio of 3.43 and a quick ratio of 2.64. Snap-On Incorporated has a 1-year low of $319.20 and a 1-year high of $423.02. The stock has a market capitalization of $20.34 billion, a PE ratio of 20.05, a P/E/G ratio of 2.75 and a beta of 0.73.

Snap-On (NYSE:SNA - Get Free Report) last announced its quarterly earnings data on Thursday, July 23rd. The company reported $4.96 earnings per share for the quarter, beating the consensus estimate of $4.95 by $0.01. The firm had revenue of $1.24 billion during the quarter, compared to the consensus estimate of $1.22 billion. Snap-On had a return on equity of 17.07% and a net margin of 21.25%.The business's revenue was up 4.7% on a year-over-year basis. During the same quarter in the previous year, the company posted $4.72 earnings per share. As a group, sell-side analysts anticipate that Snap-On Incorporated will post 19.7 earnings per share for the current year.

Snap-On Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 10th. Investors of record on Wednesday, August 19th will be paid a $2.44 dividend. This represents a $9.76 annualized dividend and a dividend yield of 2.5%. The ex-dividend date of this dividend is Wednesday, August 19th. Snap-On's payout ratio is presently 49.77%.

Snap-On declared that its Board of Directors has initiated a share repurchase plan on Thursday, April 30th that allows the company to buyback $500.00 million in outstanding shares. This buyback authorization allows the company to reacquire up to 2.5% of its stock through open market purchases. Stock buyback plans are often an indication that the company's board of directors believes its shares are undervalued.

Insider Activity at Snap-On

In other Snap-On news, CEO Nicholas T. Pinchuk sold 22,889 shares of the business's stock in a transaction dated Tuesday, August 18th. The shares were sold at an average price of $399.69, for a total value of $9,148,504.41. Following the transaction, the chief executive officer owned 867,779 shares in the company, valued at approximately $346,842,588.51. The trade was a 2.57% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP Timothy L. Chambers sold 9,111 shares of the company's stock in a transaction dated Tuesday, July 28th. The shares were sold at an average price of $419.36, for a total transaction of $3,820,788.96. Following the transaction, the senior vice president directly owned 21,223 shares of the company's stock, valued at approximately $8,900,077.28. This trade represents a 30.04% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 45,928 shares of company stock worth $18,483,009 over the last ninety days. Insiders own 3.80% of the company's stock.

Snap-On Profile

Snap‑On Incorporated NYSE: SNA is a designer, manufacturer and marketer of tools, diagnostic equipment, repair information and shop equipment for professional users. The company's product range includes hand and power tools, tool storage and cabinets, diagnostic scan tools and software, shop equipment such as lifts and tire changers, and specialized specialty tools for automotive, aviation, marine and industrial applications. Snap‑On also offers information and workflow solutions that combine diagnostic data, repair procedures and parts information to support professional technicians.

Founded in 1920 and headquartered in Kenosha, Wisconsin, Snap‑On has established a long history in the professional tools market.

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