Argent Trust Co Purchases New Position in Snap-On Incorporated (NYSE:SNA)

Key Points

• Argent Trust Co acquired a new position in Snap-On Incorporated, purchasing 1,727 shares valued at approximately $582,000 during the first quarter.
• Snap-On's quarterly earnings were reported at $4.72 per share, exceeding analysts' expectations of $4.61, with revenue of $1.18 billion compared to forecasts of $1.16 billion.
• Following recent insider trading, CEO Nicholas T. Pinchuk and CFO Aldo John Pagliari have each reduced their shareholdings by approximately 2.80% and 4.82%, respectively.

Argent Trust Co bought a new position in shares of Snap-On Incorporated (NYSE:SNA - Free Report) in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 1,727 shares of the company's stock, valued at approximately $582,000.

A number of other large investors have also modified their holdings of the business. Auto Owners Insurance Co boosted its position in shares of Snap-On by 35,967.2% during the 1st 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 during the last quarter. GAMMA Investing LLC boosted its position in shares of Snap-On by 65,113.6% during the 1st 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 during the last quarter. First Trust Advisors LP boosted its position in shares of Snap-On by 29.2% during the 4th quarter. First Trust Advisors LP now owns 1,819,403 shares of the company's stock valued at $617,651,000 after acquiring an additional 411,317 shares during the last quarter. Northern Trust Corp lifted its position in Snap-On by 22.4% in the fourth quarter. Northern Trust Corp now owns 798,254 shares of the company's stock valued at $270,991,000 after buying an additional 145,861 shares during the last quarter. Finally, Aware Super Pty Ltd as trustee of Aware Super acquired a new position in Snap-On in the fourth quarter valued at about $36,403,000. Hedge funds and other institutional investors own 84.88% of the company's stock.

Snap-On Trading Up 1.0%

NYSE:SNA traded up $3.05 on Tuesday, reaching $321.98. 223,485 shares of the company's stock were exchanged, compared to its average volume of 375,163. 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 firm has a market capitalization of $16.79 billion, a price-to-earnings ratio of 17.17, a price-to-earnings-growth ratio of 2.22 and a beta of 0.76. The business has a fifty day moving average of $318.87 and a 200-day moving average of $326.63. Snap-On Incorporated has a 52-week low of $267.00 and a 52-week high of $373.89.

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

Insiders Place Their Bets

In related news, CEO Nicholas T. Pinchuk sold 23,172 shares of the company's stock in a transaction that occurred on Monday, June 2nd. The shares were sold at an average price of $315.85, for a total transaction of $7,318,876.20. Following the sale, the chief executive officer directly owned 804,510 shares in the company, valued at approximately $254,104,483.50. This represents a 2.80% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Aldo John Pagliari sold 5,553 shares of the company's stock in a transaction that occurred on Thursday, May 15th. The stock was sold at an average price of $326.84, for a total transaction of $1,814,942.52. Following the sale, the chief financial officer owned 109,560 shares in the company, valued at $35,808,590.40. The trade was a 4.82% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 29,815 shares of company stock worth $9,482,532 over the last three months. Company insiders own 3.90% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on the stock. Bank of America boosted their price target 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. Barrington Research restated an "outperform" rating and issued a $350.00 price objective on shares of Snap-On in a report on Tuesday, July 15th. 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 report on Friday, July 18th. Finally, Wall Street Zen upgraded shares of Snap-On from a "hold" rating to a "buy" rating in a report on Friday, May 16th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $356.17.

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.