Assenagon Asset Management S.A. Buys 1,013 Shares of Snap-On Incorporated $SNA

Key Points

• Assenagon Asset Management S.A. increased its stake in Snap-On by 13.6%, acquiring an additional 1,013 shares, bringing its total holdings to 8,454 shares valued at approximately $2.63 million.
• Insider trading activity showed significant sales, with CFO Aldo John Pagliari selling 4,731 shares and CEO Nicholas T. Pinchuk selling 23,042 shares, leading to a decrease in their ownership percentages.
• Snap-On's quarterly earnings exceeded analysts' expectations, reporting $4.72 earnings per share against a consensus estimate of $4.61, alongside a revenue increase to $1.18 billion.

Assenagon Asset Management S.A. increased its holdings in shares of Snap-On Incorporated (NYSE:SNA - Free Report) by 13.6% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 8,454 shares of the company's stock after acquiring an additional 1,013 shares during the period. Assenagon Asset Management S.A.'s holdings in Snap-On were worth $2,631,000 at the end of the most recent reporting period.

Several other institutional investors have also made changes to their positions in the business. Horizon Investments LLC boosted its position in shares of Snap-On by 4.3% during the 1st quarter. Horizon Investments LLC now owns 775 shares of the company's stock valued at $261,000 after acquiring an additional 32 shares in the last quarter. Forvis Mazars Wealth Advisors LLC boosted its position in shares of Snap-On by 0.7% during the 1st quarter. Forvis Mazars Wealth Advisors LLC now owns 4,607 shares of the company's stock valued at $1,553,000 after acquiring an additional 32 shares in the last quarter. Cary Street Partners Investment Advisory LLC boosted its position in shares of Snap-On by 5.2% during the 1st quarter. Cary Street Partners Investment Advisory LLC now owns 694 shares of the company's stock valued at $234,000 after acquiring an additional 34 shares in the last quarter. MassMutual Private Wealth & Trust FSB boosted its position in shares of Snap-On by 28.2% during the 2nd quarter. MassMutual Private Wealth & Trust FSB now owns 159 shares of the company's stock valued at $49,000 after acquiring an additional 35 shares in the last quarter. Finally, Canandaigua National Trust Co of Florida boosted its position in shares of Snap-On by 5.4% during the 1st quarter. Canandaigua National Trust Co of Florida now owns 716 shares of the company's stock valued at $241,000 after acquiring an additional 37 shares in the last quarter. 84.88% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Snap-On

In related news, CFO Aldo John Pagliari sold 4,731 shares of the 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 directly owned 111,667 shares in the company, valued at $36,557,542.46. This represents a 4.06% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Nicholas T. Pinchuk sold 23,042 shares of the stock in a transaction that occurred on Monday, August 11th. The shares were 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 owned 815,219 shares in the company, valued at $261,587,472.72. This represents a 2.75% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 27,898 shares of company stock worth $8,983,203 over the last 90 days. 3.90% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of research firms have commented on SNA. Barrington Research restated an "outperform" rating and issued a $350.00 price target on shares of Snap-On in a research report on Tuesday. 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 report on Friday, July 18th. Robert W. Baird boosted their price target 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, Tigress Financial boosted their price target 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. Four equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $357.00.

Snap-On Trading Down 0.8%

Shares of NYSE SNA opened at $336.68 on Friday. Snap-On Incorporated has a 1-year low of $284.38 and a 1-year high of $373.89. The company has a market cap of $17.56 billion, a PE ratio of 17.96, a P/E/G ratio of 2.36 and a beta of 0.77. The company has a current ratio of 4.48, a quick ratio of 3.42 and a debt-to-equity ratio of 0.21. The company has a 50-day moving average of $328.18 and a two-hundred day moving average of $323.00.

Snap-On (NYSE:SNA - Get Free Report) last announced its earnings results on Thursday, July 17th. The company reported $4.72 earnings per share for the quarter, topping analysts' consensus estimates 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 previous year, the firm posted $5.07 earnings per share. The company's revenue was up .0% on a year-over-year basis. As a group, equities analysts expect that Snap-On Incorporated will post 19.79 earnings per share for the current fiscal year.

Snap-On Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, September 10th. Investors of record on Tuesday, August 19th were issued a $2.14 dividend. This represents a $8.56 annualized dividend and a yield of 2.5%. The ex-dividend date was Tuesday, August 19th. Snap-On's dividend payout ratio is currently 45.65%.

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.

Want to see what other hedge funds are holding SNA? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Snap-On Incorporated (NYSE:SNA - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.