Beacon Investment Advisory Services Inc. Grows Position in Snap-On Incorporated $SNA

Key Points

• Beacon Investment Advisory Services Inc. increased its stake in Snap-On by 19.1%, holding 18,515 shares valued at approximately $5.76 million at the end of the second quarter.
• Multiple hedge funds have significantly raised their positions in Snap-On, with Kingstone Capital Partners investing $434.94 million and Auto Owners Insurance Co increasing its stake by 35,967.2%.
• Snap-On's quarterly earnings surpassed expectations, reporting $4.72 EPS and a net margin of 20.98%, alongside a recently declared dividend of $2.14 per share.

Beacon Investment Advisory Services Inc. raised its position in shares of Snap-On Incorporated (NYSE:SNA - Free Report) by 19.1% in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 18,515 shares of the company's stock after buying an additional 2,966 shares during the quarter. Beacon Investment Advisory Services Inc.'s holdings in Snap-On were worth $5,761,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of SNA. Kingstone Capital Partners Texas LLC purchased a new stake in shares of Snap-On during the second quarter valued at about $434,938,000. Auto Owners Insurance Co lifted its position in shares of 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 buying an additional 1,070,025 shares during the last quarter. GAMMA Investing LLC lifted its position in shares of 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 buying an additional 701,925 shares during the last quarter. Ameriprise Financial Inc. lifted its position in shares of Snap-On by 54.3% during the first quarter. Ameriprise Financial Inc. now owns 681,857 shares of the company's stock valued at $229,793,000 after buying an additional 239,908 shares during the last quarter. Finally, Nuveen LLC purchased a new stake in shares of Snap-On during the first quarter valued at about $45,711,000. 84.88% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research firms have commented on SNA. Tigress Financial increased 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. 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. 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, Barrington Research reaffirmed an "outperform" rating and issued a $350.00 price objective on shares of Snap-On in a research report on Tuesday. Four analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat, Snap-On currently has a consensus rating of "Moderate Buy" and an average target price of $357.00.

Insider Activity at Snap-On

In related news, 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 value of $7,393,716.96. Following the transaction, the chief executive officer owned 815,219 shares in the company, valued at approximately $261,587,472.72. This represents a 2.75% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Aldo John Pagliari sold 4,731 shares of the stock in a transaction that occurred on Thursday, August 14th. The stock was sold at an average price of $327.38, for a total transaction of $1,548,834.78. Following the completion of the transaction, the chief financial officer owned 111,667 shares in the company, valued at approximately $36,557,542.46. This trade represents a 4.06% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 27,898 shares of company stock worth $8,983,203. 3.90% of the stock is owned by corporate insiders.

Snap-On Stock Performance

Shares of Snap-On stock opened at $339.59 on Thursday. Snap-On Incorporated has a 52 week low of $282.80 and a 52 week high of $373.89. The company has a 50 day moving average price of $328.20 and a 200 day moving average price of $323.03. 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 $17.71 billion, a P/E ratio of 18.11, a PEG ratio of 2.37 and a beta of 0.77.

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 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 for the quarter, compared to the consensus estimate of $1.16 billion. During the same quarter in the prior year, the company earned $5.07 EPS. Snap-On's quarterly revenue was up .0% on a year-over-year basis. Sell-side analysts expect that Snap-On Incorporated will post 19.79 EPS for the current year.

Snap-On Dividend Announcement

The firm also recently declared 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 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.

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