Burney Co. Trims Stock Position in Snap-On Incorporated $SNA

Key Points

• Burney Co. reduced its Snap-On stake by 11.1% in the first quarter, selling 2,516 shares and leaving it with 20,050 shares valued at about $7.28 million.
• Snap-On posted mixed quarterly results, missing EPS estimates at $4.69 per share but beating revenue expectations with $1.21 billion in sales, up 5.8% year over year.
• The company is returning cash to shareholders through a $2.44 quarterly dividend and a new $500 million share buyback authorization, while analysts currently hold a “Moderate Buy” consensus on the stock.

Burney Co. cut its holdings in Snap-On Incorporated (NYSE:SNA - Free Report) by 11.1% during the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 20,050 shares of the company's stock after selling 2,516 shares during the period. Burney Co.'s holdings in Snap-On were worth $7,283,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in SNA. Thurston Springer Miller Herd & Titak Inc. acquired a new stake in shares of Snap-On during the 4th quarter worth about $25,000. DV Equities LLC acquired a new position in Snap-On in the fourth quarter valued at about $25,000. GoalVest Advisory LLC acquired a new position in Snap-On in the fourth quarter valued at about $28,000. Montag A & Associates Inc. boosted its stake in Snap-On by 331.8% during the fourth quarter. Montag A & Associates Inc. now owns 95 shares of the company's stock worth $33,000 after buying an additional 73 shares during the period. Finally, Quattro Advisors LLC acquired a new stake in shares of Snap-On during the fourth quarter valued at about $35,000. Hedge funds and other institutional investors own 84.88% of the company's stock.

Snap-On Stock Performance

NYSE SNA opened at $414.07 on Tuesday. The company has a debt-to-equity ratio of 0.15, a current ratio of 3.53 and a quick ratio of 2.74. The company has a market cap of $21.45 billion, a P/E ratio of 21.38, a P/E/G ratio of 2.90 and a beta of 0.73. The stock has a 50-day moving average of $381.11 and a two-hundred day moving average of $373.13. Snap-On Incorporated has a 1-year low of $310.23 and a 1-year high of $414.62.

Snap-On (NYSE:SNA - Get Free Report) last issued its quarterly earnings results on Thursday, April 23rd. The company reported $4.69 earnings per share (EPS) for the quarter, missing the consensus estimate of $4.75 by ($0.06). Snap-On had a return on equity of 17.13% and a net margin of 21.28%.The business had revenue of $1.21 billion for the quarter, compared to analyst estimates of $1.19 billion. During the same period in the prior year, the company posted $4.51 EPS. The firm's revenue for the quarter was up 5.8% compared to the same quarter last year. As a group, analysts anticipate that Snap-On Incorporated will post 19.7 EPS for the current year.

Snap-On Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, June 10th. Shareholders of record on Wednesday, May 20th were issued a dividend of $2.44 per share. The ex-dividend date was Wednesday, May 20th. This represents a $9.76 dividend on an annualized basis and a yield of 2.4%. Snap-On's dividend payout ratio is 50.39%.

Snap-On announced that its Board of Directors has authorized a stock buyback program on Thursday, April 30th that authorizes the company to buyback $500.00 million in outstanding shares. This buyback authorization authorizes the company to buy up to 2.5% of its stock through open market purchases. Stock buyback programs are often an indication that the company's board of directors believes its shares are undervalued.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on the stock. Roth Mkm reissued a "buy" rating and issued a $431.00 price target on shares of Snap-On in a research note on Friday, April 24th. Robert W. Baird lifted their target price on shares of Snap-On from $380.00 to $395.00 and gave the company a "neutral" rating in a report on Friday, April 24th. Weiss Ratings reissued a "buy (b)" rating on shares of Snap-On in a research report on Monday, April 20th. Finally, Barclays began coverage on Snap-On in a research note on Thursday, May 28th. They set an "overweight" rating and a $420.00 price target on the stock. Five research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, Snap-On has a consensus rating of "Moderate Buy" and a consensus target price of $387.67.

Insider Buying and Selling at Snap-On

In other news, VP Richard Thomas Miller sold 2,000 shares of the company's stock in a transaction on Wednesday, July 1st. The stock was sold at an average price of $405.92, for a total transaction of $811,840.00. Following the sale, the vice president owned 4,529 shares of the company's stock, valued at approximately $1,838,411.68. This represents a 30.63% 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, CFO Aldo John Pagliari sold 5,713 shares of the stock in a transaction on Thursday, May 14th. The shares were sold at an average price of $367.19, for a total value of $2,097,756.47. Following the completion of the sale, the chief financial officer owned 119,488 shares in the company, valued at approximately $43,874,798.72. The trade was a 4.56% 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. Over the last 90 days, insiders sold 37,117 shares of company stock worth $14,003,922. 3.80% of the stock is currently owned by corporate insiders.

Snap-On Company 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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