Snap-On Incorporated $SNA Shares Sold by Clark Capital Management Group Inc.

Key Points

• Clark Capital Management Group Inc. has reduced its stake in Snap-On Incorporated ($SNA) by 35.1%, now holding approximately 87,521 shares worth $29.5 million.
• Several hedge funds have adjusted their positions in Snap-On, with Choreo LLC increasing its holdings by 78.3% and Jump Financial LLC boosting its stake by a remarkable 367.7%.
• Snap-On has announced a quarterly dividend of $2.14, equating to an annualized dividend yield of 2.6%, to be paid to investors of record on August 19th.

Clark Capital Management Group Inc. decreased its position in Snap-On Incorporated (NYSE:SNA - Free Report) by 35.1% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 87,521 shares of the company's stock after selling 47,420 shares during the period. Clark Capital Management Group Inc. owned approximately 0.17% of Snap-On worth $29,496,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Charles Schwab Investment Management Inc. grew its position in Snap-On by 6.4% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 1,921,584 shares of the company's stock worth $647,593,000 after purchasing an additional 115,306 shares during the period. Auto Owners Insurance Co grew its position in 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 worth $361,612,000 after purchasing an additional 1,070,025 shares during the period. Northern Trust Corp grew its position in shares of Snap-On by 5.4% during the 1st quarter. Northern Trust Corp now owns 841,721 shares of the company's stock valued at $283,668,000 after acquiring an additional 43,467 shares during the period. Envestnet Asset Management Inc. grew its position in shares of Snap-On by 2.0% during the 1st quarter. Envestnet Asset Management Inc. now owns 774,526 shares of the company's stock valued at $261,023,000 after acquiring an additional 15,097 shares during the period. Finally, GAMMA Investing LLC grew 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 period. 84.88% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Snap-On

In other Snap-On news, CFO Aldo John Pagliari sold 4,731 shares of the business's stock in a transaction on Thursday, August 14th. The stock was sold at an average price of $327.38, for a total value of $1,548,834.78. Following the completion of the transaction, the chief financial officer directly owned 111,667 shares in the company, valued at approximately $36,557,542.46. The trade was a 4.06% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Nicholas T. Pinchuk sold 23,042 shares of the business's stock in a transaction 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 completion of the transaction, the chief executive officer owned 815,219 shares of the company's stock, valued at $261,587,472.72. This trade represents a 2.75% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 27,898 shares of company stock valued at $8,983,203 over the last quarter. 3.90% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on SNA. Bank of America boosted their target price on Snap-On from $265.00 to $285.00 and gave the stock an "underperform" rating in a report on Friday, July 18th. Tigress Financial upped their price objective on Snap-On from $390.00 to $395.00 and gave the company a "buy" rating in a report on Friday, August 29th. Robert W. Baird upped their price objective on Snap-On from $329.00 to $347.00 and gave the company a "neutral" rating in a report on Friday, July 18th. Barrington Research reiterated an "outperform" rating and issued a $350.00 price objective on shares of Snap-On in a report on Tuesday, July 15th. Finally, Wall Street Zen upgraded Snap-On from a "hold" rating to a "buy" rating in a report on Friday, May 16th. Four investment 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 presently has a consensus rating of "Moderate Buy" and a consensus price target of $357.00.

Snap-On Stock Up 0.5%

Shares of Snap-On stock traded up $1.58 during trading hours on Wednesday, reaching $324.22. 53,380 shares of the company were exchanged, compared to its average volume of 365,459. The stock's fifty day moving average is $324.38 and its 200 day moving average is $323.03. The firm has a market cap of $16.91 billion, a PE ratio of 17.27, a PEG ratio of 2.27 and a beta of 0.77. Snap-On Incorporated has a 1 year low of $269.58 and a 1 year high of $373.89. The company has a debt-to-equity ratio of 0.21, a quick ratio of 3.42 and a current ratio of 4.48.

Snap-On (NYSE:SNA - Get Free Report) last released 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 firm had revenue of $1.18 billion for the quarter, compared to analyst estimates of $1.16 billion. Snap-On had a return on equity of 18.02% and a net margin of 20.98%.The business's revenue was up .0% on a year-over-year basis. During the same quarter last year, the company posted $5.07 earnings per share. As a group, equities research analysts forecast that Snap-On Incorporated will post 19.79 earnings per share for the current year.

Snap-On Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 10th. Shareholders of record on Tuesday, August 19th will be issued a $2.14 dividend. The ex-dividend date is Tuesday, August 19th. This represents a $8.56 annualized dividend and a yield of 2.6%. Snap-On's payout ratio is 45.65%.

Snap-On 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.