Coastal Bridge Advisors LLC Purchases New Position in Snap-On Incorporated $SNA

Key Points

• Coastal Bridge Advisors initiated a Snap-On position by purchasing 4,025 shares valued at approximately $1.62 million. Institutional investors own 84.88% of the company.
• Snap-On exceeded quarterly expectations with $4.96 in EPS and $1.24 billion in revenue, while revenue increased 4.7% year over year. The company also announced a $2.44 quarterly dividend, representing a 2.5% yield.
• Analysts maintain a “Moderate Buy” consensus with an average price target of $426.20, and Snap-On authorized a $500 million share-repurchase program covering up to 2.5% of its shares.

Coastal Bridge Advisors LLC bought a new position in shares of Snap-On Incorporated (NYSE:SNA - Free Report) in the second quarter, according to the company in its most recent filing with the SEC. The firm bought 4,025 shares of the company's stock, valued at approximately $1,620,000.

Other large investors have also recently added to or reduced their stakes in the company. DV Equities LLC acquired a new position in shares of Snap-On in the 4th quarter worth approximately $25,000. Western Wealth Management LLC acquired a new position in Snap-On in the first quarter worth $29,000. Montag A & Associates Inc. boosted its stake in Snap-On by 331.8% in the fourth quarter. Montag A & Associates Inc. now owns 95 shares of the company's stock worth $33,000 after purchasing an additional 73 shares in the last quarter. Quattro Advisors LLC bought a new stake in shares of Snap-On during the fourth quarter worth $35,000. Finally, Annis Gardner Whiting Capital Advisors LLC increased its stake in shares of Snap-On by 36.4% in the fourth quarter. Annis Gardner Whiting Capital Advisors LLC now owns 105 shares of the company's stock valued at $36,000 after buying an additional 28 shares in the last quarter. 84.88% of the stock is owned by institutional investors.

Snap-On Stock Performance

Snap-On stock opened at $395.94 on Friday. The company has a current ratio of 3.43, a quick ratio of 2.64 and a debt-to-equity ratio of 0.15. Snap-On Incorporated has a 1 year low of $319.20 and a 1 year high of $423.02. The company has a market cap of $20.48 billion, a PE ratio of 20.19, a PEG ratio of 2.80 and a beta of 0.73. The company's 50-day moving average is $404.06 and its two-hundred day moving average is $385.23.

Snap-On (NYSE:SNA - Get Free Report) last issued its quarterly earnings results on Thursday, July 23rd. The company reported $4.96 EPS for the quarter, topping the consensus estimate of $4.95 by $0.01. The company had revenue of $1.24 billion during the quarter, compared to analysts' expectations of $1.22 billion. Snap-On had a net margin of 21.25% and a return on equity of 17.07%. Snap-On's revenue was up 4.7% on a year-over-year basis. During the same quarter in the previous year, the company earned $4.72 EPS. Equities analysts anticipate that Snap-On Incorporated will post 19.7 earnings per share for the current year.

Snap-On Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 10th. Shareholders of record on Wednesday, August 19th will be given a dividend of $2.44 per share. The ex-dividend date is Wednesday, August 19th. This represents a $9.76 annualized dividend and a dividend yield of 2.5%. Snap-On's payout ratio is presently 49.77%.

Snap-On announced that its Board of Directors has approved a share repurchase plan on Thursday, April 30th that authorizes the company to repurchase $500.00 million in shares. This repurchase authorization authorizes the company to purchase up to 2.5% of its shares through open market purchases. Shares repurchase plans are often an indication that the company's board of directors believes its stock is undervalued.

Analyst Ratings Changes

A number of brokerages have commented on SNA. Weiss Ratings reissued a "buy (b)" rating on shares of Snap-On in a report on Friday, July 17th. Tigress Financial upped their target price on shares of Snap-On from $445.00 to $485.00 and gave the stock a "buy" rating in a research report on Friday, July 31st. Robert W. Baird set a $415.00 price target on shares of Snap-On in a research note on Friday, July 24th. Barclays assumed coverage on shares of Snap-On in a report on Thursday, May 28th. They issued an "overweight" rating and a $420.00 price target for the company. Finally, Roth Capital reaffirmed a "buy" rating and set a $461.00 price objective (up from $409.00) on shares of Snap-On in a report on Friday, July 24th. Five equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat, Snap-On currently has an average rating of "Moderate Buy" and an average price target of $426.20.

Insider Activity at Snap-On

In other news, VP Richard Thomas Miller sold 2,000 shares of the stock in a transaction on Wednesday, July 1st. The stock was sold at an average price of $405.92, for a total value of $811,840.00. Following the transaction, the vice president owned 4,529 shares of the company's stock, valued at $1,838,411.68. This represents a 30.63% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Aldo John Pagliari sold 5,531 shares of the firm's stock in a transaction on Thursday, August 13th. The stock was sold at an average price of $404.25, for a total value of $2,235,906.75. Following the completion of the transaction, the chief financial officer owned 120,644 shares in the company, valued at $48,770,337. This represents a 4.38% 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. In the last ninety days, insiders have sold 46,728 shares of company stock worth $18,803,009. 3.80% of the stock is owned by company 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source