Snap-On Incorporated $SNA Holdings Decreased by Confluence Investment Management LLC

Key Points

• Confluence Investment Management LLC reduced its stake in Snap-On Incorporated by 1.6% during Q2, now holding approximately $156 million worth of shares.
• Snap-On reported quarterly earnings of $4.72 EPS, exceeding analyst estimates and leading to a 20.98% net margin.
• The company declared a quarterly dividend of $2.14 per share, representing an annualized yield of 2.6% with a payout ratio of 45.65%.

Confluence Investment Management LLC trimmed its position in shares of Snap-On Incorporated (NYSE:SNA - Free Report) by 1.6% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 501,531 shares of the company's stock after selling 8,332 shares during the quarter. Snap-On makes up 2.2% of Confluence Investment Management LLC's portfolio, making the stock its 3rd biggest holding. Confluence Investment Management LLC owned 0.96% of Snap-On worth $156,066,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in SNA. AG2R LA Mondiale Gestion D Actifs acquired a new position in Snap-On in the first quarter valued at $920,000. Modern Wealth Management LLC increased its stake in Snap-On by 7.4% during the first quarter. Modern Wealth Management LLC now owns 638 shares of the company's stock worth $215,000 after acquiring an additional 44 shares during the last quarter. Strs Ohio purchased a new stake in shares of Snap-On in the first quarter worth about $2,206,000. Jacobi Capital Management LLC boosted its position in shares of Snap-On by 12.7% in the first quarter. Jacobi Capital Management LLC now owns 692 shares of the company's stock worth $233,000 after buying an additional 78 shares during the period. Finally, Advisors Capital Management LLC boosted its position in shares of Snap-On by 5.3% in the first quarter. Advisors Capital Management LLC now owns 1,241 shares of the company's stock worth $418,000 after buying an additional 63 shares during the period. 84.88% of the stock is currently owned by hedge funds and other institutional investors.

Snap-On Stock Performance

NYSE:SNA traded up $6.60 during trading hours on Monday, reaching $340.19. 475,926 shares of the stock were exchanged, compared to its average volume of 209,279. 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 50 day simple moving average of $325.41 and a 200-day simple moving average of $322.75. Snap-On Incorporated has a 52 week low of $279.74 and a 52 week high of $373.89. The stock has a market capitalization of $17.74 billion, a P/E ratio of 18.14, a P/E/G ratio of 2.32 and a beta of 0.77.

Snap-On (NYSE:SNA - Get Free Report) last released its earnings results on Thursday, July 17th. The company reported $4.72 EPS for the quarter, topping analysts' consensus estimates of $4.61 by $0.11. Snap-On had a return on equity of 18.02% and a net margin of 20.98%.The company had revenue of $1.18 billion for the quarter, compared to the consensus estimate of $1.16 billion. During the same quarter last year, the business posted $5.07 EPS. Snap-On's quarterly revenue was up .0% compared to the same quarter last year. As a group, sell-side analysts forecast that Snap-On Incorporated will post 19.79 earnings per share for the current fiscal year.

Snap-On Announces Dividend

The business 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. The ex-dividend date of this dividend was Tuesday, August 19th. This represents a $8.56 annualized dividend and a dividend yield of 2.5%. Snap-On's dividend payout ratio (DPR) is 45.65%.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on SNA shares. Robert W. Baird upped their target price on Snap-On from $329.00 to $347.00 and gave the stock a "neutral" rating in a research report on Friday, July 18th. Barrington Research reissued an "outperform" rating and issued a $350.00 price target on shares of Snap-On in a report on Tuesday, July 15th. Tigress Financial increased their price target on Snap-On from $390.00 to $395.00 and gave the company a "buy" rating in a report on Friday, August 29th. Finally, Bank of America increased their price target on Snap-On from $265.00 to $285.00 and gave the company an "underperform" rating in a report on Friday, July 18th. 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. According to data from MarketBeat.com, 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 firm's stock in a transaction that occurred on Monday, August 11th. The stock was sold at an average price of $320.88, for a total value of $7,393,716.96. Following the sale, the chief executive officer directly owned 815,219 shares in the company, valued at $261,587,472.72. This trade represents a 2.75% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Aldo John Pagliari sold 125 shares of the firm's stock in a transaction that occurred on Friday, August 15th. The shares were sold at an average price of $325.21, for a total value of $40,651.25. Following the completion of the sale, the chief financial officer owned 111,721 shares in the company, valued at approximately $36,332,786.41. This represents a 0.11% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 27,898 shares of company stock worth $8,983,203. Company insiders own 3.90% of the company's stock.

About Snap-On

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.