Contravisory Investment Management Inc. Makes New $694,000 Investment in Snap-On Incorporated $SNA

Key Points

• Contravisory Investment Management Inc. acquired 2,231 shares of Snap-On, worth about $694,000, as reported in its recent SEC filing.
• Analysts have set various price targets for Snap-On, with Barrington Research setting a target of $350, while Tigress Financial raised theirs to $395.
• Snap-On's quarterly earnings exceeded estimates with an EPS of $4.72 and reported revenues of $1.18 billion, reflecting a stable performance during the period.

Contravisory Investment Management Inc. bought a new position in Snap-On Incorporated (NYSE:SNA - Free Report) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm bought 2,231 shares of the company's stock, valued at approximately $694,000.

Several other large investors have also recently added to or reduced their stakes in the stock. Alpine Bank Wealth Management acquired a new stake in shares of Snap-On during the first quarter valued at about $25,000. Golden State Wealth Management LLC lifted its holdings in Snap-On by 421.1% in the first quarter. Golden State Wealth Management LLC now owns 99 shares of the company's stock worth $33,000 after acquiring an additional 80 shares during the last quarter. Cullen Frost Bankers Inc. raised its holdings in shares of Snap-On by 248.3% during the first quarter. Cullen Frost Bankers Inc. now owns 101 shares of the company's stock valued at $34,000 after buying an additional 72 shares during the last quarter. Ransom Advisory Ltd bought a new stake in shares of Snap-On during the first quarter valued at approximately $34,000. Finally, Thurston Springer Miller Herd & Titak Inc. increased its stake in shares of Snap-On by 52.8% during the second quarter. Thurston Springer Miller Herd & Titak Inc. now owns 110 shares of the company's stock valued at $34,000 after acquiring an additional 38 shares during the period. 84.88% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, CEO Nicholas T. Pinchuk sold 23,042 shares of the company'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 sale, the chief executive officer owned 815,219 shares of the company's stock, valued at approximately $261,587,472.72. This represents a 2.75% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Aldo John Pagliari sold 4,731 shares of the company's stock in a transaction on Thursday, August 14th. The shares were sold at an average price of $327.38, for a total transaction of $1,548,834.78. Following the sale, the chief financial officer owned 111,667 shares of the company's stock, valued at $36,557,542.46. This represents a 4.06% 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 valued at $8,983,203. Corporate insiders own 3.90% of the company's stock.

Snap-On Stock Down 0.5%

Shares of Snap-On stock traded down $1.77 during trading hours on Friday, reaching $337.72. The company's stock had a trading volume of 989,329 shares, compared to its average volume of 241,510. 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 Incorporated has a one year low of $281.64 and a one year high of $373.89. The company has a market capitalization of $17.62 billion, a P/E ratio of 18.01, a P/E/G ratio of 2.35 and a beta of 0.77. The stock's fifty day simple moving average is $326.79 and its two-hundred day simple moving average is $322.90.

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 for the quarter, beating analysts' consensus estimates of $4.61 by $0.11. The company had revenue of $1.18 billion for the quarter, compared to analyst estimates of $1.16 billion. Snap-On had a net margin of 20.98% and a return on equity of 18.02%. The firm's revenue was up .0% on a year-over-year basis. During the same period last year, the firm earned $5.07 earnings per share. On average, research analysts forecast that Snap-On Incorporated will post 19.79 earnings per share for the current year.

Snap-On Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, September 10th. Shareholders of record on Tuesday, August 19th were paid a $2.14 dividend. This represents a $8.56 dividend on an annualized basis and a yield of 2.5%. The ex-dividend date of this dividend was Tuesday, August 19th. Snap-On's payout ratio is currently 45.65%.

Analyst Ratings Changes

Several research firms have issued reports on SNA. Bank of America upped 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. Barrington Research restated an "outperform" rating and set a $350.00 price target on shares of Snap-On in a report on Tuesday, July 15th. Robert W. Baird boosted their price target on shares of Snap-On from $329.00 to $347.00 and gave the company a "neutral" rating in a report on Friday, July 18th. Finally, Tigress Financial upped their price objective on shares of Snap-On from $390.00 to $395.00 and gave the stock a "buy" rating in a report on Friday, August 29th. Four equities 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. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $357.00.

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.