Earnest Partners LLC Sells 7,862 Shares of Snap-On Incorporated $SNA

Key Points

• Earnest Partners LLC has reduced its stake in Snap-On Incorporated by 0.8%, now holding approximately $322.18 million in shares, which accounts for about 1.5% of its total portfolio.
• Recent analysis shows that four analysts currently rate Snap-On as a Buy, contributing to a consensus rating of "Moderate Buy" with an average target price of $356.17.
• Snap-On announced a quarterly dividend of $2.14 per share, representing a yield of 2.6%, with the payment scheduled for September 10th, 2023.

Earnest Partners LLC lessened its position in shares of Snap-On Incorporated (NYSE:SNA - Free Report) by 0.8% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 956,004 shares of the company's stock after selling 7,862 shares during the period. Snap-On comprises 1.5% of Earnest Partners LLC's portfolio, making the stock its 8th largest position. Earnest Partners LLC owned 1.83% of Snap-On worth $322,183,000 at the end of the most recent quarter.

A number of other large investors also recently bought and sold shares of the company. Forvis Mazars Wealth Advisors LLC lifted its holdings in Snap-On by 0.7% during the 1st quarter. Forvis Mazars Wealth Advisors LLC now owns 4,607 shares of the company's stock worth $1,553,000 after buying an additional 32 shares during the last quarter. Horizon Investments LLC lifted its holdings in Snap-On by 4.3% during the 1st quarter. Horizon Investments LLC now owns 775 shares of the company's stock worth $261,000 after buying an additional 32 shares during the last quarter. TrinityPoint Wealth LLC lifted its holdings in Snap-On by 0.8% during the 4th quarter. TrinityPoint Wealth LLC now owns 4,164 shares of the company's stock worth $1,414,000 after buying an additional 33 shares during the last quarter. Cary Street Partners Investment Advisory LLC lifted its holdings in shares of Snap-On by 5.2% in the 1st quarter. Cary Street Partners Investment Advisory LLC now owns 694 shares of the company's stock worth $234,000 after purchasing an additional 34 shares during the last quarter. Finally, Canandaigua National Trust Co of Florida lifted its holdings in shares of Snap-On by 5.4% in the 1st quarter. Canandaigua National Trust Co of Florida now owns 716 shares of the company's stock worth $241,000 after purchasing an additional 37 shares during the last quarter. Institutional investors own 84.88% of the company's stock.

Insider Buying and Selling at Snap-On

In other news, Director Karen L. Daniel sold 1,090 shares of Snap-On stock in a transaction on Thursday, June 5th. The stock was sold at an average price of $319.92, for a total transaction of $348,712.80. Following the transaction, the director directly owned 8,030 shares in the company, valued at approximately $2,568,957.60. This trade represents a 11.95% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Nicholas T. Pinchuk sold 23,042 shares of Snap-On 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 transaction, the chief executive officer owned 815,219 shares in the company, valued at approximately $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 have sold 52,160 shares of company stock valued at $16,650,792 in the last quarter. Corporate insiders own 3.90% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on SNA. Bank of America raised their price target on Snap-On from $265.00 to $285.00 and gave the stock an "underperform" rating in a 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. Robert W. Baird raised their price target on Snap-On from $329.00 to $347.00 and gave the stock a "neutral" rating in a report on Friday, July 18th. Tigress Financial raised their price target on Snap-On from $390.00 to $395.00 and gave the stock a "buy" rating in a report on Friday. Finally, Wall Street Zen raised Snap-On from a "hold" rating to a "buy" rating in a report on Friday, May 16th. Four research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $357.00.

Snap-On Stock Performance

Snap-On stock traded down $2.01 during mid-day trading on Friday, hitting $325.14. 172,805 shares of the company's stock traded hands, compared to its average volume of 236,053. The firm has a 50 day moving average price of $322.31 and a 200 day moving average price of $323.72. 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 company has a market cap of $16.96 billion, a PE ratio of 17.34, a price-to-earnings-growth ratio of 2.26 and a beta of 0.76. Snap-On Incorporated has a one year low of $268.90 and a one year high of $373.89.

Snap-On (NYSE:SNA - Get Free Report) last announced its earnings results on Thursday, July 17th. The company reported $4.72 earnings per share for the quarter, beating the consensus estimate of $4.61 by $0.11. The firm had revenue of $1.18 billion for the quarter, compared to the consensus estimate of $1.16 billion. Snap-On had a return on equity of 18.02% and a net margin of 20.98%.The firm's revenue for the quarter was up .0% on a year-over-year basis. During the same quarter in the previous year, the business earned $5.07 EPS. On average, equities analysts forecast that Snap-On Incorporated will post 19.79 EPS for the current year.

Snap-On Announces Dividend

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