Envestnet Asset Management Inc. Decreases Stock Position in Snap-On Incorporated $SNA

Key Points

• Envestnet Asset Management reduced its Snap-On stake by 9.2% in the second quarter, selling 69,535 shares and retaining 684,806 shares valued at approximately $275.6 million. Institutional investors collectively own 84.88% of the company.
• Snap-On insiders sold 40,720 shares worth approximately $16.5 million over the past 90 days, including sales by the CFO and a senior vice president under pre-arranged Rule 10b5-1 plans.
• Analyst sentiment remains positive, with five Buy ratings and one Hold rating producing a “Moderate Buy” consensus and an average price target of $426.20. The company also recently reported better-than-expected quarterly earnings and pays an annualized dividend of $9.76 per share, yielding about 2.7%.

Envestnet Asset Management Inc. decreased its holdings in shares of Snap-On Incorporated (NYSE:SNA - Free Report) by 9.2% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 684,806 shares of the company's stock after selling 69,535 shares during the quarter. Envestnet Asset Management Inc. owned 1.32% of Snap-On worth $275,566,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently made changes to their positions in SNA. Annis Gardner Whiting Capital Advisors LLC grew its stake in shares of Snap-On by 36.4% during the fourth quarter. Annis Gardner Whiting Capital Advisors LLC now owns 105 shares of the company's stock worth $36,000 after buying an additional 28 shares during the last quarter. Ritholtz Wealth Management grew its position in Snap-On by 2.4% during the 1st quarter. Ritholtz Wealth Management now owns 1,435 shares of the company's stock worth $521,000 after acquiring an additional 34 shares during the last quarter. CX Institutional increased its holdings in Snap-On by 10.6% in the 2nd quarter. CX Institutional now owns 447 shares of the company's stock worth $180,000 after purchasing an additional 43 shares in the last quarter. IFM Investors Pty Ltd increased its holdings in Snap-On by 0.4% in the 1st quarter. IFM Investors Pty Ltd now owns 11,301 shares of the company's stock worth $4,105,000 after purchasing an additional 45 shares in the last quarter. Finally, Ascentis Independent Advisors raised its position in Snap-On by 2.5% in the first quarter. Ascentis Independent Advisors now owns 1,859 shares of the company's stock valued at $675,000 after purchasing an additional 46 shares during the last quarter. Institutional investors own 84.88% of the company's stock.

Insider Buying and Selling

In other Snap-On news, SVP Timothy L. Chambers sold 9,111 shares of the stock in a transaction dated Tuesday, July 28th. The stock was sold at an average price of $419.36, for a total transaction of $3,820,788.96. Following the completion of the sale, the senior vice president directly owned 21,223 shares in the company, valued at approximately $8,900,077.28. This trade represents a 30.04% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Aldo Pagliari sold 5,531 shares of Snap-On stock in a transaction dated 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 directly owned 120,644 shares of the company's stock, valued at approximately $48,770,337. This trade represents a 4.38% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders sold 40,720 shares of company stock worth $16,500,198. Corporate insiders own 3.80% of the company's stock.

Analyst Ratings Changes

SNA has been the topic of a number of recent research reports. Barclays initiated coverage on Snap-On in a research note on Thursday, May 28th. They set an "overweight" rating and a $420.00 price target on the stock. Weiss Ratings reiterated a "buy (b)" rating on shares of Snap-On in a report on Friday, July 17th. Roth Capital reiterated a "buy" rating and set a $461.00 target price (up from $409.00) on shares of Snap-On in a research report on Friday, July 24th. Tigress Financial boosted their target price on shares of Snap-On from $445.00 to $485.00 and gave the stock a "buy" rating in a report on Friday, July 31st. Finally, Robert W. Baird set a $415.00 price target on shares of Snap-On in a research report on Friday, July 24th. Five investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $426.20.

Snap-On Trading Down 0.8%

Shares of SNA stock opened at $367.19 on Friday. The stock has a market cap of $18.99 billion, a price-to-earnings ratio of 18.72, a PEG ratio of 2.62 and a beta of 0.72. The stock has a 50-day moving average of $394.33 and a 200-day moving average of $384.50. 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 $320.80 and a 1-year high of $423.02.

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

Snap-On Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, September 10th. Stockholders of record on Wednesday, August 19th were given a $2.44 dividend. The ex-dividend date was Wednesday, August 19th. This represents a $9.76 dividend on an annualized basis and a dividend yield of 2.7%. Snap-On's payout ratio is 49.77%.

Snap-On Company Profile

Snap-on Incorporated is a manufacturer and distributor of professional tools, equipment, diagnostics and repair information. Its products include hand and power tools, tool storage, vehicle diagnostic systems, shop equipment, repair software and related services. The company serves professional technicians and customers in the automotive repair, commercial transportation, industrial, aviation, military, agriculture and other technical markets.

Snap-on sells products under the Snap-on brand and other brands, including Blue-Point, through a broad distribution network.

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