Hamlin Capital Management LLC Raises Stock Position in Snap-On Incorporated (NYSE:SNA)

Key Points

• Hamlin Capital Management LLC increased its stake in Snap-On Incorporated by 1.5%, owning 502,645 shares now worth approximately $169 million, making it the firm's 13th largest holding.
• Snap-On reported better-than-expected earnings, with $4.72 EPS against an estimated $4.61, and a revenue of $1.18 billion, surpassing the consensus estimate of $1.16 billion.
• The company declared a quarterly dividend of $2.14 per share, representing a 2.6% dividend yield, with an upcoming ex-dividend date set for August 19th.

Hamlin Capital Management LLC raised its position in Snap-On Incorporated (NYSE:SNA - Free Report) by 1.5% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 502,645 shares of the company's stock after acquiring an additional 7,403 shares during the period. Snap-On makes up approximately 4.1% of Hamlin Capital Management LLC's holdings, making the stock its 13th biggest holding. Hamlin Capital Management LLC owned 0.96% of Snap-On worth $169,396,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. Choreo LLC raised its stake in Snap-On by 78.3% in the first quarter. Choreo LLC now owns 7,218 shares of the company's stock valued at $2,432,000 after buying an additional 3,170 shares during the last quarter. Ethic Inc. grew its position in Snap-On by 18.6% during the 4th quarter. Ethic Inc. now owns 9,212 shares of the company's stock worth $3,127,000 after purchasing an additional 1,445 shares during the last quarter. DAVENPORT & Co LLC acquired a new position in Snap-On during the 1st quarter valued at approximately $218,000. OneDigital Investment Advisors LLC raised its holdings in shares of Snap-On by 26.4% in the first quarter. OneDigital Investment Advisors LLC now owns 867 shares of the company's stock worth $292,000 after buying an additional 181 shares during the last quarter. Finally, Vontobel Holding Ltd. lifted its stake in shares of Snap-On by 27.4% during the first quarter. Vontobel Holding Ltd. now owns 13,636 shares of the company's stock worth $4,595,000 after buying an additional 2,932 shares during the period. 84.88% of the stock is owned by hedge funds and other institutional investors.

Snap-On Trading Up 2.6%

SNA stock opened at $333.90 on Thursday. Snap-On Incorporated has a 52-week low of $268.90 and a 52-week high of $373.89. 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 market cap of $17.42 billion, a P/E ratio of 17.81, a PEG ratio of 2.27 and a beta of 0.76. The company's 50-day simple moving average is $319.37 and its 200-day simple moving average is $325.69.

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, topping the consensus estimate of $4.61 by $0.11. The business had revenue of $1.18 billion during 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 business's quarterly revenue was up .0% on a year-over-year basis. During the same period in the prior year, the company posted $5.07 EPS. As a group, equities analysts forecast that Snap-On Incorporated will post 19.79 EPS for the current fiscal year.

Snap-On Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, September 10th. Investors of record on Tuesday, August 19th will be given a dividend of $2.14 per share. This represents a $8.56 annualized dividend and a dividend yield of 2.6%. The ex-dividend date is Tuesday, August 19th. Snap-On's payout ratio is presently 45.65%.

Analyst Ratings Changes

A number of analysts have commented on SNA shares. Barrington Research reaffirmed an "outperform" rating and set a $350.00 price target on shares of Snap-On in a research report on Tuesday, July 15th. Wall Street Zen upgraded Snap-On from a "hold" rating to a "buy" rating in a research report on Friday, May 16th. Bank of America raised their price target on shares of Snap-On from $265.00 to $285.00 and gave the stock an "underperform" rating in a research report on Friday, July 18th. Finally, Robert W. Baird increased their price objective on shares of Snap-On from $329.00 to $347.00 and gave the stock a "neutral" rating in a research note on Friday, July 18th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, Snap-On has an average rating of "Moderate Buy" and a consensus target price of $356.17.

Insider Activity at Snap-On

In other news, Director Karen L. Daniel sold 1,090 shares of the company's stock in a transaction on Thursday, June 5th. The shares were sold at an average price of $319.92, for a total transaction of $348,712.80. Following the completion of the sale, the director owned 8,030 shares of the company's stock, valued at $2,568,957.60. This represents a 11.95% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Nicholas T. Pinchuk sold 23,042 shares of the business's stock in a transaction dated Monday, August 11th. The stock was sold at an average price of $320.88, for a total transaction of $7,393,716.96. Following the transaction, the chief executive officer owned 815,219 shares in the company, valued at $261,587,472.72. The trade was a 2.75% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 47,304 shares of company stock valued at $15,061,306 over the last quarter. 3.90% of the stock is owned by company insiders.

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.

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