HighTower Advisors LLC Reduces Position in Snap-On Incorporated $SNA

Key Points

• HighTower Advisors cut its Snap-On stake by 8.6% in the fourth quarter, selling 4,059 shares and leaving it with 43,116 shares worth about $14.9 million.
• Insiders have been selling shares: CEO Nicholas T. Pinchuk and CFO Aldo John Pagliari both sold stock in May, and insiders have sold 30,487 shares over the last three months.
• Snap-On reported mixed quarterly results with EPS of $4.69 missing estimates, while revenue of $1.21 billion slightly beat expectations; the company also authorized a $500 million share buyback and declared a quarterly dividend of $2.44 per share.

HighTower Advisors LLC trimmed its position in Snap-On Incorporated (NYSE:SNA - Free Report) by 8.6% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 43,116 shares of the company's stock after selling 4,059 shares during the quarter. HighTower Advisors LLC owned approximately 0.08% of Snap-On worth $14,858,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of SNA. Envestnet Portfolio Solutions Inc. lifted its holdings in Snap-On by 1.3% during the 4th quarter. Envestnet Portfolio Solutions Inc. now owns 58,553 shares of the company's stock worth $20,177,000 after buying an additional 774 shares during the last quarter. North Dakota State Investment Board purchased a new position in shares of Snap-On in the 4th quarter valued at about $605,000. May Hill Capital LLC purchased a new position in shares of Snap-On in the 4th quarter valued at about $219,000. Canada Post Corp Registered Pension Plan raised its position in shares of Snap-On by 35.8% during the 4th quarter. Canada Post Corp Registered Pension Plan now owns 1,062 shares of the company's stock worth $366,000 after acquiring an additional 280 shares in the last quarter. Finally, DNB Asset Management AS raised its position in shares of Snap-On by 24.5% during the 4th quarter. DNB Asset Management AS now owns 29,499 shares of the company's stock worth $10,165,000 after acquiring an additional 5,797 shares in the last quarter. 84.88% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Snap-On news, CEO Nicholas T. Pinchuk sold 23,396 shares of the firm's stock in a transaction dated Tuesday, May 5th. The shares were sold at an average price of $375.77, for a total transaction of $8,791,514.92. Following the completion of the transaction, the chief executive officer directly owned 856,918 shares in the company, valued at approximately $322,004,076.86. This trade represents a 2.66% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Aldo John Pagliari sold 5,713 shares of Snap-On stock in a transaction dated Thursday, May 14th. The stock was sold at an average price of $367.19, for a total transaction of $2,097,756.47. Following the transaction, the chief financial officer owned 119,488 shares of the company's stock, valued at approximately $43,874,798.72. The trade was a 4.56% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 30,487 shares of company stock worth $11,423,343 in the last three months. Corporate insiders own 3.80% of the company's stock.

Snap-On Price Performance

SNA stock opened at $367.10 on Monday. The firm has a 50 day moving average of $370.73 and a 200-day moving average of $363.11. The company has a market cap of $19.02 billion, a price-to-earnings ratio of 18.95, a PEG ratio of 2.58 and a beta of 0.75. The company has a current ratio of 3.53, a quick ratio of 2.74 and a debt-to-equity ratio of 0.15. Snap-On Incorporated has a 12-month low of $301.82 and a 12-month high of $400.88.

Snap-On (NYSE:SNA - Get Free Report) last released its quarterly earnings data on Thursday, April 23rd. The company reported $4.69 earnings per share for the quarter, missing the consensus estimate of $4.75 by ($0.06). The firm had revenue of $1.21 billion during the quarter, compared to analysts' expectations of $1.19 billion. Snap-On had a net margin of 21.28% and a return on equity of 17.13%. The business's revenue for the quarter was up 5.8% on a year-over-year basis. During the same period in the previous year, the business earned $4.51 earnings per share. As a group, equities analysts expect that Snap-On Incorporated will post 19.7 EPS for the current fiscal year.

Snap-On declared that its Board of Directors has initiated a stock buyback program on Thursday, April 30th that authorizes the company to buyback $500.00 million in shares. This buyback authorization authorizes the company to purchase up to 2.6% of its stock through open market purchases. Stock buyback programs are generally a sign that the company's board of directors believes its stock is undervalued.

Snap-On Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, June 10th. Stockholders of record on Wednesday, May 20th will be paid a dividend of $2.44 per share. This represents a $9.76 annualized dividend and a dividend yield of 2.7%. The ex-dividend date of this dividend is Wednesday, May 20th. Snap-On's payout ratio is 50.39%.

Analyst Upgrades and Downgrades

SNA has been the topic of several recent analyst reports. Weiss Ratings reiterated a "buy (b)" rating on shares of Snap-On in a research note on Monday, April 20th. Wall Street Zen downgraded shares of Snap-On from a "buy" rating to a "hold" rating in a research report on Saturday, February 7th. Tigress Financial increased their target price on shares of Snap-On from $405.00 to $445.00 and gave the company a "buy" rating in a research report on Friday, February 27th. Robert W. Baird lifted their price target on shares of Snap-On from $380.00 to $395.00 and gave the stock a "neutral" rating in a research note on Friday, April 24th. Finally, Roth Mkm restated a "buy" rating and issued a $431.00 price objective on shares of Snap-On in a research note on Friday, April 24th. Four research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, Snap-On currently has a consensus rating of "Moderate Buy" and a consensus target price of $381.20.

About Snap-On

Snap‑On Incorporated NYSE: SNA is a designer, manufacturer and marketer of tools, diagnostic equipment, repair information and shop equipment for professional users. The company's product range includes hand and power tools, tool storage and cabinets, diagnostic scan tools and software, shop equipment such as lifts and tire changers, and specialized specialty tools for automotive, aviation, marine and industrial applications. Snap‑On also offers information and workflow solutions that combine diagnostic data, repair procedures and parts information to support professional technicians.

Founded in 1920 and headquartered in Kenosha, Wisconsin, Snap‑On has established a long history in the professional tools market.

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