HighTower Advisors LLC Sells 1,848 Shares of Snap-On Incorporated $SNA

Key Points

• HighTower Advisors LLC reduced its stake in Snap-On Incorporated by 3.8%, selling 1,848 shares, and now holds approximately 0.09% of the company valued at $15.97 million.
• Institutional investors own 84.88% of Snap-On's shares, with Charles Schwab Investment Management boosting its stake by 6.4% in the first quarter to own over 1.9 million shares.
• Snap-On announced a quarterly dividend of $2.14 per share, resulting in an annualized dividend of $8.56 with a yield of 2.6%.

HighTower Advisors LLC lowered its holdings in shares of Snap-On Incorporated (NYSE:SNA - Free Report) by 3.8% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 47,378 shares of the company's stock after selling 1,848 shares during the quarter. HighTower Advisors LLC owned approximately 0.09% of Snap-On worth $15,967,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Alpine Bank Wealth Management purchased a new stake in shares of Snap-On during the 1st quarter valued at about $25,000. Golden State Wealth Management LLC increased its position in shares of Snap-On by 421.1% during the 1st quarter. Golden State Wealth Management LLC now owns 99 shares of the company's stock valued at $33,000 after purchasing an additional 80 shares during the last quarter. Cullen Frost Bankers Inc. increased its position in shares of Snap-On by 248.3% during the 1st quarter. Cullen Frost Bankers Inc. now owns 101 shares of the company's stock valued at $34,000 after purchasing an additional 72 shares during the last quarter. Opal Wealth Advisors LLC bought a new position in shares of Snap-On during the 1st quarter valued at approximately $35,000. Finally, ORG Partners LLC grew its stake in shares of Snap-On by 150.8% during the 1st quarter. ORG Partners LLC now owns 158 shares of the company's stock valued at $54,000 after acquiring an additional 95 shares during the period. Hedge funds and other institutional investors own 84.88% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the company. Bank of America boosted their price objective on Snap-On from $265.00 to $285.00 and gave the company an "underperform" rating in a research note on Friday, July 18th. Barrington Research reiterated an "outperform" rating and set a $350.00 price objective on shares of Snap-On in a research note on Tuesday, July 15th. Robert W. Baird boosted their price objective on Snap-On from $329.00 to $347.00 and gave the company a "neutral" rating in a research note on Friday, July 18th. Finally, Wall Street Zen upgraded Snap-On from a "hold" rating to a "buy" rating in a research note on Friday, May 16th. Four investment 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. According to data from MarketBeat, Snap-On has a consensus rating of "Moderate Buy" and an average price target of $356.17.

Insider Activity

In related news, CEO Nicholas T. Pinchuk sold 23,172 shares of the firm's stock in a transaction on Monday, June 2nd. The stock was sold at an average price of $315.85, for a total value of $7,318,876.20. Following the completion of the sale, the chief executive officer directly owned 804,510 shares in the company, valued at $254,104,483.50. This trade represents a 2.80% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Aldo John Pagliari sold 4,731 shares of the firm's stock in a transaction on Thursday, August 14th. The stock was sold at an average price of $327.38, for a total value of $1,548,834.78. Following the completion of the sale, the chief financial officer owned 111,667 shares of the company's stock, valued at approximately $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 ninety days, insiders sold 52,160 shares of company stock worth $16,650,792. 3.90% of the stock is currently owned by insiders.

Snap-On Price Performance

Shares of NYSE SNA traded down $1.4890 during midday trading on Wednesday, reaching $323.2710. 229,019 shares of the stock traded hands, compared to its average volume of 381,328. The company has a debt-to-equity ratio of 0.21, a current ratio of 4.48 and a quick ratio of 3.42. The stock has a market capitalization of $16.86 billion, a PE ratio of 17.24, a P/E/G ratio of 2.25 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. The company's 50 day moving average is $319.68 and its 200 day moving average is $324.67.

Snap-On (NYSE:SNA - Get Free Report) last posted its earnings results on Thursday, July 17th. The company reported $4.72 EPS for the quarter, beating analysts' consensus estimates of $4.61 by $0.11. The firm 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 company's quarterly revenue was up .0% compared to the same quarter last year. During the same period in the prior year, the company earned $5.07 EPS. On average, equities research analysts anticipate that Snap-On Incorporated will post 19.79 earnings per share for the current year.

Snap-On Dividend Announcement

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