New Century Financial Group LLC Cuts Stake in Snap-On Incorporated $SNA

Key Points

• New Century Financial Group LLC significantly decreased its stake in Snap-On Incorporated by 62.5%, ending the quarter with 786 shares valued at approximately $245,000.
• Insider sales included CFO Aldo John Pagliari selling 4,731 shares worth over $1.5 million and CEO Nicholas T. Pinchuk selling 23,042 shares valued at about $7.4 million.
• Snap-On announced a quarterly dividend of $2.14 per share, translating to an annualized yield of 2.5%, with a current dividend payout ratio of 45.65%.

New Century Financial Group LLC lessened its stake in shares of Snap-On Incorporated (NYSE:SNA - Free Report) by 62.5% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 786 shares of the company's stock after selling 1,311 shares during the period. New Century Financial Group LLC's holdings in Snap-On were worth $245,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently bought and sold shares of SNA. Alpine Bank Wealth Management purchased a new stake in Snap-On during the 1st quarter worth approximately $25,000. Ameritas Advisory Services LLC acquired a new stake in shares of Snap-On in the second quarter worth approximately $30,000. Golden State Wealth Management LLC increased its position in shares of Snap-On by 421.1% during the first quarter. Golden State Wealth Management LLC now owns 99 shares of the company's stock worth $33,000 after purchasing an additional 80 shares in the last quarter. Cullen Frost Bankers Inc. raised its stake in Snap-On by 248.3% in 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. Finally, Ransom Advisory Ltd purchased a new position in Snap-On in the 1st quarter valued at $34,000. 84.88% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Snap-On

In other Snap-On news, CFO Aldo John Pagliari sold 4,731 shares of the business's stock in a transaction that occurred 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 sale, the chief financial officer owned 111,667 shares of the company's stock, valued at $36,557,542.46. The trade was a 4.06% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Nicholas T. Pinchuk sold 23,042 shares of the firm's stock in a transaction on Monday, August 11th. The stock was 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 of the company's stock, valued at approximately $261,587,472.72. This represents a 2.75% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 27,898 shares of company stock worth $8,983,203 in the last ninety days. 3.90% of the stock is currently owned by corporate insiders.

Snap-On Price Performance

Shares of SNA stock opened at $349.17 on Friday. The firm's 50-day moving average is $329.58 and its two-hundred day moving average is $323.58. Snap-On Incorporated has a 12 month low of $284.38 and a 12 month high of $373.89. 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 company has a market capitalization of $18.21 billion, a PE ratio of 18.62, a price-to-earnings-growth ratio of 2.40 and a beta of 0.78.

Snap-On (NYSE:SNA - Get Free Report) last released its quarterly earnings results on Thursday, July 17th. The company reported $4.72 EPS 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 analyst estimates of $1.16 billion. Snap-On had a net margin of 20.98% and a return on equity of 18.02%. The business's revenue for the quarter was up .0% compared to the same quarter last year. During the same quarter in the previous year, the company earned $5.07 EPS. Analysts predict that Snap-On Incorporated will post 19.79 earnings per share for the current year.

Snap-On Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, September 10th. Investors of record on Tuesday, August 19th were given a dividend of $2.14 per share. This represents a $8.56 dividend on an annualized basis and a dividend yield of 2.5%. The ex-dividend date of this dividend was Tuesday, August 19th. Snap-On's dividend payout ratio (DPR) is presently 45.65%.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on the stock. Robert W. Baird upped their target price on shares of Snap-On from $329.00 to $347.00 and gave the stock a "neutral" rating in a report on Friday, July 18th. Tigress Financial boosted their price target on shares of Snap-On from $390.00 to $395.00 and gave the stock a "buy" rating in a research report on Friday, August 29th. Barrington Research reiterated an "outperform" rating and issued a $350.00 price objective on shares of Snap-On in a report on Tuesday, September 23rd. Finally, Bank of America raised their target price on shares of Snap-On from $265.00 to $285.00 and gave the stock an "underperform" rating in a research note on Friday, July 18th. Four equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $357.00.

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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