Northwestern Mutual Wealth Management Co. Boosts Stock Position in Snap-On Incorporated $SNA

Key Points

• Northwestern Mutual Wealth Management dramatically increased its Snap-On stake by 3,608.6% in the fourth quarter, ending with 78,844 shares valued at about $27.2 million.
• Insider selling has been notable, including recent sales by VP June C. Lemerand and CFO Aldo John Pagliari; over the last 90 days, insiders sold 60,759 shares worth about $23.0 million.
• Snap-On reported quarterly EPS of $4.69, missing estimates, while revenue came in at $1.21 billion and rose 5.8% year over year. The company also authorized a $500 million share buyback and declared a $2.44 quarterly dividend payable June 10.

Northwestern Mutual Wealth Management Co. grew its stake in Snap-On Incorporated (NYSE:SNA - Free Report) by 3,608.6% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 78,844 shares of the company's stock after purchasing an additional 76,718 shares during the period. Northwestern Mutual Wealth Management Co. owned approximately 0.15% of Snap-On worth $27,170,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also made changes to their positions in the company. Victory Capital Management Inc. lifted its holdings in Snap-On by 346.0% in the third quarter. Victory Capital Management Inc. now owns 279,484 shares of the company's stock valued at $96,850,000 after acquiring an additional 216,813 shares during the last quarter. PFA Pension Forsikringsaktieselskab acquired a new position in Snap-On in the fourth quarter valued at approximately $69,751,000. Rakuten Investment Management Inc. acquired a new position in Snap-On in the third quarter valued at approximately $61,134,000. UBS Group AG lifted its holdings in Snap-On by 30.7% in the fourth quarter. UBS Group AG now owns 617,620 shares of the company's stock valued at $212,832,000 after acquiring an additional 144,926 shares during the last quarter. Finally, Ameriprise Financial Inc. lifted its holdings in Snap-On by 17.5% in the second quarter. Ameriprise Financial Inc. now owns 800,946 shares of the company's stock valued at $249,073,000 after acquiring an additional 119,089 shares during the last quarter. 84.88% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Snap-On

In other news, VP June C. Lemerand sold 1,378 shares of the company's stock in a transaction on Wednesday, February 25th. The stock was sold at an average price of $387.57, for a total transaction of $534,071.46. Following the sale, the vice president owned 2,913 shares of the company's stock, valued at approximately $1,128,991.41. This represents a 32.11% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Aldo John Pagliari sold 5,713 shares of the company's stock in a transaction on Thursday, May 14th. The stock was sold at an average price of $367.19, for a total value of $2,097,756.47. Following the sale, the chief financial officer directly owned 119,488 shares in the company, valued at $43,874,798.72. This represents a 4.56% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders have sold 60,759 shares of company stock valued at $23,019,190. 3.80% of the stock is currently owned by company insiders.

Snap-On Stock Down 1.0%

Snap-On stock opened at $359.97 on Wednesday. Snap-On Incorporated has a twelve month low of $301.82 and a twelve month high of $400.88. The stock's fifty day simple moving average is $371.15 and its 200-day simple moving average is $362.54. The company has a current ratio of 3.53, a quick ratio of 2.74 and a debt-to-equity ratio of 0.15. The firm has a market capitalization of $18.65 billion, a P/E ratio of 18.58, a P/E/G ratio of 2.56 and a beta of 0.75.

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

Snap-On announced that its board has authorized a share buyback plan on Thursday, April 30th that allows the company to repurchase $500.00 million in outstanding shares. This repurchase authorization allows the company to purchase up to 2.6% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company's board of directors believes its shares are undervalued.

Snap-On Announces Dividend

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

Analyst Upgrades and Downgrades

SNA has been the topic of a number of research reports. Wall Street Zen cut Snap-On from a "buy" rating to a "hold" rating in a research note on Saturday, February 7th. Roth Mkm restated a "buy" rating and set a $431.00 price target on shares of Snap-On in a research note on Friday, April 24th. Weiss Ratings restated a "buy (b)" rating on shares of Snap-On in a research note on Monday, April 20th. Robert W. Baird upped their price target on Snap-On from $380.00 to $395.00 and gave the stock a "neutral" rating in a research note on Friday, April 24th. Finally, Tigress Financial upped their price target on Snap-On from $405.00 to $445.00 and gave the stock a "buy" rating in a research note on Friday, February 27th. 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 company's stock. Based on data from MarketBeat, Snap-On presently has an average rating of "Moderate Buy" and an average target price of $381.20.

Snap-On Profile

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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