Northwestern Mutual Wealth Management Co. Takes $1.09 Million Position in Snap-On Incorporated $SNA

Key Points

• Northwestern Mutual Wealth Management established a new $1.09 million position in Snap-On during the second quarter, while institutional investors and hedge funds collectively own 84.88% of the company.
• Analysts maintain a favorable outlook, with five Buy ratings and one Hold rating, producing a consensus “Moderate Buy” rating and an average price target of $426.20.
• Snap-On exceeded quarterly earnings and revenue expectations, declared a $2.44-per-share quarterly dividend, and authorized a $500 million share-repurchase program.

Northwestern Mutual Wealth Management Co. purchased a new position in shares of Snap-On Incorporated (NYSE:SNA - Free Report) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 2,714 shares of the company's stock, valued at approximately $1,092,000.

Several other hedge funds have also recently modified their holdings of the stock. Quantbot Technologies LP purchased a new position in Snap-On in the 2nd quarter valued at $1,272,000. Evolve Private Wealth LLC acquired a new position in Snap-On in the 2nd quarter valued at $4,328,000. Madison Wealth Partners Inc purchased a new position in Snap-On during the 2nd quarter worth $268,000. Forum Private Client Group LLC acquired a new stake in shares of Snap-On in the 2nd quarter worth $678,000. Finally, Emerald Investment Advisers LLC purchased a new stake in shares of Snap-On in the second quarter valued at about $2,208,000. 84.88% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on SNA shares. Tigress Financial boosted their price target on shares of Snap-On from $445.00 to $485.00 and gave the stock a "buy" rating in a research note on Friday, July 31st. Roth Capital restated a "buy" rating and issued a $461.00 price objective (up from $409.00) on shares of Snap-On in a research report on Friday, July 24th. Barclays began coverage on Snap-On in a report on Thursday, May 28th. They issued an "overweight" rating and a $420.00 price objective on the stock. Weiss Ratings reiterated a "buy (b)" rating on shares of Snap-On in a research report on Friday, July 17th. Finally, Robert W. Baird set a $415.00 target price on Snap-On in a research note on Friday, July 24th. Five analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $426.20.

Insider Buying and Selling at Snap-On

In other news, SVP Timothy L. Chambers sold 9,111 shares of the business's stock in a transaction that occurred on Tuesday, July 28th. The stock was sold at an average price of $419.36, for a total transaction of $3,820,788.96. Following the sale, the senior vice president owned 21,223 shares of the company's stock, valued at $8,900,077.28. The trade was a 30.04% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Aldo John Pagliari sold 5,531 shares of the firm's stock in a transaction that occurred on Thursday, August 13th. The shares were sold at an average price of $404.25, for a total value of $2,235,906.75. Following the completion of the transaction, the chief financial officer directly owned 120,644 shares of the company's stock, valued at $48,770,337. The trade was a 4.38% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders have sold 45,928 shares of company stock worth $18,483,009. Corporate insiders own 3.80% of the company's stock.

Snap-On Stock Performance

Shares of SNA opened at $394.40 on Wednesday. The company has a 50-day simple moving average of $403.56 and a 200-day simple moving average of $384.85. The company has a quick ratio of 2.64, a current ratio of 3.43 and a debt-to-equity ratio of 0.15. The company has a market capitalization of $20.40 billion, a PE ratio of 20.11, a P/E/G ratio of 2.77 and a beta of 0.73. Snap-On Incorporated has a 52-week low of $319.20 and a 52-week high of $423.02.

Snap-On (NYSE:SNA - Get Free Report) last announced its quarterly earnings data on Thursday, July 23rd. The company reported $4.96 EPS for the quarter, beating the consensus estimate of $4.95 by $0.01. The firm had revenue of $1.24 billion during the quarter, compared to analysts' expectations of $1.22 billion. Snap-On had a net margin of 21.25% and a return on equity of 17.07%. The business's revenue for the quarter was up 4.7% compared to the same quarter last year. During the same quarter last year, the business earned $4.72 earnings per share. Equities research analysts predict that Snap-On Incorporated will post 19.7 earnings per share for the current fiscal year.

Snap-On Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 10th. Stockholders of record on Wednesday, August 19th will be given a dividend of $2.44 per share. This represents a $9.76 dividend on an annualized basis and a dividend yield of 2.5%. The ex-dividend date is Wednesday, August 19th. Snap-On's dividend payout ratio (DPR) is presently 49.77%.

Snap-On announced that its board has approved a stock repurchase program on Thursday, April 30th that allows the company to repurchase $500.00 million in outstanding shares. This repurchase authorization allows the company to repurchase up to 2.5% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company's leadership believes its shares are undervalued.

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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