Park Avenue Securities LLC Acquires 1,415 Shares of Snap-On Incorporated $SNA

Key Points

• Park Avenue Securities LLC increased its stake in Snap-On by 4.5% during the 2nd quarter, owning approximately 32,815 shares valued at $10.2 million.
• Snap-On reported a quarterly EPS of $4.72, surpassing analysts' estimates, with a revenue of $1.18 billion for the same period.
• The company announced a quarterly dividend of $2.14 per share, yielding 2.5% annually, with a payout ratio of 45.65%.

Park Avenue Securities LLC raised its stake in Snap-On Incorporated (NYSE:SNA - Free Report) by 4.5% during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 32,815 shares of the company's stock after purchasing an additional 1,415 shares during the period. Park Avenue Securities LLC owned 0.06% of Snap-On worth $10,211,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of the stock. Choreo LLC raised its stake in shares of Snap-On by 78.3% during the 1st quarter. Choreo LLC now owns 7,218 shares of the company's stock worth $2,432,000 after buying an additional 3,170 shares during the last quarter. Advisors Capital Management LLC raised its position in shares of Snap-On by 5.3% in the 1st quarter. Advisors Capital Management LLC now owns 1,241 shares of the company's stock valued at $418,000 after purchasing an additional 63 shares in the last quarter. Jump Financial LLC raised its position in shares of Snap-On by 367.7% in the 1st quarter. Jump Financial LLC now owns 5,523 shares of the company's stock valued at $1,861,000 after purchasing an additional 4,342 shares in the last quarter. Jacobs Levy Equity Management Inc. bought a new stake in shares of Snap-On in the 1st quarter valued at approximately $1,986,000. Finally, Ascent Group LLC bought a new position in Snap-On during the 1st quarter worth $421,000. 84.88% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several analysts have recently weighed in on SNA shares. Tigress Financial upped their price objective on Snap-On from $390.00 to $395.00 and gave the company a "buy" rating in a report on Friday, August 29th. Barrington Research reissued an "outperform" rating and set a $350.00 price objective on shares of Snap-On in a report on Tuesday, July 15th. Robert W. Baird increased their target price 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, Bank of America raised their price objective on Snap-On from $265.00 to $285.00 and gave the stock an "underperform" rating in a research report 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 given a Sell rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $357.00.

Snap-On Stock Performance

Shares of Snap-On stock traded up $0.49 on Monday, hitting $337.73. The stock had a trading volume of 244,397 shares, compared to its average volume of 279,457. The business's 50 day moving average is $327.16 and its two-hundred day moving average is $322.79. The company has a quick ratio of 3.42, a current ratio of 4.48 and a debt-to-equity ratio of 0.21. Snap-On Incorporated has a twelve month low of $282.71 and a twelve month high of $373.89. The stock has a market cap of $17.62 billion, a price-to-earnings ratio of 18.01, a price-to-earnings-growth ratio of 2.35 and a beta of 0.77.

Snap-On (NYSE:SNA - Get Free Report) last released its earnings results on Thursday, July 17th. The company reported $4.72 earnings per share for the quarter, topping the consensus estimate of $4.61 by $0.11. The firm had revenue of $1.18 billion during the quarter, compared to analysts' expectations 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% on a year-over-year basis. During the same period in the prior year, the company earned $5.07 earnings per share. Analysts forecast that Snap-On Incorporated will post 19.79 EPS for the current year.

Snap-On Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, September 10th. Stockholders of record on Tuesday, August 19th were paid a $2.14 dividend. The ex-dividend date was Tuesday, August 19th. This represents a $8.56 annualized dividend and a dividend yield of 2.5%. Snap-On's dividend payout ratio (DPR) is currently 45.65%.

Insider Activity

In related news, CFO Aldo John Pagliari sold 125 shares of Snap-On stock in a transaction that occurred on Friday, August 15th. The shares were sold at an average price of $325.21, for a total value of $40,651.25. Following the completion of the transaction, the chief financial officer directly owned 111,721 shares in the company, valued at approximately $36,332,786.41. The trade was a 0.11% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Nicholas T. Pinchuk sold 23,042 shares of the business's stock in a transaction on Monday, August 11th. The shares were sold at an average price of $320.88, for a total transaction of $7,393,716.96. Following the transaction, the chief executive officer owned 815,219 shares of the company's stock, valued at $261,587,472.72. This trade represents a 2.75% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 27,898 shares of company stock valued at $8,983,203. 3.90% of the stock is currently owned by company insiders.

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.