Perigon Wealth Management LLC Takes $1.04 Million Position in Snap-On Incorporated $SNA

Key Points

• Perigon Wealth Management acquired 2,583 Snap-On shares worth approximately $1.04 million, while institutional investors collectively own 84.88% of the company.
• Analyst sentiment remains positive, with five Buy ratings and one Hold rating; Snap-On has a consensus “Moderate Buy” rating and an average price target of $426.20.
• Snap-On beat quarterly earnings and revenue estimates, reported 4.7% year-over-year revenue growth, and declared a $2.44 quarterly dividend. The company also authorized a $500 million share-buyback program.

Perigon Wealth Management LLC bought a new position in shares of Snap-On Incorporated (NYSE:SNA - Free Report) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 2,583 shares of the company's stock, valued at approximately $1,040,000.

A number of other institutional investors have also modified their holdings of SNA. Annis Gardner Whiting Capital Advisors LLC grew its position in Snap-On by 36.4% during the 4th quarter. Annis Gardner Whiting Capital Advisors LLC now owns 105 shares of the company's stock worth $36,000 after purchasing an additional 28 shares during the last quarter. Verition Fund Management LLC raised its holdings in shares of Snap-On by 1.5% in the fourth quarter. Verition Fund Management LLC now owns 1,844 shares of the company's stock valued at $635,000 after buying an additional 28 shares during the last quarter. CWM LLC raised its holdings in shares of Snap-On by 0.6% in the fourth quarter. CWM LLC now owns 5,517 shares of the company's stock valued at $1,901,000 after buying an additional 31 shares during the last quarter. Ritholtz Wealth Management boosted its stake in shares of Snap-On by 2.4% during the first quarter. Ritholtz Wealth Management now owns 1,435 shares of the company's stock worth $521,000 after buying an additional 34 shares during the period. Finally, Oakworth Capital Inc. grew its holdings in shares of Snap-On by 9.7% during the fourth quarter. Oakworth Capital Inc. now owns 406 shares of the company's stock worth $140,000 after buying an additional 36 shares during the last quarter. 84.88% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

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

Insiders Place Their Bets

In related news, SVP Jesus Arregui sold 4,251 shares of the company's stock in a transaction on Wednesday, June 10th. The stock was sold at an average price of $383.92, for a total value of $1,632,043.92. Following the completion of the transaction, the senior vice president directly owned 4,439 shares in the company, valued at approximately $1,704,220.88. This represents a 48.92% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, SVP Timothy L. Chambers sold 9,111 shares of the stock in a transaction dated Tuesday, July 28th. The stock was sold at an average price of $419.36, for a total value of $3,820,788.96. Following the transaction, the senior vice president owned 21,223 shares in the company, valued at $8,900,077.28. This trade represents a 30.04% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders sold 23,039 shares of company stock worth $9,334,505. 3.80% of the stock is owned by company insiders.

Snap-On Trading Down 1.3%

Shares of SNA stock opened at $396.13 on Wednesday. The company has a market capitalization of $20.49 billion, a price-to-earnings ratio of 20.20, a PEG ratio of 2.84 and a beta of 0.73. The company has a current ratio of 3.43, a quick ratio of 2.64 and a debt-to-equity ratio of 0.15. The firm has a 50-day moving average price of $402.75 and a 200 day moving average price of $384.13. Snap-On Incorporated has a twelve month low of $319.20 and a twelve month high of $423.02.

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

Snap-On Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 10th. Shareholders of record on Wednesday, August 19th will be issued a $2.44 dividend. The ex-dividend date is Wednesday, August 19th. This represents a $9.76 annualized dividend and a yield of 2.5%. Snap-On's payout ratio is 49.77%.

Snap-On declared that its board has approved a share buyback plan on Thursday, April 30th that authorizes the company to buyback $500.00 million in shares. This buyback authorization authorizes the company to reacquire up to 2.5% of its shares through open market purchases. Shares buyback plans are often an indication that the company's board of directors believes its stock is 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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