Rafferty Asset Management LLC Sells 989 Shares of Snap-On Incorporated $SNA

Key Points

• Rafferty Asset Management LLC reduced its stake in Snap-On by 20.2%, now owning 3,913 shares valued at approximately $1.32 million.
• In recent months, several other hedge funds, such as Auto Owners Insurance Co and GAMMA Investing LLC, made significant increases in their positions in Snap-On, with increases of 35,967.2% and 65,113.6%, respectively.
• Snap-On announced a quarterly dividend of $2.14, representing an annualized yield of 2.6%, and has an expected earnings per share of 19.79 for the current year according to analysts.

Rafferty Asset Management LLC decreased its holdings in shares of Snap-On Incorporated (NYSE:SNA - Free Report) by 20.2% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 3,913 shares of the company's stock after selling 989 shares during the quarter. Rafferty Asset Management LLC's holdings in Snap-On were worth $1,319,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. Caisse DE Depot ET Placement DU Quebec increased its position in Snap-On by 10.3% during the 1st quarter. Caisse DE Depot ET Placement DU Quebec now owns 365,028 shares of the company's stock worth $123,018,000 after buying an additional 34,080 shares during the period. Synovus Financial Corp increased its position in Snap-On by 3.1% during the 1st quarter. Synovus Financial Corp now owns 3,977 shares of the company's stock worth $1,340,000 after buying an additional 119 shares during the period. Jump Financial LLC increased its position in Snap-On by 367.7% during the 1st quarter. Jump Financial LLC now owns 5,523 shares of the company's stock worth $1,861,000 after buying an additional 4,342 shares during the period. Smartleaf Asset Management LLC increased its position in Snap-On by 29.2% during the 1st quarter. Smartleaf Asset Management LLC now owns 938 shares of the company's stock worth $309,000 after buying an additional 212 shares during the period. Finally, Bahl & Gaynor Inc. increased its position in Snap-On by 18.9% during the 1st quarter. Bahl & Gaynor Inc. now owns 340,746 shares of the company's stock worth $114,835,000 after buying an additional 54,188 shares during the period. Institutional investors and hedge funds own 84.88% of the company's stock.

Analysts Set New Price Targets

A number of research analysts recently commented on the company. Robert W. Baird raised their price target on Snap-On from $329.00 to $347.00 and gave the stock a "neutral" rating in a research report on Friday, July 18th. Wall Street Zen upgraded Snap-On from a "hold" rating to a "buy" rating in a research report on Friday, May 16th. Bank of America raised their price target on Snap-On from $265.00 to $285.00 and gave the stock an "underperform" rating in a research report on Friday, July 18th. Barrington Research restated an "outperform" rating and issued a $350.00 price target on shares of Snap-On in a research report on Tuesday, July 15th. Finally, Tigress Financial raised their price target on Snap-On from $390.00 to $395.00 and gave the stock a "buy" rating in a research report on Friday, August 29th. Four research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $357.00.

Insider Buying and Selling

In other Snap-On news, CEO Nicholas T. Pinchuk sold 23,042 shares of the stock in a transaction that occurred on Monday, August 11th. The stock was sold at an average price of $320.88, for a total transaction of $7,393,716.96. Following the transaction, the chief executive officer directly owned 815,219 shares in the company, valued at approximately $261,587,472.72. This represents a 2.75% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Aldo John Pagliari sold 4,731 shares of the 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 transaction, the chief financial officer owned 111,667 shares in the company, valued at $36,557,542.46. The trade was a 4.06% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 27,898 shares of company stock worth $8,983,203 over the last 90 days. Company insiders own 3.90% of the company's stock.

Snap-On Price Performance

Snap-On stock traded down $0.12 during midday trading on Friday, reaching $328.65. The company's stock had a trading volume of 157,227 shares, compared to its average volume of 212,322. Snap-On Incorporated has a 52 week low of $268.90 and a 52 week high of $373.89. The company has a current ratio of 4.48, a quick ratio of 3.42 and a debt-to-equity ratio of 0.21. The business has a 50-day moving average price of $323.96 and a 200-day moving average price of $323.33. The stock has a market cap of $17.14 billion, a PE ratio of 17.53, a price-to-earnings-growth ratio of 2.29 and a beta of 0.77.

Snap-On (NYSE:SNA - Get Free Report) last announced its quarterly earnings results on Thursday, July 17th. The company reported $4.72 EPS for the quarter, beating analysts' consensus estimates of $4.61 by $0.11. Snap-On had a return on equity of 18.02% and a net margin of 20.98%.The firm had revenue of $1.18 billion for the quarter, compared to analyst estimates of $1.16 billion. During the same period last year, the firm posted $5.07 earnings per share. The business's revenue for the quarter was up .0% on a year-over-year basis. On average, sell-side analysts predict that Snap-On Incorporated will post 19.79 EPS for the current year.

Snap-On Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 10th. Shareholders of record on Tuesday, August 19th will be issued a dividend of $2.14 per share. This represents a $8.56 dividend on an annualized basis and a dividend yield of 2.6%. The ex-dividend date is Tuesday, August 19th. Snap-On's dividend payout ratio is presently 45.65%.

Snap-On Profile

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.