Snap-On Incorporated $SNA Shares Sold by Reinhart Partners LLC.

Key Points

• Reinhart Partners LLC reduced its stake in Snap-On Incorporated by 7.8%, selling 1,057 shares during the second quarter, bringing its total holdings to 12,436 shares valued at $3,870,000.
• Analysts have adjusted their price targets for Snap-On, with Tigress Financial raising the target from $390.00 to $395.00 and the average target price now at $357.00.
• The company announced a quarterly dividend of $2.14 per share, reflecting a 2.6% dividend yield and a payout ratio of 45.65%.

Reinhart Partners LLC. cut its holdings in shares of Snap-On Incorporated (NYSE:SNA - Free Report) by 7.8% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 12,436 shares of the company's stock after selling 1,057 shares during the quarter. Reinhart Partners LLC.'s holdings in Snap-On were worth $3,870,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of SNA. Janus Henderson Group PLC raised its holdings in shares of Snap-On by 2.1% in the 4th quarter. Janus Henderson Group PLC now owns 5,849 shares of the company's stock valued at $1,986,000 after purchasing an additional 120 shares in the last quarter. Lazard Asset Management LLC raised its holdings in shares of Snap-On by 14.4% in the 4th quarter. Lazard Asset Management LLC now owns 507 shares of the company's stock valued at $171,000 after purchasing an additional 64 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of Snap-On by 0.7% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 7,665 shares of the company's stock valued at $2,602,000 after purchasing an additional 57 shares in the last quarter. Nomura Holdings Inc. acquired a new stake in shares of Snap-On in the 4th quarter valued at $587,000. Finally, Rafferty Asset Management LLC raised its holdings in shares of Snap-On by 11.0% in the 4th quarter. Rafferty Asset Management LLC now owns 4,902 shares of the company's stock valued at $1,664,000 after purchasing an additional 484 shares in the last quarter. 84.88% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the stock. Robert W. Baird raised their price objective on shares of Snap-On from $329.00 to $347.00 and gave the company a "neutral" rating in a report on Friday, July 18th. Tigress Financial lifted their price target on shares of Snap-On from $390.00 to $395.00 and gave the stock a "buy" rating in a research note on Friday, August 29th. Barrington Research reiterated an "outperform" rating and set a $350.00 price target on shares of Snap-On in a research note on Tuesday, July 15th. Finally, Bank of America lifted their price target on shares of Snap-On from $265.00 to $285.00 and gave the stock an "underperform" rating in a research note on Friday, July 18th. Four investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, Snap-On currently has a consensus rating of "Moderate Buy" and a consensus target price of $357.00.

Snap-On Stock Performance

Snap-On stock traded down $1.77 during midday trading on Friday, hitting $337.72. 989,329 shares of the company's stock were exchanged, compared to its average volume of 241,510. Snap-On Incorporated has a 12-month low of $281.64 and a 12-month high of $373.89. The company has a debt-to-equity ratio of 0.21, a quick ratio of 3.42 and a current ratio of 4.48. 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 2.36 and a beta of 0.77. The firm's 50 day simple moving average is $326.79 and its 200 day simple moving average is $322.98.

Snap-On (NYSE:SNA - Get Free Report) last issued its quarterly earnings data on Thursday, July 17th. The company reported $4.72 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.61 by $0.11. Snap-On had a net margin of 20.98% and a return on equity of 18.02%. The company had revenue of $1.18 billion for the quarter, compared to the consensus estimate of $1.16 billion. During the same period last year, the firm posted $5.07 EPS. Snap-On's revenue for the quarter was up .0% on a year-over-year basis. Equities research analysts predict 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 issued a $2.14 dividend. The ex-dividend date of this dividend was Tuesday, August 19th. This represents a $8.56 annualized dividend and a dividend yield of 2.5%. Snap-On's payout ratio is presently 45.65%.

Insider Activity

In other news, CEO Nicholas T. Pinchuk sold 23,042 shares of Snap-On stock in a transaction dated Monday, August 11th. The shares were sold at an average price of $320.88, for a total value of $7,393,716.96. Following the sale, the chief executive officer owned 815,219 shares of the company's stock, valued at $261,587,472.72. The trade was a 2.75% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Aldo John Pagliari sold 125 shares of Snap-On stock in a transaction dated Friday, August 15th. The shares were sold at an average price of $325.21, for a total transaction of $40,651.25. Following the completion of the sale, 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 disclosure for this sale can be found here. In the last ninety days, insiders sold 27,898 shares of company stock worth $8,983,203. Insiders own 3.90% of the company's stock.

Snap-On Company 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.