Resources Management Corp CT ADV Sells 42,910 Shares of Snap-On Incorporated $SNA

Key Points

• Resources Management Corp CT ADV slashed its Snap-On stake by 84.9% in the fourth quarter, selling 42,910 shares and leaving it with 7,625 shares worth about $2.63 million.
• Snap-On reported quarterly earnings of $4.69 per share, slightly below analyst expectations, while revenue of $1.21 billion came in above forecasts and rose 5.8% year over year.
• The company boosted shareholder returns with a $500 million share repurchase plan and a quarterly dividend of $2.44 per share payable on an annualized basis of $9.76, for a 2.5% yield.

Resources Management Corp CT ADV decreased its position in shares of Snap-On Incorporated (NYSE:SNA - Free Report) by 84.9% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 7,625 shares of the company's stock after selling 42,910 shares during the quarter. Resources Management Corp CT ADV's holdings in Snap-On were worth $2,628,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in SNA. Thurston Springer Miller Herd & Titak Inc. bought a new position in shares of Snap-On during the 4th quarter worth $25,000. GoalVest Advisory LLC bought a new position in shares of Snap-On during the 4th quarter worth $28,000. Montag A & Associates Inc. grew its position in shares of Snap-On by 331.8% during the 4th quarter. Montag A & Associates Inc. now owns 95 shares of the company's stock worth $33,000 after buying an additional 73 shares in the last quarter. Quattro Advisors LLC bought a new position in shares of Snap-On during the 4th quarter worth $35,000. Finally, Annis Gardner Whiting Capital Advisors LLC grew its position in shares of 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 buying an additional 28 shares in the last quarter. Institutional investors own 84.88% of the company's stock.

Snap-On Trading Down 0.1%

Shares of NYSE SNA opened at $387.01 on Monday. The company has a debt-to-equity ratio of 0.15, a current ratio of 3.53 and a quick ratio of 2.74. The stock has a market capitalization of $20.05 billion, a P/E ratio of 19.98, a price-to-earnings-growth ratio of 2.73 and a beta of 0.73. Snap-On Incorporated has a 1-year low of $301.82 and a 1-year high of $400.88. The business has a fifty day moving average price of $374.84 and a 200 day moving average price of $367.35.

Snap-On (NYSE:SNA - Get Free Report) last issued its quarterly earnings data on Thursday, April 23rd. The company reported $4.69 earnings per share for the quarter, missing analysts' consensus estimates of $4.75 by ($0.06). The company had revenue of $1.21 billion for the quarter, compared to analysts' expectations of $1.19 billion. Snap-On had a return on equity of 17.13% and a net margin of 21.28%.The company's revenue for the quarter was up 5.8% compared to the same quarter last year. During the same quarter last year, the company earned $4.51 earnings per share. Equities research analysts expect that Snap-On Incorporated will post 19.7 EPS for the current fiscal year.

Snap-On announced that its board has approved a share repurchase plan on Thursday, April 30th that allows the company to repurchase $500.00 million in shares. This repurchase authorization allows the company to purchase up to 2.6% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company's board believes its stock is undervalued.

Snap-On Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, June 10th. Investors of record on Wednesday, May 20th were paid 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 was Wednesday, May 20th. Snap-On's dividend payout ratio is 50.39%.

Insider Buying and Selling

In other Snap-On news, VP Richard Thomas Miller sold 427 shares of the stock in a transaction dated Wednesday, June 10th. The stock was sold at an average price of $389.55, for a total value of $166,337.85. Following the completion of the sale, the vice president directly owned 4,527 shares in the company, valued at approximately $1,763,492.85. This trade represents a 8.62% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Nicholas T. Pinchuk sold 23,396 shares of the stock in a transaction dated Tuesday, May 5th. The shares were sold at an average price of $375.77, for a total value of $8,791,514.92. Following the completion of the sale, the chief executive officer owned 856,918 shares of the company's stock, valued at approximately $322,004,076.86. This trade represents a 2.66% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders have sold 35,117 shares of company stock valued at $13,192,082. Company insiders own 3.80% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on SNA. Robert W. Baird increased their price target on Snap-On from $380.00 to $395.00 and gave the stock a "neutral" rating in a research report on Friday, April 24th. Roth Mkm reissued a "buy" rating and set a $431.00 price target on shares of Snap-On in a research report on Friday, April 24th. Tigress Financial increased their price target on Snap-On from $405.00 to $445.00 and gave the stock a "buy" rating in a research report on Friday, February 27th. Barclays began coverage on Snap-On in a research report on Thursday, May 28th. They set an "overweight" rating and a $420.00 price target on the stock. Finally, Weiss Ratings reissued a "buy (b)" rating on shares of Snap-On in a research report on Monday, April 20th. Five investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $387.67.

Snap-On Company Profile

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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