Vestcor Inc Purchases 2,549 Shares of Snap-On Incorporated (NYSE:SNA)

Key Points

• Vestcor Inc increased its holdings in Snap-On by 169.6% in the first quarter, now owning 4,052 shares worth $1.37 million.
• Several analysts have upgraded Snap-On's stock rating, with Barrington Research setting a price target of $350, indicating positive sentiment among analysts.
• Snap-On reported earnings of $4.72 per share for the last quarter, surpassing expectations and reflecting a revenue increase to $1.18 billion.

Vestcor Inc increased its stake in Snap-On Incorporated (NYSE:SNA - Free Report) by 169.6% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 4,052 shares of the company's stock after acquiring an additional 2,549 shares during the period. Vestcor Inc's holdings in Snap-On were worth $1,366,000 as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. Alpine Bank Wealth Management purchased a new stake in shares of Snap-On in the 1st quarter worth approximately $25,000. Golden State Wealth Management LLC grew its stake in shares of Snap-On by 421.1% in the 1st quarter. Golden State Wealth Management LLC now owns 99 shares of the company's stock worth $33,000 after buying an additional 80 shares during the last quarter. Cullen Frost Bankers Inc. grew its stake in shares of Snap-On by 248.3% in the 1st quarter. Cullen Frost Bankers Inc. now owns 101 shares of the company's stock worth $34,000 after buying an additional 72 shares during the last quarter. Opal Wealth Advisors LLC purchased a new stake in shares of Snap-On in the 1st quarter worth approximately $35,000. Finally, ORG Partners LLC grew its stake in shares of Snap-On by 150.8% in the 1st quarter. ORG Partners LLC now owns 158 shares of the company's stock worth $54,000 after buying an additional 95 shares during the last quarter. Hedge funds and other institutional investors own 84.88% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages have commented on SNA. 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. Wall Street Zen upgraded Snap-On from a "hold" rating to a "buy" rating in a research note on Friday, May 16th. Bank of America increased their target price on Snap-On from $265.00 to $285.00 and gave the company an "underperform" rating in a research note on Friday, July 18th. Finally, Barrington Research reiterated an "outperform" rating and set a $350.00 target price on shares of Snap-On in a research note on Tuesday, July 15th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, Snap-On has an average rating of "Moderate Buy" and an average price target of $356.17.

Snap-On Stock Performance

NYSE SNA traded up $0.93 on Monday, hitting $318.72. 352,310 shares of the company traded hands, compared to its average volume of 369,799. The company has a market capitalization of $16.62 billion, a price-to-earnings ratio of 17.00, a P/E/G ratio of 2.21 and a beta of 0.76. 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's 50 day moving average price is $318.96 and its 200-day moving average price is $326.87. Snap-On Incorporated has a 52-week low of $266.56 and a 52-week high of $373.89.

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, beating the consensus estimate of $4.61 by $0.11. Snap-On had a return on equity of 18.02% and a net margin of 20.98%. The company had revenue of $1.18 billion for the quarter, compared to the consensus estimate of $1.16 billion. During the same period in the previous year, the business earned $5.07 earnings per share. Snap-On's quarterly revenue was up .0% compared to the same quarter last year. Equities analysts expect that Snap-On Incorporated will post 19.79 earnings per share for the current year.

Insider Activity

In other news, Director Karen L. Daniel sold 1,090 shares of the business's stock in a transaction dated Thursday, June 5th. The stock was sold at an average price of $319.92, for a total value of $348,712.80. Following the transaction, the director directly owned 8,030 shares in the company, valued at $2,568,957.60. The trade was a 11.95% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Nicholas T. Pinchuk sold 23,172 shares of the business's stock in a transaction on Monday, June 2nd. The stock was sold at an average price of $315.85, for a total transaction of $7,318,876.20. Following the completion of the sale, the chief executive officer owned 804,510 shares in the company, valued at approximately $254,104,483.50. The trade was a 2.80% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 29,815 shares of company stock worth $9,482,532 over the last ninety days. Corporate 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.