Snap-On Incorporated $SNA Position Decreased by Confluence Investment Management LLC

Key Points

• Confluence Investment Management reduced its Snap-On position by 4.3% in the second quarter, selling 18,764 shares and retaining 417,132 shares valued at approximately $167.9 million. Institutional investors collectively own 84.88% of the company.
• Analysts remain broadly positive, with five Buy ratings and one Hold rating, an overall “Moderate Buy” consensus, and an average price target of $426.20.
• Snap-On exceeded quarterly expectations, reporting $4.96 in earnings per share and $1.24 billion in revenue, while revenue increased 4.7% year over year. The company also authorized a $500 million share-repurchase program.

Confluence Investment Management LLC lowered its position in Snap-On Incorporated (NYSE:SNA - Free Report) by 4.3% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 417,132 shares of the company's stock after selling 18,764 shares during the quarter. Snap-On makes up about 2.6% of Confluence Investment Management LLC's holdings, making the stock its 2nd biggest holding. Confluence Investment Management LLC owned about 0.81% of Snap-On worth $167,854,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its position in shares of Snap-On by 0.5% during the 4th quarter. Vanguard Group Inc. now owns 6,525,488 shares of the company's stock worth $2,248,683,000 after purchasing an additional 31,073 shares during the last quarter. State Street Corp increased its holdings in Snap-On by 1.3% in the fourth quarter. State Street Corp now owns 2,272,041 shares of the company's stock valued at $782,945,000 after buying an additional 28,071 shares during the last quarter. First Trust Advisors LP increased its holdings in Snap-On by 3.3% in the first quarter. First Trust Advisors LP now owns 2,033,129 shares of the company's stock valued at $738,473,000 after buying an additional 65,521 shares during the last quarter. Charles Schwab Investment Management Inc. raised its stake in Snap-On by 2.0% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,011,914 shares of the company's stock valued at $693,306,000 after buying an additional 39,765 shares in the last quarter. Finally, Auto Owners Insurance Co lifted its holdings in Snap-On by 34,360.0% during the 4th quarter. Auto Owners Insurance Co now owns 1,025,185 shares of the company's stock worth $353,279,000 after buying an additional 1,022,210 shares during the last quarter. Institutional investors and hedge funds own 84.88% of the company's stock.

Insider Buying and Selling at Snap-On

In other news, VP Richard Thomas Miller sold 2,000 shares of the company's stock in a transaction dated Wednesday, July 1st. The shares were sold at an average price of $405.92, for a total value of $811,840.00. Following the completion of the sale, the vice president directly owned 4,529 shares of the company's stock, valued at approximately $1,838,411.68. This represents a 30.63% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP Timothy L. Chambers sold 9,111 shares of the firm's 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 directly owned 21,223 shares in the company, valued at approximately $8,900,077.28. This represents a 30.04% decrease in their position. 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 sold 23,221 shares of company stock valued at $9,196,355. Company insiders own 3.80% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on the company. Weiss Ratings reaffirmed a "buy (b)" rating on shares of Snap-On in a research report on Friday, July 17th. Tigress Financial raised their target price on Snap-On from $445.00 to $485.00 and gave the stock a "buy" rating in a research report on Friday. Roth Capital reaffirmed a "buy" rating and issued a $461.00 price target (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 shares of Snap-On in a research note on Friday, July 24th. Finally, Barclays assumed coverage on shares of Snap-On in a research report on Thursday, May 28th. They set an "overweight" rating and a $420.00 price objective for the company. Five research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company's stock. According to MarketBeat.com, Snap-On presently has an average rating of "Moderate Buy" and an average target price of $426.20.

Snap-On Trading Down 0.2%

SNA opened at $409.58 on Tuesday. The company has a quick ratio of 2.64, a current ratio of 3.43 and a debt-to-equity ratio of 0.15. Snap-On Incorporated has a 52 week low of $314.38 and a 52 week high of $420.91. The business's 50 day moving average is $395.36 and its two-hundred day moving average is $380.82. The firm has a market cap of $21.19 billion, a price-to-earnings ratio of 20.89, a price-to-earnings-growth ratio of 2.89 and a beta of 0.73.

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 the consensus estimate of $4.95 by $0.01. The business had revenue of $1.24 billion during the quarter, compared to the consensus estimate of $1.22 billion. Snap-On had a return on equity of 17.07% and a net margin of 21.25%.The company's revenue was up 4.7% compared to the same quarter last year. During the same period in the prior year, the company earned $4.72 earnings per share. On average, research analysts predict that Snap-On Incorporated will post 19.7 EPS for the current year.

Snap-On declared that its Board of Directors has authorized a stock repurchase plan on Thursday, April 30th that authorizes the company to repurchase $500.00 million in outstanding shares. This repurchase authorization authorizes the company to purchase up to 2.5% of its stock through open market purchases. Stock repurchase plans are often a sign that the company's management 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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