Snap-On Incorporated $SNA Shares Purchased by Corient Private Wealth LP

Key Points

• Corient Private Wealth LP increased its Snap-On stake by 8.6% in the second quarter, purchasing 5,011 additional shares and bringing its holdings to 63,441 shares valued at approximately $25.5 million. Institutional investors and hedge funds own 84.88% of the company.
• Analysts maintain a positive outlook, with five Buy ratings and one Hold rating, producing a consensus “Moderate Buy” rating and an average price target of $426.20. Recent targets range as high as $485.
• Snap-On exceeded quarterly expectations with $4.96 in EPS and $1.24 billion in revenue, while revenue rose 4.7% year over year. The company also paid a quarterly dividend of $2.44 per share, equivalent to a 2.6% annual yield.

Corient Private Wealth LP increased its position in shares of Snap-On Incorporated (NYSE:SNA - Free Report) by 8.6% in the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 63,441 shares of the company's stock after purchasing an additional 5,011 shares during the quarter. Corient Private Wealth LP owned approximately 0.12% of Snap-On worth $25,529,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently added to or reduced their stakes in the company. Annis Gardner Whiting Capital Advisors LLC boosted its stake in 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 purchasing an additional 28 shares during the last quarter. Verition Fund Management LLC raised its position in shares of Snap-On by 1.5% in the fourth quarter. Verition Fund Management LLC now owns 1,844 shares of the company's stock valued at $635,000 after buying an additional 28 shares during the last quarter. Ritholtz Wealth Management lifted its stake in shares of Snap-On by 2.4% in the first quarter. Ritholtz Wealth Management now owns 1,435 shares of the company's stock worth $521,000 after buying an additional 34 shares in the last quarter. Pinnacle Associates Ltd. boosted its position in Snap-On by 5.4% during the fourth quarter. Pinnacle Associates Ltd. now owns 758 shares of the company's stock worth $261,000 after acquiring an additional 39 shares during the last quarter. Finally, CX Institutional boosted its position in Snap-On by 10.6% during the second quarter. CX Institutional now owns 447 shares of the company's stock worth $180,000 after acquiring an additional 43 shares during the last quarter. 84.88% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Snap-On

In other news, CEO Nicholas T. Pinchuk sold 22,889 shares of the stock in a transaction on Tuesday, August 18th. The stock was sold at an average price of $399.69, for a total transaction of $9,148,504.41. Following the completion of the transaction, the chief executive officer directly owned 867,779 shares in the company, valued at approximately $346,842,588.51. This represents a 2.57% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Aldo Pagliari sold 5,531 shares of the firm's stock in a transaction dated Thursday, August 13th. The stock was sold at an average price of $404.25, for a total value of $2,235,906.75. Following the sale, the chief financial officer directly owned 120,644 shares of the company's stock, valued at $48,770,337. The trade was a 4.38% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 40,720 shares of company stock valued at $16,500,198 over the last 90 days. Corporate insiders own 3.80% of the company's stock.

Analysts Set New Price Targets

SNA has been the subject of a number of recent research reports. Robert W. Baird set a $415.00 price objective on shares of Snap-On in a report on Friday, July 24th. Weiss Ratings restated a "buy (b)" rating on shares of Snap-On in a report on Friday, July 17th. Roth Capital restated a "buy" rating and set a $461.00 target price (up from $409.00) on shares of Snap-On in a report on Friday, July 24th. Barclays began coverage on Snap-On in a research report on Thursday, May 28th. They issued an "overweight" rating and a $420.00 price target for the company. Finally, Tigress Financial increased their price target on Snap-On from $445.00 to $485.00 and gave the company a "buy" rating in a report on Friday, July 31st. Five equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $426.20.

Snap-On Price Performance

Shares of SNA stock opened at $375.03 on Monday. The company has a debt-to-equity ratio of 0.15, a current ratio of 3.43 and a quick ratio of 2.64. The company has a market capitalization of $19.40 billion, a PE ratio of 19.12, a price-to-earnings-growth ratio of 2.64 and a beta of 0.72. The firm's 50-day moving average is $400.36 and its two-hundred day moving average is $385.25. Snap-On Incorporated has a 12 month low of $320.80 and a 12 month high of $423.02.

Snap-On (NYSE:SNA - Get Free Report) last announced its quarterly earnings results on Thursday, July 23rd. The company reported $4.96 earnings per share (EPS) for the quarter, topping analysts' consensus estimates 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 net margin of 21.25% and a return on equity of 17.07%. The business's revenue was up 4.7% compared to the same quarter last year. During the same quarter last year, the firm earned $4.72 EPS. Analysts predict that Snap-On Incorporated will post 19.7 earnings per share for the current year.

Snap-On Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, September 10th. Shareholders of record on Wednesday, August 19th were paid a dividend of $2.44 per share. The ex-dividend date of this dividend was Wednesday, August 19th. This represents a $9.76 annualized dividend and a yield of 2.6%. Snap-On's dividend payout ratio (DPR) is 49.77%.

Snap-On Profile

Snap-on Incorporated is a manufacturer and distributor of professional tools, equipment, diagnostics and repair information. Its products include hand and power tools, tool storage, vehicle diagnostic systems, shop equipment, repair software and related services. The company serves professional technicians and customers in the automotive repair, commercial transportation, industrial, aviation, military, agriculture and other technical markets.

Snap-on sells products under the Snap-on brand and other brands, including Blue-Point, through a broad distribution network.

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