Snap-On Incorporated $SNA Shares Purchased by State of Alaska Department of Revenue

Key Points

• The State of Alaska Department of Revenue increased its stake in Snap-On Incorporated by 18.4% during the second quarter, now owning 14,376 shares valued at approximately $4.47 million.
• CEO Nicholas T. Pinchuk sold 23,042 shares at an average price of $320.88, resulting in a total transaction of over $7.39 million, which decreased his ownership by 2.75%.
• Snap-On has announced a quarterly dividend of $2.14 per share, with a yield of 2.5% and a payout ratio of 45.65%, as part of its ongoing shareholder return strategy.

State of Alaska Department of Revenue raised its stake in Snap-On Incorporated (NYSE:SNA - Free Report) by 18.4% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 14,376 shares of the company's stock after purchasing an additional 2,235 shares during the quarter. State of Alaska Department of Revenue's holdings in Snap-On were worth $4,473,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of SNA. Choreo LLC lifted its holdings in shares of Snap-On by 78.3% during the first quarter. Choreo LLC now owns 7,218 shares of the company's stock worth $2,432,000 after purchasing an additional 3,170 shares during the period. Advisors Capital Management LLC lifted its stake in shares of Snap-On by 5.3% in the 1st quarter. Advisors Capital Management LLC now owns 1,241 shares of the company's stock worth $418,000 after acquiring an additional 63 shares during the period. Jump Financial LLC lifted its stake in shares of Snap-On by 367.7% in the 1st quarter. Jump Financial LLC now owns 5,523 shares of the company's stock worth $1,861,000 after acquiring an additional 4,342 shares during the period. Jacobs Levy Equity Management Inc. purchased a new stake in shares of Snap-On in the first quarter valued at about $1,986,000. Finally, Ascent Group LLC acquired a new position in shares of Snap-On during the first quarter worth about $421,000. Institutional investors and hedge funds own 84.88% of the company's stock.

Insider Transactions at Snap-On

In related news, CEO Nicholas T. Pinchuk sold 23,042 shares of the company's stock in a transaction that occurred on Monday, August 11th. The shares were sold at an average price of $320.88, for a total transaction of $7,393,716.96. Following the transaction, the chief executive officer owned 815,219 shares of the company's stock, valued at approximately $261,587,472.72. This represents a 2.75% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Aldo John Pagliari sold 4,731 shares of Snap-On stock in a transaction that occurred on Thursday, August 14th. The stock was sold at an average price of $327.38, for a total transaction of $1,548,834.78. Following the completion of the sale, the chief financial officer directly owned 111,667 shares of the company's stock, valued at $36,557,542.46. The trade was a 4.06% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 27,898 shares of company stock worth $8,983,203. 3.90% of the stock is owned by insiders.

Snap-On Stock Up 0.7%

SNA stock opened at $344.41 on Tuesday. The company has a debt-to-equity ratio of 0.21, a current ratio of 4.48 and a quick ratio of 3.42. The company's 50 day simple moving average is $328.61 and its 200-day simple moving average is $323.12. Snap-On Incorporated has a 12 month low of $284.38 and a 12 month high of $373.89. The firm has a market capitalization of $17.97 billion, a PE ratio of 18.37, a P/E/G ratio of 2.38 and a beta of 0.77.

Snap-On (NYSE:SNA - Get Free Report) last posted its earnings results on Thursday, July 17th. The company reported $4.72 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $4.61 by $0.11. The firm had revenue of $1.18 billion for the quarter, compared to analyst estimates of $1.16 billion. Snap-On had a return on equity of 18.02% and a net margin of 20.98%.Snap-On's revenue was up .0% on a year-over-year basis. During the same quarter in the prior year, the company earned $5.07 EPS. Equities analysts expect that Snap-On Incorporated will post 19.79 earnings per share for the current fiscal year.

Snap-On Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, September 10th. Investors of record on Tuesday, August 19th were paid a $2.14 dividend. The ex-dividend date of this dividend was Tuesday, August 19th. This represents a $8.56 annualized dividend and a yield of 2.5%. Snap-On's payout ratio is presently 45.65%.

Analysts Set New Price Targets

SNA has been the topic of a number of analyst reports. Bank of America lifted their price objective on Snap-On from $265.00 to $285.00 and gave the company an "underperform" rating in a report on Friday, July 18th. Robert W. Baird lifted their price target on Snap-On from $329.00 to $347.00 and gave the company a "neutral" rating in a research note on Friday, July 18th. Barrington Research reiterated an "outperform" rating and issued a $350.00 price objective on shares of Snap-On in a research report on Tuesday, September 23rd. Finally, Tigress Financial boosted their target price on shares of Snap-On from $390.00 to $395.00 and gave the stock a "buy" rating in a research report on Friday, August 29th. Four equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $357.00.

About Snap-On

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.

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