Ameriprise Financial Inc. Purchases 239,908 Shares of Snap-On Incorporated $SNA

Key Points

• Ameriprise Financial Inc. increased its stake in Snap-On Inc. by 54.3%, owning 681,857 shares worth approximately $229.8 million.
• Snap-On reported $4.72 earnings per share for its last quarter, surpassing estimates of $4.61, with revenue of $1.18 billion.
• The company declared a quarterly dividend of $2.14 per share, reflecting a 2.6% dividend yield, scheduled for payment on September 10th.

Ameriprise Financial Inc. grew its position in Snap-On Incorporated (NYSE:SNA - Free Report) by 54.3% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 681,857 shares of the company's stock after purchasing an additional 239,908 shares during the quarter. Ameriprise Financial Inc. owned about 1.30% of Snap-On worth $229,793,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in SNA. Alpine Bank Wealth Management acquired a new position in shares of Snap-On in the first quarter valued at approximately $25,000. Golden State Wealth Management LLC lifted its stake in Snap-On by 421.1% during the first quarter. Golden State Wealth Management LLC now owns 99 shares of the company's stock worth $33,000 after purchasing an additional 80 shares during the last quarter. Cullen Frost Bankers Inc. lifted its stake in Snap-On by 248.3% during the first quarter. Cullen Frost Bankers Inc. now owns 101 shares of the company's stock worth $34,000 after purchasing an additional 72 shares during the last quarter. Opal Wealth Advisors LLC bought a new stake in Snap-On during the first quarter worth $35,000. Finally, ORG Partners LLC lifted its stake in Snap-On by 150.8% during the first quarter. ORG Partners LLC now owns 158 shares of the company's stock worth $54,000 after purchasing an additional 95 shares during the last quarter. Institutional investors and hedge funds own 84.88% of the company's stock.

Insider Activity at Snap-On

In related news, CFO Aldo John Pagliari sold 4,731 shares of the firm's stock in a transaction dated Thursday, August 14th. The shares were sold at an average price of $327.38, for a total value of $1,548,834.78. Following the transaction, the chief financial officer owned 111,667 shares of the company's stock, valued at approximately $36,557,542.46. This trade represents a 4.06% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Nicholas T. Pinchuk sold 23,172 shares of the firm's stock in a transaction dated Monday, June 2nd. The shares were sold at an average price of $315.85, for a total transaction of $7,318,876.20. Following the completion of the transaction, the chief executive officer directly 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. In the last quarter, insiders have sold 52,160 shares of company stock valued at $16,650,792. 3.90% of the stock is owned by corporate insiders.

Snap-On Stock Up 0.3%

Shares of SNA stock traded up $0.83 on Wednesday, reaching $330.62. 200,329 shares of the company were exchanged, compared to its average volume of 375,224. The company has a market cap of $17.25 billion, a price-to-earnings ratio of 17.63, a PEG ratio of 2.29 and a beta of 0.76. The company has a 50-day moving average of $321.03 and a 200-day moving average of $323.92. The company has a debt-to-equity ratio of 0.21, a current ratio of 4.48 and a quick ratio of 3.42. Snap-On Incorporated has a one year low of $268.90 and a one year high of $373.89.

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

Snap-On Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 10th. Investors of record on Tuesday, August 19th will be given a $2.14 dividend. The ex-dividend date of this dividend is Tuesday, August 19th. This represents a $8.56 annualized dividend and a yield of 2.6%. Snap-On's dividend payout ratio (DPR) is presently 45.65%.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on SNA shares. Barrington Research restated an "outperform" rating and set a $350.00 target price on shares of Snap-On in a research note on Tuesday, July 15th. Wall Street Zen upgraded shares of Snap-On from a "hold" rating to a "buy" rating in a report on Friday, May 16th. Robert W. Baird increased their price target on Snap-On from $329.00 to $347.00 and gave the stock a "neutral" rating in a report on Friday, July 18th. Finally, Bank of America increased their price target on Snap-On from $265.00 to $285.00 and gave the stock an "underperform" rating in a report on Friday, July 18th. Four analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $356.17.

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.