Snap-On Incorporated $SNA Stock Purchased by Alps Advisors Inc.

Key Points

• Alps Advisors increased its Snap-On stake by 8.1% in the third quarter, adding 6,252 shares to bring its holdings to 83,752 shares, valued at about $30.4 million.
• Snap-On’s latest quarter fell short of expectations: EPS was $4.64 versus a $4.93 consensus, while revenue was $1.18 billion versus estimates of $1.24 billion and declined 0.6% year over year.
• The company raised its quarterly dividend from $2.44 to $2.75 per share, equivalent to an annualized $11.00 and a 3.0% yield. Analysts’ consensus rating is “Moderate Buy,” with an average price target of $434.

Alps Advisors Inc. increased its holdings in shares of Snap-On Incorporated (NYSE:SNA - Free Report) by 8.1% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 83,752 shares of the company's stock after acquiring an additional 6,252 shares during the period. Alps Advisors Inc. owned about 0.16% of Snap-On worth $30,431,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Western Wealth Management LLC purchased a new position in shares of Snap-On in the first quarter valued at $29,000. Independence Bank of Kentucky purchased a new stake in Snap-On in the third quarter valued at about $29,000. Keating Financial Advisory Services Inc. acquired a new position in shares of Snap-On during the 2nd quarter worth approximately $45,000. Elevation Wealth Partners LLC grew its position in Snap-On by 773.3% in the second quarter. Elevation Wealth Partners LLC now owns 131 shares of the company's stock worth $53,000 after acquiring an additional 116 shares during the period. Finally, Generali Asset Management SPA SGR acquired a new stake in Snap-On in the third quarter valued at $53,000. 84.88% of the stock is currently owned by institutional investors.

Snap-On Stock Performance

Shares of NYSE:SNA opened at $367.31 on Friday. The firm has a market cap of $18.95 billion, a PE ratio of 19.10, a price-to-earnings-growth ratio of 2.60 and a beta of 0.75. The firm's 50 day simple moving average is $368.76 and its 200-day simple moving average is $380.25. The company has a debt-to-equity ratio of 0.14, a quick ratio of 2.71 and a current ratio of 3.55. Snap-On Incorporated has a one year low of $320.80 and a one year high of $423.02.

Snap-On (NYSE:SNA - Get Free Report) last issued its quarterly earnings data on Thursday, October 22nd. The company reported $4.64 earnings per share (EPS) for the quarter, missing the consensus estimate of $4.93 by ($0.29). The firm had revenue of $1.18 billion for the quarter, compared to analyst estimates of $1.24 billion. Snap-On had a return on equity of 16.77% and a net margin of 20.82%. The business's revenue for the quarter was down .6% compared to the same quarter last year. During the same period in the prior year, the firm posted $4.71 earnings per share. As a group, equities analysts predict that Snap-On Incorporated will post 19.24 EPS for the current year.

Snap-On Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 10th. Investors of record on Friday, November 20th will be issued a $2.75 dividend. This represents a $11.00 annualized dividend and a yield of 3.0%. The ex-dividend date is Friday, November 20th. This is a positive change from Snap-On's previous quarterly dividend of $2.44. Snap-On's dividend payout ratio is 50.75%.

Insiders Place Their Bets

In other news, VP Marty V. Ozolins sold 800 shares of Snap-On stock in a transaction on Wednesday, August 26th. The stock was sold at an average price of $400.00, for a total value of $320,000.00. Following the transaction, the vice president directly owned 1,526 shares in the company, valued at approximately $610,400. This trade represents a 34.39% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Nicholas Pinchuk sold 22,889 shares of Snap-On stock in a transaction that occurred on Tuesday, August 18th. The shares were 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 owned 867,779 shares of the company's stock, valued at $346,842,588.51. This trade represents a 2.57% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 29,220 shares of company stock worth $11,704,411 in the last 90 days. 3.80% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of research firms have commented on SNA. Tigress Financial boosted their price target on shares of Snap-On from $445.00 to $485.00 and gave the stock a "buy" rating in a research report on Friday, July 31st. Robert W. Baird set a $385.00 price target on shares of Snap-On in a research report on Friday, October 23rd. Weiss Ratings cut shares of Snap-On from a "buy (b)" rating to a "buy (b-)" rating in a research note on Friday, October 30th. Barclays decreased their target price on Snap-On from $435.00 to $405.00 and set an "overweight" rating on the stock in a research report on Monday, October 26th. Finally, Roth Capital reaffirmed a "buy" rating and set a $461.00 price target (up from $409.00) on shares of Snap-On in a research note on Friday, July 24th. Four investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $434.00.

About Snap-On

Snap-on Incorporated is a manufacturer and distributor of professional tools, equipment, diagnostics, and related services. Its offerings include hand and power tools, tool storage, vehicle repair equipment, diagnostic systems, and repair information and management software. The company serves professional users who work in automotive repair, heavy-duty transportation, aviation, agriculture, construction, industrial production, government, and other technical fields.

Snap-on markets products under the Snap-on brand and other brands, including Blue-Point, Bahco, and Williams.

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