Snap-On Incorporated $SNA Shares Bought by Wedge Capital Management L L P NC

Key Points

• Wedge Capital Management L L P NC increased its holdings in Snap-On Incorporated by 3.4%, purchasing an additional 1,063 shares, bringing its total ownership to 32,050 shares worth about $9.97 million.
• Snap-On's CEO sold 23,042 shares for approximately $7.39 million, resulting in a 2.75% decrease in his holdings, while the CFO also reduced his stake by selling 4,731 shares.
• The company announced a quarterly dividend of $2.14 per share, representing a 2.5% annual yield and a payout ratio of 45.65% as of the last reporting period.

Wedge Capital Management L L P NC lifted its position in shares of Snap-On Incorporated (NYSE:SNA - Free Report) by 3.4% during the second quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 32,050 shares of the company's stock after buying an additional 1,063 shares during the quarter. Wedge Capital Management L L P NC owned approximately 0.06% of Snap-On worth $9,973,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of the company. Charles Schwab Investment Management Inc. boosted its holdings in Snap-On by 6.4% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 1,921,584 shares of the company's stock worth $647,593,000 after buying an additional 115,306 shares during the period. Kingstone Capital Partners Texas LLC purchased a new stake in shares of Snap-On during the 2nd quarter worth approximately $434,938,000. Auto Owners Insurance Co raised its holdings in Snap-On by 35,967.2% during the 1st quarter. Auto Owners Insurance Co now owns 1,073,000 shares of the company's stock valued at $361,612,000 after buying an additional 1,070,025 shares during the period. Northern Trust Corp raised its holdings in Snap-On by 5.4% during the 1st quarter. Northern Trust Corp now owns 841,721 shares of the company's stock valued at $283,668,000 after buying an additional 43,467 shares during the period. Finally, Envestnet Asset Management Inc. raised its holdings in Snap-On by 2.0% during the 1st quarter. Envestnet Asset Management Inc. now owns 774,526 shares of the company's stock valued at $261,023,000 after buying an additional 15,097 shares during the period. Institutional investors own 84.88% of the company's stock.

Snap-On Price Performance

NYSE:SNA traded up $3.25 during trading hours on Tuesday, hitting $340.77. 127,652 shares of the stock were exchanged, compared to its average volume of 367,783. Snap-On Incorporated has a 52-week low of $282.80 and a 52-week high of $373.89. The firm's fifty day moving average price is $327.16 and its 200 day moving average price is $322.79. The company has a current ratio of 4.48, a quick ratio of 3.42 and a debt-to-equity ratio of 0.21. The company has a market cap of $17.77 billion, a P/E ratio of 18.17, a P/E/G ratio of 2.35 and a beta of 0.77.

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

Snap-On Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, September 10th. Stockholders of record on Tuesday, August 19th were given a dividend of $2.14 per share. The ex-dividend date of this dividend was Tuesday, August 19th. This represents a $8.56 dividend on an annualized basis and a dividend yield of 2.5%. Snap-On's dividend payout ratio is currently 45.65%.

Insider Buying and Selling at Snap-On

In related news, CEO Nicholas T. Pinchuk sold 23,042 shares of the stock in a transaction on Monday, August 11th. The stock was sold at an average price of $320.88, for a total value of $7,393,716.96. Following the transaction, the chief executive officer owned 815,219 shares of the company's stock, valued at $261,587,472.72. This represents a 2.75% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CFO Aldo John Pagliari sold 4,731 shares of the stock in a transaction on 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 completion of the transaction, the chief financial officer directly owned 111,667 shares in the company, valued at $36,557,542.46. This trade represents a 4.06% decrease in their position. The disclosure for this sale can be found here. Insiders sold 27,898 shares of company stock worth $8,983,203 in the last three months. 3.90% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on the company. Robert W. Baird increased their price target on Snap-On from $329.00 to $347.00 and gave the company a "neutral" rating in a report on Friday, July 18th. Bank of America increased their price target on Snap-On from $265.00 to $285.00 and gave the company an "underperform" rating in a report on Friday, July 18th. Tigress Financial increased their price target on Snap-On from $390.00 to $395.00 and gave the company a "buy" rating in a report on Friday, August 29th. Finally, Barrington Research reaffirmed an "outperform" rating and issued a $350.00 price objective on shares of Snap-On in a research report on Tuesday. Four equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $357.00.

Snap-On Company Profile

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.