Wedge Capital Management L L P NC Trims Stake in Snap-on Incorporated (NYSE:SNA)

Wedge Capital Management L L P NC trimmed its position in Snap-on Incorporated (NYSE:SNA - Free Report) by 4.9% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 30,987 shares of the company's stock after selling 1,595 shares during the quarter. Wedge Capital Management L L P NC owned about 0.06% of Snap-on worth $10,443,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in the company. SBI Securities Co. Ltd. acquired a new stake in Snap-on in the 4th quarter valued at approximately $26,000. CoreFirst Bank & Trust acquired a new stake in shares of Snap-on in the fourth quarter valued at $40,000. TCTC Holdings LLC grew its stake in shares of Snap-on by 41.3% in the fourth quarter. TCTC Holdings LLC now owns 147 shares of the company's stock valued at $50,000 after buying an additional 43 shares in the last quarter. Mizuho Bank Ltd. purchased a new stake in shares of Snap-on in the 4th quarter valued at $61,000. Finally, Orion Capital Management LLC acquired a new position in Snap-on during the 4th quarter worth about $65,000. Hedge funds and other institutional investors own 84.88% of the company's stock.

Snap-on Stock Down 0.6%

Snap-on stock traded down $2.01 during trading on Thursday, reaching $318.71. The stock had a trading volume of 229,305 shares, compared to its average volume of 365,191. The company has a quick ratio of 3.17, a current ratio of 4.15 and a debt-to-equity ratio of 0.22. Snap-on Incorporated has a 52-week low of $252.98 and a 52-week high of $373.90. The stock has a market cap of $16.67 billion, a PE ratio of 16.34, a P/E/G ratio of 2.21 and a beta of 0.78. The business has a 50 day moving average price of $318.98 and a 200 day moving average price of $335.08.

Snap-on (NYSE:SNA - Get Free Report) last released its quarterly earnings data on Thursday, April 17th. The company reported $4.51 earnings per share (EPS) for the quarter, missing the consensus estimate of $4.81 by ($0.30). The firm had revenue of $1.14 billion for the quarter, compared to analysts' expectations of $1.20 billion. Snap-on had a return on equity of 19.20% and a net margin of 21.71%. During the same period last year, the firm posted $4.91 earnings per share. On average, analysts predict that Snap-on Incorporated will post 19.79 EPS for the current year.

Snap-on Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, June 10th. Shareholders of record on Tuesday, May 20th were issued a dividend of $2.14 per share. This represents a $8.56 dividend on an annualized basis and a yield of 2.69%. The ex-dividend date was Tuesday, May 20th. Snap-on's dividend payout ratio (DPR) is 44.82%.

Analysts Set New Price Targets

Several research firms have weighed in on SNA. Barrington Research reaffirmed an "outperform" rating and issued a $350.00 target price on shares of Snap-on in a research report on Monday, May 19th. Longbow Research upgraded shares of Snap-on from a "neutral" rating to a "buy" rating and set a $400.00 price objective for the company in a report on Monday, March 31st. Tigress Financial upped their target price on shares of Snap-on from $385.00 to $390.00 and gave the stock a "buy" rating in a research note on Tuesday, March 4th. Robert W. Baird decreased their price target on shares of Snap-on from $349.00 to $320.00 and set a "neutral" rating for the company in a research report on Monday, April 21st. Finally, Wall Street Zen raised Snap-on from a "hold" rating to a "buy" rating in a research report on Friday, May 16th. One analyst has rated the stock with a sell rating, one has given a hold rating and five have issued a buy rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $350.83.

Insider Transactions at Snap-on

In other Snap-on news, CFO Aldo John Pagliari sold 5,553 shares of the firm's stock in a transaction that occurred on Thursday, May 15th. The shares were sold at an average price of $326.84, for a total transaction of $1,814,942.52. Following the sale, the chief financial officer now owns 109,560 shares of the company's stock, valued at approximately $35,808,590.40. This trade represents a 4.82% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Karen L. Daniel sold 1,090 shares of the business's stock in a transaction that occurred on Thursday, June 5th. The stock was sold at an average price of $319.92, for a total transaction of $348,712.80. Following the sale, the director now owns 8,030 shares of the company's stock, valued at $2,568,957.60. This represents a 11.95% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 52,515 shares of company stock valued at $17,094,296. 3.90% of the stock is currently owned by corporate insiders.

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.