Corient IA LLC Makes New $506,000 Investment in Snap-On Incorporated (NYSE:SNA)

Corient IA LLC bought a new position in Snap-On Incorporated (NYSE:SNA) in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 1,500 shares of the company’s stock, valued at approximately $506,000.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Alpine Bank Wealth Management purchased a new stake in Snap-On in the first quarter worth approximately $25,000. Golden State Wealth Management LLC boosted its stake in shares of Snap-On by 421.1% during the first quarter. Golden State Wealth Management LLC now owns 99 shares of the company’s stock valued at $33,000 after purchasing an additional 80 shares during the period. Cullen Frost Bankers Inc. boosted its stake in shares of Snap-On by 248.3% during the first quarter. Cullen Frost Bankers Inc. now owns 101 shares of the company’s stock valued at $34,000 after purchasing an additional 72 shares during the period. Opal Wealth Advisors LLC purchased a new stake in shares of Snap-On during the first quarter valued at approximately $35,000. Finally, ORG Partners LLC boosted its stake in shares of Snap-On by 150.8% during the first quarter. ORG Partners LLC now owns 158 shares of the company’s stock valued at $54,000 after purchasing an additional 95 shares during the period. Hedge funds and other institutional investors own 84.88% of the company’s stock.

Snap-On Stock Performance

Shares of SNA stock opened at $326.04 on Friday. The stock has a fifty day moving average of $319.58 and a 200 day moving average of $325.12. Snap-On Incorporated has a 52 week low of $268.90 and a 52 week high of $373.89. The firm has a market capitalization of $17.01 billion, a price-to-earnings ratio of 17.39, a PEG ratio of 2.27 and a beta of 0.76. The company has a quick ratio of 3.42, a current ratio of 4.48 and a debt-to-equity ratio of 0.21.

Snap-On (NYSE:SNA) last announced its quarterly earnings results on Thursday, July 17th. The company reported $4.72 EPS for the quarter, topping 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 company had revenue of $1.18 billion during the quarter, compared to analyst estimates of $1.16 billion. During the same quarter last year, the firm posted $5.07 earnings per share. The firm’s revenue was up .0% on a year-over-year basis. As a group, research analysts expect that Snap-On Incorporated will post 19.79 earnings per share for the current year.

Snap-On Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 10th. Shareholders of record on Tuesday, August 19th will be issued a $2.14 dividend. The ex-dividend date is Tuesday, August 19th. This represents a $8.56 dividend on an annualized basis and a yield of 2.6%. Snap-On’s dividend payout ratio is 45.65%.

Insiders Place Their Bets

In other news, CFO Aldo John Pagliari sold 4,731 shares of the firm’s stock in a transaction 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 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 ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Karen L. Daniel sold 1,090 shares of the firm’s stock in a transaction on Thursday, June 5th. The shares were sold at an average price of $319.92, for a total value of $348,712.80. Following the transaction, the director owned 8,030 shares of the company’s stock, valued at $2,568,957.60. The trade was a 11.95% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 52,160 shares of company stock worth $16,650,792. 3.90% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the company. Robert W. Baird increased their price objective on Snap-On from $329.00 to $347.00 and gave the company a “neutral” rating in a research note on Friday, July 18th. Wall Street Zen raised Snap-On from a “hold” rating to a “buy” rating in a research note on Friday, May 16th. Barrington Research reissued an “outperform” rating and set a $350.00 price objective on shares of Snap-On in a research note on Tuesday, July 15th. Finally, Bank of America increased their price objective on Snap-On from $265.00 to $285.00 and gave the company an “underperform” rating in a research note on Friday, July 18th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat, Snap-On presently has a consensus rating of “Moderate Buy” and a consensus price target of $356.17.

Snap-On 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.