Snap-On Incorporated $SNA Stock Holdings Cut by Norden Group LLC

Norden Group LLC reduced its position in shares of Snap-On Incorporated (NYSE:SNA) by 17.5% in the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 2,510 shares of the company’s stock after selling 533 shares during the quarter. Norden Group LLC’s holdings in Snap-On were worth $781,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Charles Schwab Investment Management Inc. boosted its stake in Snap-On by 6.4% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 1,921,584 shares of the company’s stock valued at $647,593,000 after purchasing an additional 115,306 shares in the last quarter. Kingstone Capital Partners Texas LLC bought a new position in Snap-On during the 2nd quarter valued at $434,938,000. Auto Owners Insurance Co boosted its stake 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 purchasing an additional 1,070,025 shares in the last quarter. Northern Trust Corp lifted its position in shares of 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 acquiring an additional 43,467 shares during the last quarter. Finally, Envestnet Asset Management Inc. lifted its position in shares of 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 acquiring an additional 15,097 shares during the last quarter. 84.88% of the stock is owned by institutional investors.

Snap-On Price Performance

SNA opened at $336.68 on Friday. The stock has a fifty day moving average of $328.18 and a 200-day moving average of $323.00. The firm has a market capitalization of $17.56 billion, a P/E ratio of 17.96, a PEG ratio of 2.36 and a beta of 0.77. Snap-On Incorporated has a 12-month low of $284.38 and a 12-month high of $373.89. 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 released its earnings results on Thursday, July 17th. The company reported $4.72 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.61 by $0.11. The company had revenue of $1.18 billion during the quarter, compared to analyst estimates of $1.16 billion. Snap-On had a return on equity of 18.02% and a net margin of 20.98%.The company’s revenue for the quarter was up .0% on a year-over-year basis. During the same quarter in the prior year, the company earned $5.07 earnings per share. Equities analysts forecast that Snap-On Incorporated will post 19.79 EPS for the current fiscal year.

Snap-On Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, September 10th. Investors of record on Tuesday, August 19th were issued a dividend of $2.14 per share. This represents a $8.56 annualized dividend and a dividend yield of 2.5%. The ex-dividend date was Tuesday, August 19th. Snap-On’s dividend payout ratio (DPR) 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 transaction of $7,393,716.96. Following the completion of the sale, the chief executive officer directly owned 815,219 shares in the company, valued at approximately $261,587,472.72. This trade represents a 2.75% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Aldo John Pagliari sold 125 shares of the stock in a transaction on Friday, August 15th. The stock was sold at an average price of $325.21, for a total value of $40,651.25. Following the sale, the chief financial officer owned 111,721 shares of the company’s stock, valued at approximately $36,332,786.41. This represents a 0.11% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 27,898 shares of company stock valued at $8,983,203. 3.90% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on the company. Tigress Financial increased their price objective on Snap-On from $390.00 to $395.00 and gave the company a “buy” rating in a research report on Friday, August 29th. 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 report on Friday, July 18th. 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 report on Friday, July 18th. Finally, Barrington Research reiterated an “outperform” rating and set a $350.00 price objective on shares of Snap-On in a research report on Tuesday. Four research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, Snap-On currently has an average rating of “Moderate Buy” and an average price target 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.