Sarasin & Partners LLP Sells 1,280 Shares of Snap-On Incorporated $SNA

Sarasin & Partners LLP trimmed its holdings in Snap-On Incorporated (NYSE:SNA) by 1.9% in the 2nd quarter, according to its most recent filing with the SEC. The institutional investor owned 64,873 shares of the company’s stock after selling 1,280 shares during the quarter. Sarasin & Partners LLP owned about 0.13% of Snap-On worth $26,105,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of SNA. JGP Wealth Management LLC grew its stake in shares of Snap-On by 4.2% in the second quarter. JGP Wealth Management LLC now owns 3,376 shares of the company’s stock worth $1,359,000 after acquiring an additional 136 shares during the period. GAMMA Investing LLC lifted its position in Snap-On by 3.5% during the second quarter. GAMMA Investing LLC now owns 3,717 shares of the company’s stock valued at $1,496,000 after purchasing an additional 126 shares during the period. Canandaigua National Bank & Trust Co. purchased a new stake in Snap-On in the second quarter worth approximately $2,409,000. Versant Capital Management Inc grew its position in Snap-On by 11.2% in the 2nd quarter. Versant Capital Management Inc now owns 1,890 shares of the company’s stock worth $761,000 after purchasing an additional 191 shares during the period. Finally, CX Institutional grew its position in Snap-On by 10.6% in the 2nd quarter. CX Institutional now owns 447 shares of the company’s stock worth $180,000 after purchasing an additional 43 shares during the period. Hedge funds and other institutional investors own 84.88% of the company’s stock.

Insider Activity

In other news, CFO Aldo John Pagliari sold 1,330 shares of the stock in a transaction on Thursday, June 4th. The shares were sold at an average price of $379.27, for a total value of $504,429.10. Following the completion of the sale, the chief financial officer directly owned 118,158 shares of the company’s stock, valued at $44,813,784.66. This represents a 1.11% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, SVP Timothy L. Chambers sold 9,111 shares of the firm’s stock in a transaction on Tuesday, July 28th. The shares were sold at an average price of $419.36, for a total transaction of $3,820,788.96. Following the sale, the senior vice president owned 21,223 shares in the company, valued at $8,900,077.28. The trade was a 30.04% decrease in their ownership of the stock. 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 23,221 shares of company stock worth $9,196,355 in the last quarter. 3.80% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the company. Tigress Financial increased their price target on Snap-On from $445.00 to $485.00 and gave the company a “buy” rating in a report on Friday, July 31st. Robert W. Baird set a $415.00 price objective on Snap-On in a report on Friday, July 24th. Weiss Ratings reiterated a “buy (b)” rating on shares of Snap-On in a research report on Friday, July 17th. Barclays started coverage on Snap-On in a report on Thursday, May 28th. They issued an “overweight” rating and a $420.00 target price on the stock. Finally, Roth Capital reissued a “buy” rating and issued a $461.00 target price (up from $409.00) on shares of Snap-On in a research report on Friday, July 24th. Five investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $426.20.

Snap-On Stock Performance

NYSE:SNA opened at $414.70 on Friday. The company has a debt-to-equity ratio of 0.15, a quick ratio of 2.64 and a current ratio of 3.43. The stock has a 50-day simple moving average of $398.01 and a two-hundred day simple moving average of $381.99. The firm has a market capitalization of $21.45 billion, a PE ratio of 21.15, a P/E/G ratio of 2.95 and a beta of 0.73. Snap-On Incorporated has a 52-week low of $319.20 and a 52-week high of $423.02.

Snap-On (NYSE:SNA) last posted its quarterly earnings data on Thursday, July 23rd. The company reported $4.96 earnings per share for the quarter, beating analysts’ consensus estimates of $4.95 by $0.01. The firm had revenue of $1.24 billion for the quarter, compared to analysts’ expectations of $1.22 billion. Snap-On had a return on equity of 17.07% and a net margin of 21.25%.The business’s quarterly revenue was up 4.7% on a year-over-year basis. During the same period in the previous year, the firm earned $4.72 EPS. Analysts forecast that Snap-On Incorporated will post 19.7 EPS for the current year.

Snap-On announced that its board has approved a share buyback plan on Thursday, April 30th that allows the company to buyback $500.00 million in outstanding shares. This buyback authorization allows the company to purchase up to 2.5% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s leadership believes its shares are undervalued.

About Snap-On

Snap‑On Incorporated (NYSE: SNA) is a designer, manufacturer and marketer of tools, diagnostic equipment, repair information and shop equipment for professional users. The company’s product range includes hand and power tools, tool storage and cabinets, diagnostic scan tools and software, shop equipment such as lifts and tire changers, and specialized specialty tools for automotive, aviation, marine and industrial applications. Snap‑On also offers information and workflow solutions that combine diagnostic data, repair procedures and parts information to support professional technicians.

Founded in 1920 and headquartered in Kenosha, Wisconsin, Snap‑On has established a long history in the professional tools market.