Perigon Wealth Management LLC Makes New $1.04 Million Investment in Snap-On Incorporated $SNA

Perigon Wealth Management LLC bought a new position in Snap-On Incorporated (NYSE:SNA) during the 2nd quarter, Holdings Channel reports. The institutional investor bought 2,583 shares of the company’s stock, valued at approximately $1,040,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Phillips Wealth Planners LLC acquired a new stake in Snap-On during the second quarter worth about $328,000. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new position in shares of Snap-On in the 2nd quarter valued at about $51,527,000. OneDigital Investment Advisors LLC acquired a new position in shares of Snap-On in the 2nd quarter valued at about $309,000. Flputnam Investment Management Co. purchased a new stake in shares of Snap-On during the 2nd quarter worth about $5,850,000. Finally, Global Retirement Partners LLC acquired a new stake in Snap-On during the 2nd quarter worth approximately $1,939,000. Institutional investors and hedge funds own 84.88% of the company’s stock.

Analyst Ratings Changes

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

Snap-On Stock Performance

Snap-On stock opened at $396.13 on Wednesday. The firm has a market capitalization of $20.49 billion, a PE ratio of 20.20, a price-to-earnings-growth ratio of 2.84 and a beta of 0.73. Snap-On Incorporated has a one year low of $319.20 and a one year high of $423.02. The stock’s 50 day moving average price is $402.75 and its 200 day moving average price is $384.13. The company has a debt-to-equity ratio of 0.15, a quick ratio of 2.64 and a current ratio of 3.43.

Snap-On (NYSE:SNA) last issued its quarterly earnings data on Thursday, July 23rd. The company reported $4.96 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.95 by $0.01. The company had revenue of $1.24 billion during the quarter, compared to the consensus estimate of $1.22 billion. Snap-On had a net margin of 21.25% and a return on equity of 17.07%. Snap-On’s revenue for the quarter was up 4.7% on a year-over-year basis. During the same quarter last year, the company earned $4.72 earnings per share. As a group, sell-side analysts expect that Snap-On Incorporated will post 19.7 EPS for the current fiscal year.

Snap-On Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 10th. Investors of record on Wednesday, August 19th will be issued a dividend of $2.44 per share. This represents a $9.76 dividend on an annualized basis and a yield of 2.5%. The ex-dividend date of this dividend is Wednesday, August 19th. Snap-On’s dividend payout ratio (DPR) is presently 49.77%.

Snap-On announced that its board has initiated a stock repurchase plan on Thursday, April 30th that authorizes the company to repurchase $500.00 million in outstanding shares. This repurchase authorization authorizes the company to purchase up to 2.5% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.

Insider Activity

In other Snap-On news, CFO Aldo John Pagliari sold 5,531 shares of the business’s stock in a transaction on Thursday, August 13th. The shares were sold at an average price of $404.25, for a total value of $2,235,906.75. Following the transaction, the chief financial officer owned 120,644 shares in the company, valued at $48,770,337. The trade was a 4.38% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP Timothy L. Chambers sold 9,111 shares of the company’s stock in a transaction dated 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 completion of the transaction, the senior vice president directly owned 21,223 shares of the company’s stock, valued at approximately $8,900,077.28. The trade was a 30.04% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders sold 23,039 shares of company stock worth $9,334,505. Corporate insiders own 3.80% of the company’s stock.

Snap-On Profile

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.