Oppenheimer Asset Management Inc. Reduces Stock Holdings in Snap-On Incorporated $SNA

Oppenheimer Asset Management Inc. lessened its stake in shares of Snap-On Incorporated (NYSE:SNA) by 1.5% during the 2nd quarter, according to its most recent 13F filing with the SEC. The firm owned 12,427 shares of the company’s stock after selling 190 shares during the period. Oppenheimer Asset Management Inc.’s holdings in Snap-On were worth $3,867,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of the company. Ameritas Advisory Services LLC purchased a new stake in shares of Snap-On in the second quarter valued at $30,000. Golden State Wealth Management LLC lifted its stake in Snap-On by 421.1% in the first quarter. Golden State Wealth Management LLC now owns 99 shares of the company’s stock worth $33,000 after purchasing an additional 80 shares during the last quarter. Cullen Frost Bankers Inc. boosted its position 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 buying an additional 72 shares during the period. Ransom Advisory Ltd bought a new position in shares of Snap-On during the first quarter valued at approximately $34,000. Finally, Thurston Springer Miller Herd & Titak Inc. raised its holdings in shares of Snap-On by 52.8% in the second quarter. Thurston Springer Miller Herd & Titak Inc. now owns 110 shares of the company’s stock worth $34,000 after buying an additional 38 shares during the period. 84.88% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Snap-On

In related news, CEO Nicholas T. Pinchuk sold 23,042 shares of the business’s 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 transaction, the chief executive officer directly owned 815,219 shares in the company, valued at $261,587,472.72. The trade was a 2.75% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Aldo John Pagliari sold 4,731 shares of the company’s stock in a transaction dated Thursday, August 14th. The shares were sold at an average price of $327.38, for a total value of $1,548,834.78. Following the transaction, the chief financial officer directly owned 111,667 shares in the company, valued at $36,557,542.46. This represents a 4.06% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 27,898 shares of company stock worth $8,983,203 over the last ninety days. Corporate insiders own 3.90% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on SNA. Tigress Financial boosted their price objective on Snap-On from $395.00 to $405.00 and gave the company a “buy” rating in a report on Tuesday, October 21st. Weiss Ratings reissued a “buy (b)” rating on shares of Snap-On in a research note on Wednesday, October 8th. Robert W. Baird raised their price target on shares of Snap-On from $355.00 to $365.00 and gave the stock a “neutral” rating in a research note on Friday, October 17th. Bank of America boosted their price objective on shares of 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 reaffirmed an “outperform” rating and set a $350.00 target price on shares of Snap-On in a research report on Wednesday, October 15th. Five analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $365.00.

Snap-On Price Performance

Shares of SNA stock opened at $342.93 on Wednesday. The stock’s 50-day moving average is $335.37 and its 200 day moving average is $324.96. Snap-On Incorporated has a 1-year low of $289.81 and a 1-year high of $373.89. The company has a debt-to-equity ratio of 0.20, a current ratio of 4.40 and a quick ratio of 3.37. The company has a market cap of $17.84 billion, a P/E ratio of 17.98, a PEG ratio of 2.40 and a beta of 0.78.

Snap-On (NYSE:SNA) last released its quarterly earnings results on Thursday, October 16th. The company reported $4.71 EPS for the quarter, beating the consensus estimate of $4.59 by $0.12. Snap-On had a net margin of 21.08% and a return on equity of 17.71%. The business had revenue of $1.19 billion during the quarter, compared to analyst estimates of $1.16 billion. During the same period in the prior year, the firm posted $4.70 earnings per share. The company’s quarterly revenue was up 3.8% on a year-over-year basis. Research analysts predict that Snap-On Incorporated will post 19.79 earnings per share for the current fiscal year.

Snap-On Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, September 10th. Shareholders of record on Tuesday, August 19th were paid a $2.14 dividend. This represents a $8.56 annualized dividend and a yield of 2.5%. The ex-dividend date was Tuesday, August 19th. Snap-On’s dividend payout ratio (DPR) is 44.89%.

About Snap-On

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.