Assetmark Inc. Raises Stock Holdings in Snap-On Incorporated $SNA

Assetmark Inc. raised its position in shares of Snap-On Incorporated (NYSE:SNA) by 10.2% during the 2nd quarter, Holdings Channel reports. The fund owned 153,471 shares of the company’s stock after purchasing an additional 14,230 shares during the period. Assetmark Inc.’s holdings in Snap-On were worth $47,757,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of the company. Choreo LLC raised its holdings in Snap-On by 78.3% during the 1st quarter. Choreo LLC now owns 7,218 shares of the company’s stock valued at $2,432,000 after buying an additional 3,170 shares during the period. Advisors Capital Management LLC raised its holdings in Snap-On by 5.3% during the 1st quarter. Advisors Capital Management LLC now owns 1,241 shares of the company’s stock valued at $418,000 after buying an additional 63 shares during the period. Jump Financial LLC boosted its stake in shares of Snap-On by 367.7% during the 1st quarter. Jump Financial LLC now owns 5,523 shares of the company’s stock worth $1,861,000 after purchasing an additional 4,342 shares during the period. Jacobs Levy Equity Management Inc. purchased a new position in shares of Snap-On during the 1st quarter worth about $1,986,000. Finally, Ascent Group LLC purchased a new position in shares of Snap-On during the 1st quarter worth about $421,000. 84.88% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, CFO Aldo John Pagliari sold 125 shares of the business’s stock in a transaction dated Friday, August 15th. The shares were sold at an average price of $325.21, for a total value of $40,651.25. Following the completion of the sale, the chief financial officer owned 111,721 shares in the company, valued at approximately $36,332,786.41. The trade was a 0.11% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Nicholas T. Pinchuk sold 23,042 shares of the business’s stock in a transaction dated Monday, August 11th. The shares were 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 owned 815,219 shares of the company’s stock, valued at approximately $261,587,472.72. This represents a 2.75% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 27,898 shares of company stock valued at $8,983,203. Company insiders own 3.90% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the stock. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Snap-On in a research note on Wednesday, October 8th. Bank of America lifted their price target on shares of Snap-On from $265.00 to $285.00 and gave the stock an “underperform” rating in a research note on Friday, July 18th. Roth Capital reaffirmed a “buy” rating and set a $385.00 price target on shares of Snap-On in a research note on Friday, October 17th. Wall Street Zen upgraded Snap-On from a “hold” rating to a “buy” rating in a research note on Saturday, October 18th. Finally, Tigress Financial increased their target price on Snap-On from $395.00 to $405.00 and gave the stock a “buy” rating in a research note on Tuesday, October 21st. 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 stock. According to data from MarketBeat, Snap-On currently has an average rating of “Moderate Buy” and an average price target of $365.00.

Snap-On Price Performance

SNA opened at $338.63 on Friday. Snap-On Incorporated has a 12-month low of $289.81 and a 12-month high of $373.89. The company has a current ratio of 4.40, a quick ratio of 3.37 and a debt-to-equity ratio of 0.20. The business’s fifty day simple moving average is $336.00 and its 200-day simple moving average is $325.06. The company has a market capitalization of $17.61 billion, a price-to-earnings ratio of 17.76, a PEG ratio of 2.33 and a beta of 0.78.

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

Snap-On Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, September 10th. Stockholders of record on Tuesday, August 19th were issued a $2.14 dividend. The ex-dividend date was Tuesday, August 19th. This represents a $8.56 annualized dividend and a dividend yield of 2.5%. Snap-On’s payout ratio is currently 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.