Sterling Capital Management LLC Reduces Stake in Snap-On Incorporated $SNA

Sterling Capital Management LLC lessened its holdings in Snap-On Incorporated (NYSE:SNA) by 41.9% during the 1st quarter, Holdings Channel.com reports. The institutional investor owned 1,828 shares of the company’s stock after selling 1,321 shares during the period. Sterling Capital Management LLC’s holdings in Snap-On were worth $664,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also bought and sold shares of the company. Thurston Springer Miller Herd & Titak Inc. purchased a new stake in shares of Snap-On in the 4th quarter valued at $25,000. DV Equities LLC purchased a new position in shares of Snap-On during the fourth quarter worth $25,000. GoalVest Advisory LLC acquired a new position in Snap-On during the fourth quarter valued at $28,000. Montag A & Associates Inc. lifted its position in Snap-On by 331.8% during the fourth quarter. Montag A & Associates Inc. now owns 95 shares of the company’s stock valued at $33,000 after purchasing an additional 73 shares during the period. Finally, Quattro Advisors LLC purchased a new stake in Snap-On in the fourth quarter valued at $35,000. 84.88% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other Snap-On news, SVP Jesus Arregui sold 4,251 shares of the business’s stock in a transaction dated Wednesday, June 10th. The shares were sold at an average price of $383.92, for a total value of $1,632,043.92. Following the transaction, the senior vice president directly owned 4,439 shares in the company, valued at $1,704,220.88. The trade was a 48.92% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, VP Richard Thomas Miller sold 427 shares of the stock in a transaction that occurred on Wednesday, June 10th. The shares were sold at an average price of $389.55, for a total transaction of $166,337.85. Following the completion of the sale, the vice president directly owned 4,527 shares of the company’s stock, valued at approximately $1,763,492.85. This trade represents a 8.62% decrease in their position. 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 three months, insiders sold 35,117 shares of company stock worth $13,192,082. Company insiders own 3.80% of the company’s stock.

Snap-On Stock Up 0.3%

Shares of NYSE SNA opened at $403.54 on Thursday. Snap-On Incorporated has a 12-month low of $310.23 and a 12-month high of $406.30. The stock has a market cap of $20.90 billion, a PE ratio of 20.83, a P/E/G ratio of 2.83 and a beta of 0.73. The company has a current ratio of 3.53, a quick ratio of 2.74 and a debt-to-equity ratio of 0.15. The company has a 50-day moving average of $379.51 and a 200 day moving average of $371.82.

Snap-On (NYSE:SNA) last announced its quarterly earnings data on Thursday, April 23rd. The company reported $4.69 EPS for the quarter, missing analysts’ consensus estimates of $4.75 by ($0.06). The company had revenue of $1.21 billion for the quarter, compared to analysts’ expectations of $1.19 billion. Snap-On had a return on equity of 17.13% and a net margin of 21.28%.The business’s quarterly revenue was up 5.8% compared to the same quarter last year. During the same quarter in the previous year, the business posted $4.51 EPS. As a group, sell-side analysts predict that Snap-On Incorporated will post 19.7 EPS for the current fiscal year.

Snap-On declared that its Board of Directors has authorized a stock repurchase program on Thursday, April 30th that allows the company to repurchase $500.00 million in shares. This repurchase authorization allows the company to repurchase up to 2.5% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board believes its stock is undervalued.

Snap-On Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, June 10th. Stockholders of record on Wednesday, May 20th were given a dividend of $2.44 per share. The ex-dividend date of this dividend was Wednesday, May 20th. This represents a $9.76 annualized dividend and a dividend yield of 2.4%. Snap-On’s payout ratio is presently 50.39%.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on SNA. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Snap-On in a research report on Monday, April 20th. Roth Mkm restated a “buy” rating and issued a $431.00 target price on shares of Snap-On in a research note on Friday, April 24th. Robert W. Baird raised their target price on Snap-On from $380.00 to $395.00 and gave the stock a “neutral” rating in a report on Friday, April 24th. Finally, Barclays initiated coverage on Snap-On in a research report on Thursday, May 28th. They set an “overweight” rating and a $420.00 price target for the company. Five investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $387.67.

Snap-On Company 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.