Procyon Advisors LLC Acquires 1,284 Shares of Snap-On Incorporated $SNA

Procyon Advisors LLC raised its holdings in Snap-On Incorporated (NYSE:SNA) by 8.9% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 15,707 shares of the company’s stock after purchasing an additional 1,284 shares during the period. Procyon Advisors LLC’s holdings in Snap-On were worth $5,705,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Thurston Springer Miller Herd & Titak Inc. bought a new position in Snap-On in the 4th quarter worth approximately $25,000. DV Equities LLC purchased a new position in Snap-On in the 4th quarter valued at approximately $25,000. GoalVest Advisory LLC bought a new stake in Snap-On during the 4th quarter valued at $28,000. Montag A & Associates Inc. raised its holdings in Snap-On by 331.8% during the 4th quarter. Montag A & Associates Inc. now owns 95 shares of the company’s stock valued at $33,000 after acquiring an additional 73 shares during the period. Finally, Quattro Advisors LLC purchased a new stake in shares of Snap-On during the fourth quarter worth $35,000. Institutional investors own 84.88% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have recently commented on the company. Barclays assumed coverage on Snap-On in a report on Thursday, May 28th. They issued an “overweight” rating and a $420.00 price target for the company. Roth Capital reissued a “buy” rating and set a $431.00 price objective on shares of Snap-On in a report 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 research note on Friday, April 24th. Finally, Weiss Ratings reaffirmed a “buy (b)” rating on shares of Snap-On in a report on Monday, April 20th. Five investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, Snap-On has an average rating of “Moderate Buy” and a consensus target price of $387.67.

Snap-On Stock Performance

NYSE:SNA opened at $402.16 on Monday. The stock has a market cap of $20.83 billion, a P/E ratio of 20.76, a PEG ratio of 2.83 and a beta of 0.73. The company has a quick ratio of 2.74, a current ratio of 3.53 and a debt-to-equity ratio of 0.15. The business’s 50-day moving average price is $382.99 and its two-hundred day moving average price is $374.70. Snap-On Incorporated has a twelve month low of $310.23 and a twelve month high of $414.62.

Snap-On (NYSE:SNA) last issued its quarterly earnings data on Thursday, April 23rd. The company reported $4.69 EPS for the quarter, missing the consensus estimate of $4.75 by ($0.06). The business 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 firm’s revenue for the quarter was up 5.8% compared to the same quarter last year. During the same period in the previous year, the firm posted $4.51 EPS. As a group, equities analysts predict that Snap-On Incorporated will post 19.7 EPS for the current fiscal year.

Snap-On Announces Dividend

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

Snap-On announced that its board has authorized a share buyback program on Thursday, April 30th that permits the company to repurchase $500.00 million in shares. This repurchase authorization permits the company to buy up to 2.5% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.

Insider Activity at Snap-On

In other news, CFO Aldo John Pagliari sold 5,713 shares of the stock in a transaction on Thursday, May 14th. The shares were sold at an average price of $367.19, for a total value of $2,097,756.47. Following the transaction, the chief financial officer owned 119,488 shares of the company’s stock, valued at $43,874,798.72. This represents a 4.56% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Nicholas T. Pinchuk sold 23,396 shares of the firm’s stock in a transaction on Tuesday, May 5th. The shares were sold at an average price of $375.77, for a total transaction of $8,791,514.92. Following the sale, the chief executive officer owned 856,918 shares in the company, valued at approximately $322,004,076.86. This trade represents a 2.66% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 37,117 shares of company stock worth $14,003,922 in the last 90 days. 3.80% of the stock is currently owned by corporate insiders.

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.