Sentry Investment Management LLC Lowers Stake in Snap-on Incorporated (NYSE:SNA)

Sentry Investment Management LLC decreased its position in Snap-on Incorporated (NYSE:SNA) by 17.1% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 232 shares of the company’s stock after selling 48 shares during the quarter. Sentry Investment Management LLC’s holdings in Snap-on were worth $61,000 as of its most recent SEC filing.

A number of other large investors also recently added to or reduced their stakes in the company. Bridgefront Capital LLC purchased a new stake in shares of Snap-on in the 4th quarter valued at $1,119,000. Rockland Trust Co. purchased a new stake in Snap-on during the first quarter worth about $889,000. Goldman Sachs Group Inc. lifted its position in shares of Snap-on by 11.8% during the fourth quarter. Goldman Sachs Group Inc. now owns 271,436 shares of the company’s stock worth $78,401,000 after purchasing an additional 28,566 shares in the last quarter. Manning & Napier Advisors LLC purchased a new position in shares of Snap-on in the second quarter valued at approximately $4,571,000. Finally, SG Americas Securities LLC grew its holdings in shares of Snap-on by 32.7% in the second quarter. SG Americas Securities LLC now owns 13,140 shares of the company’s stock valued at $3,435,000 after purchasing an additional 3,238 shares in the last quarter. 84.88% of the stock is currently owned by institutional investors and hedge funds.

Snap-on Stock Up 0.9 %

Shares of NYSE SNA opened at $280.44 on Friday. The business has a 50-day moving average of $274.74 and a two-hundred day moving average of $276.44. The company has a market capitalization of $14.77 billion, a price-to-earnings ratio of 14.71, a price-to-earnings-growth ratio of 1.92 and a beta of 0.98. Snap-on Incorporated has a 1 year low of $249.84 and a 1 year high of $298.49. The company has a debt-to-equity ratio of 0.22, a current ratio of 4.06 and a quick ratio of 3.05.

Snap-on (NYSE:SNA) last posted its earnings results on Thursday, July 18th. The company reported $5.07 earnings per share for the quarter, topping the consensus estimate of $4.94 by $0.13. Snap-on had a return on equity of 19.90% and a net margin of 21.90%. The firm had revenue of $1.18 billion during the quarter, compared to analysts’ expectations of $1.20 billion. During the same quarter in the previous year, the business earned $4.89 earnings per share. The firm’s revenue was down 1.0% compared to the same quarter last year. On average, analysts forecast that Snap-on Incorporated will post 18.95 earnings per share for the current fiscal year.

Snap-on announced that its Board of Directors has authorized a stock repurchase program on Thursday, August 8th that allows the company to buyback $500.00 million in shares. This buyback authorization allows the company to buy up to 3.5% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board believes its shares are undervalued.

Snap-on Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 10th. Investors of record on Monday, August 19th were given a $1.86 dividend. The ex-dividend date was Monday, August 19th. This represents a $7.44 dividend on an annualized basis and a yield of 2.65%. Snap-on’s dividend payout ratio (DPR) is presently 39.03%.

Insider Buying and Selling at Snap-on

In other news, VP June C. Lemerand sold 1,186 shares of Snap-on stock in a transaction dated Monday, August 26th. The stock was sold at an average price of $283.97, for a total transaction of $336,788.42. Following the sale, the vice president now owns 2,283 shares in the company, valued at $648,303.51. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Snap-on news, VP June C. Lemerand sold 1,186 shares of Snap-on stock in a transaction that occurred on Monday, August 26th. The stock was sold at an average price of $283.97, for a total transaction of $336,788.42. Following the transaction, the vice president now owns 2,283 shares of the company’s stock, valued at $648,303.51. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CEO Nicholas T. Pinchuk sold 24,145 shares of the business’s stock in a transaction that occurred on Monday, August 12th. The shares were sold at an average price of $268.95, for a total value of $6,493,797.75. Following the completion of the sale, the chief executive officer now owns 759,019 shares of the company’s stock, valued at approximately $204,138,160.05. The disclosure for this sale can be found here. Insiders sold 29,804 shares of company stock worth $8,077,390 over the last 90 days. Corporate insiders own 4.10% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the stock. Tigress Financial reiterated a “buy” rating and set a $336.00 target price on shares of Snap-on in a report on Thursday, July 25th. Barrington Research reiterated an “outperform” rating and issued a $325.00 target price on shares of Snap-on in a report on Tuesday, July 16th. Robert W. Baird lowered their target price on Snap-on from $282.00 to $275.00 and set a “neutral” rating for the company in a research note on Friday, July 12th. Finally, Roth Mkm reaffirmed a “buy” rating and issued a $324.00 price target on shares of Snap-on in a research report on Tuesday, July 16th. One analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat, Snap-on has an average rating of “Moderate Buy” and an average price target of $315.00.

Snap-on Profile

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.