Envestnet Asset Management Inc. Purchases 2,616 Shares of Snap-on Incorporated (NYSE:SNA)

Envestnet Asset Management Inc. increased its position in shares of Snap-on Incorporated (NYSE:SNA) by 0.4% during the second quarter, HoldingsChannel.com reports. The firm owned 732,571 shares of the company’s stock after buying an additional 2,616 shares during the period. Envestnet Asset Management Inc.’s holdings in Snap-on were worth $191,487,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also modified their holdings of SNA. Confluence Investment Management LLC bought a new stake in shares of Snap-on during the first quarter valued at approximately $173,451,000. Norges Bank bought a new stake in shares of Snap-on during the fourth quarter valued at approximately $145,665,000. Mawer Investment Management Ltd. increased its position in shares of Snap-on by 234.7% during the second quarter. Mawer Investment Management Ltd. now owns 632,226 shares of the company’s stock valued at $165,258,000 after purchasing an additional 443,333 shares during the period. Glassman Wealth Services bought a new stake in shares of Snap-on during the second quarter valued at approximately $26,608,000. Finally, Earnest Partners LLC increased its position in shares of Snap-on by 9.9% during the first quarter. Earnest Partners LLC now owns 929,710 shares of the company’s stock valued at $275,399,000 after purchasing an additional 83,686 shares during the period. 84.88% of the stock is currently owned by institutional investors.

Insider Transactions at Snap-on

In related news, CEO Nicholas T. Pinchuk sold 24,145 shares of the firm’s stock in a transaction dated Monday, August 12th. The stock was sold at an average price of $268.95, for a total value of $6,493,797.75. Following the transaction, the chief executive officer now owns 759,019 shares in the company, valued at $204,138,160.05. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, CEO Nicholas T. Pinchuk sold 24,145 shares of the firm’s stock in a transaction dated Monday, August 12th. The stock was sold at an average price of $268.95, for a total value of $6,493,797.75. Following the transaction, the chief executive officer now owns 759,019 shares in the company, valued at $204,138,160.05. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Aldo John Pagliari sold 4,473 shares of the firm’s stock in a transaction dated Thursday, August 22nd. The shares were sold at an average price of $278.74, for a total value of $1,246,804.02. Following the completion of the transaction, the chief financial officer now owns 99,244 shares in the company, valued at approximately $27,663,272.56. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 29,804 shares of company stock worth $8,077,390. Insiders own 4.10% of the company’s stock.

Snap-on Price Performance

Shares of SNA stock opened at $280.44 on Monday. The stock’s fifty day moving average is $275.24 and its 200-day moving average is $276.53. The company has a debt-to-equity ratio of 0.22, a quick ratio of 3.05 and a current ratio of 4.06. The stock has a market capitalization of $14.77 billion, a PE ratio of 14.71, a PEG ratio of 1.93 and a beta of 0.98. Snap-on Incorporated has a 52 week low of $249.84 and a 52 week high of $298.49.

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

Snap-on declared that its board has authorized a stock repurchase plan on Thursday, August 8th that authorizes the company to repurchase $500.00 million in outstanding shares. This repurchase authorization authorizes the company to buy up to 3.5% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s management believes its stock is undervalued.

Snap-on Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 10th. Stockholders of record on Monday, August 19th were issued a dividend of $1.86 per share. This represents a $7.44 annualized dividend and a dividend yield of 2.65%. The ex-dividend date was Monday, August 19th. Snap-on’s payout ratio is presently 39.03%.

Wall Street Analysts Forecast Growth

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

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.