Snap-on Incorporated (NYSE:SNA) Shares Sold by State of New Jersey Common Pension Fund D

State of New Jersey Common Pension Fund D lessened its stake in shares of Snap-on Incorporated (NYSE:SNA) by 35.1% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 17,446 shares of the company’s stock after selling 9,438 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in Snap-on were worth $4,560,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in the stock. Scarborough Advisors LLC acquired a new position in Snap-on in the fourth quarter worth approximately $30,000. Opal Wealth Advisors LLC acquired a new position in Snap-on in the second quarter worth approximately $30,000. Innealta Capital LLC acquired a new position in Snap-on in the second quarter worth approximately $32,000. Versant Capital Management Inc grew its position in Snap-on by 529.0% in the second quarter. Versant Capital Management Inc now owns 195 shares of the company’s stock worth $51,000 after buying an additional 164 shares during the last quarter. Finally, Fidelis Capital Partners LLC acquired a new position in Snap-on in the first quarter worth approximately $56,000. Institutional investors and hedge funds own 84.88% of the company’s stock.

Analysts Set New Price Targets

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

Snap-on Trading Up 0.4 %

Shares of NYSE:SNA opened at $281.52 on Tuesday. The firm has a fifty day moving average of $275.24 and a two-hundred day moving average of $276.54. The firm has a market capitalization of $14.84 billion, a P/E ratio of 14.77, a price-to-earnings-growth ratio of 1.93 and a beta of 0.98. Snap-on Incorporated has a 12-month low of $249.84 and a 12-month high of $298.49. The company has a quick ratio of 3.05, a current ratio of 4.06 and a debt-to-equity ratio of 0.22.

Snap-on (NYSE:SNA) last released its quarterly earnings data on Thursday, July 18th. The company reported $5.07 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 last year, the firm earned $4.89 earnings per share. The business’s revenue for the quarter was down 1.0% on a year-over-year basis. On average, equities analysts expect that Snap-on Incorporated will post 18.95 EPS for the current fiscal year.

Snap-on Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, September 10th. Investors of record on Monday, August 19th were given a dividend of $1.86 per share. This represents a $7.44 annualized dividend and a yield of 2.64%. The ex-dividend date was Monday, August 19th. Snap-on’s payout ratio is presently 39.03%.

Snap-on declared that its board has authorized a share buyback program on Thursday, August 8th that permits the company to buyback $500.00 million in shares. This buyback authorization permits the company to buy up to 3.5% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.

Insider Buying and Selling at Snap-on

In other news, VP June C. Lemerand sold 1,186 shares of the stock in a transaction on Monday, August 26th. The shares were 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 in the company, valued at approximately $648,303.51. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, VP June C. Lemerand sold 1,186 shares of the 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 transaction, the vice president now owns 2,283 shares of the company’s stock, valued at approximately $648,303.51. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO Aldo John Pagliari sold 4,473 shares of the firm’s stock in a transaction that occurred on 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 directly owns 99,244 shares in the company, valued at $27,663,272.56. The disclosure for this sale can be found here. Insiders sold 29,804 shares of company stock worth $8,077,390 over the last ninety days. 4.10% of the stock is currently owned by insiders.

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.