Wedbush Securities Inc. Grows Stock Position in Snap-on Incorporated (NYSE:SNA)

Wedbush Securities Inc. increased its holdings in shares of Snap-on Incorporated (NYSE:SNA) by 5.7% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 4,427 shares of the company’s stock after buying an additional 239 shares during the quarter. Wedbush Securities Inc.’s holdings in Snap-on were worth $1,157,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently added to or reduced their stakes in the business. Checchi Capital Advisers LLC grew its stake in Snap-on by 2.0% during the 4th quarter. Checchi Capital Advisers LLC now owns 1,830 shares of the company’s stock valued at $529,000 after purchasing an additional 36 shares in the last quarter. Renasant Bank grew its stake in Snap-on by 2.3% during the 1st quarter. Renasant Bank now owns 1,592 shares of the company’s stock valued at $472,000 after purchasing an additional 36 shares in the last quarter. Phillips Wealth Planners LLC grew its stake in Snap-on by 3.8% during the 1st quarter. Phillips Wealth Planners LLC now owns 1,012 shares of the company’s stock valued at $286,000 after purchasing an additional 37 shares in the last quarter. TFB Advisors LLC grew its stake in Snap-on by 3.2% during the 2nd quarter. TFB Advisors LLC now owns 1,226 shares of the company’s stock valued at $320,000 after purchasing an additional 38 shares in the last quarter. Finally, Financial Advocates Investment Management grew its stake in Snap-on by 1.2% during the 2nd quarter. Financial Advocates Investment Management now owns 3,360 shares of the company’s stock valued at $878,000 after purchasing an additional 39 shares in the last quarter. 84.88% of the stock is currently owned by hedge funds and other institutional investors.

Snap-on Trading Down 0.5 %

Shares of NYSE SNA opened at $275.74 on Wednesday. The company has a market cap of $14.53 billion, a price-to-earnings ratio of 14.47, a price-to-earnings-growth ratio of 1.88 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 current ratio of 4.06, a quick ratio of 3.05 and a debt-to-equity ratio of 0.22. The stock’s 50 day simple moving average is $273.94 and its 200 day simple moving average is $276.43.

Snap-on (NYSE:SNA) last announced its quarterly earnings results on Thursday, July 18th. The company reported $5.07 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.94 by $0.13. The business had revenue of $1.18 billion for the quarter, compared to the consensus estimate 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 was down 1.0% on a year-over-year basis. During the same quarter last year, the business posted $4.89 EPS. Equities research analysts expect that Snap-on Incorporated will post 18.95 EPS for the current year.

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 issued a $1.86 dividend. This represents a $7.44 annualized dividend and a dividend yield of 2.70%. The ex-dividend date of this dividend was Monday, August 19th. Snap-on’s dividend payout ratio (DPR) is 39.03%.

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

Analyst Ratings Changes

A number of research analysts have commented on the company. Tigress Financial reaffirmed a “buy” rating and set a $336.00 target price on shares of Snap-on in a report on Thursday, July 25th. Robert W. Baird reduced their target price on Snap-on from $282.00 to $275.00 and set a “neutral” rating on the stock in a report on Friday, July 12th. Roth Mkm reaffirmed a “buy” rating and set a $324.00 target price on shares of Snap-on in a report on Tuesday, July 16th. Finally, Barrington Research reaffirmed an “outperform” rating and set a $325.00 target price on shares of Snap-on in a 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. According to MarketBeat.com, Snap-on currently has an average rating of “Moderate Buy” and an average price target of $315.00.

Insider Buying and Selling

In related news, CFO Aldo John Pagliari sold 4,473 shares of the firm’s stock in a transaction that occurred on Thursday, August 22nd. The stock was sold at an average price of $278.74, for a total value of $1,246,804.02. Following the sale, the chief financial officer now owns 99,244 shares of the company’s stock, valued at approximately $27,663,272.56. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other Snap-on news, VP June C. Lemerand sold 1,186 shares of Snap-on stock in a transaction 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 sale, 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 document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Aldo John Pagliari sold 4,473 shares of Snap-on stock in a transaction 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 sale, the chief financial officer now directly owns 99,244 shares in the company, valued at approximately $27,663,272.56. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 29,804 shares of company stock valued at $8,077,390. Insiders own 4.10% of the company’s stock.

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.