Snap-on Incorporated (NYSE:SNA) Shares Sold by Weaver C. Barksdale & Associates Inc.

Weaver C. Barksdale & Associates Inc. lowered its position in Snap-on Incorporated (NYSE:SNA) by 1.8% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 7,157 shares of the company’s stock after selling 132 shares during the quarter. Snap-on makes up approximately 1.8% of Weaver C. Barksdale & Associates Inc.’s portfolio, making the stock its 25th biggest position. Weaver C. Barksdale & Associates Inc.’s holdings in Snap-on were worth $1,871,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Bridgefront Capital LLC purchased a new position in Snap-on during the 4th quarter worth $1,119,000. Rockland Trust Co. acquired a new position in Snap-on in the 1st quarter valued at about $889,000. Goldman Sachs Group Inc. raised its stake in Snap-on by 11.8% during the 4th quarter. Goldman Sachs Group Inc. now owns 271,436 shares of the company’s stock valued at $78,401,000 after acquiring an additional 28,566 shares during the last quarter. Manning & Napier Advisors LLC acquired a new stake in Snap-on during the 2nd quarter worth approximately $4,571,000. Finally, SG Americas Securities LLC grew its stake in shares of Snap-on by 32.7% in the 2nd 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 during the last quarter. 84.88% of the stock is currently owned by hedge funds and other institutional investors.

Snap-on Trading Up 2.0 %

NYSE:SNA opened at $286.17 on Friday. 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 quick ratio of 3.05 and a current ratio of 4.06. The stock has a fifty day moving average price of $276.96 and a two-hundred day moving average price of $276.69. The stock has a market capitalization of $15.08 billion, a price-to-earnings ratio of 15.01, a PEG ratio of 1.95 and a beta of 0.98.

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

Snap-on Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 10th. Stockholders of record on Monday, August 19th were given a dividend of $1.86 per share. The ex-dividend date was Monday, August 19th. This represents a $7.44 dividend on an annualized basis and a dividend yield of 2.60%. Snap-on’s payout ratio is 39.03%.

Snap-on announced that its Board of Directors has approved a share repurchase plan on Thursday, August 8th that authorizes the company to buyback $500.00 million in outstanding shares. This buyback authorization authorizes the company to reacquire up to 3.5% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s board believes its shares are undervalued.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on SNA. Robert W. Baird cut their price target 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. Roth Mkm restated a “buy” rating and issued a $324.00 target price on shares of Snap-on in a research note on Tuesday, July 16th. Tigress Financial reaffirmed a “buy” rating and issued a $336.00 target price on shares of Snap-on in a report on Thursday, July 25th. Finally, Barrington Research reissued an “outperform” rating and set a $325.00 price target on shares of Snap-on in a report on Tuesday, July 16th. One equities research analyst has rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $315.00.

Insider Transactions at Snap-on

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 completion of the transaction, the chief financial officer now directly owns 99,244 shares of the company’s stock, valued at approximately $27,663,272.56. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other Snap-on news, CEO Nicholas T. Pinchuk sold 24,145 shares of the company’s stock in a transaction dated 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 sale, the chief executive officer now owns 759,019 shares of the company’s stock, valued at $204,138,160.05. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Aldo John Pagliari sold 4,473 shares of the stock in a transaction that occurred on Thursday, August 22nd. The shares were sold at an average price of $278.74, for a total transaction of $1,246,804.02. Following the completion of the sale, the chief financial officer now owns 99,244 shares in the company, valued at $27,663,272.56. The disclosure for this sale can be found here. Insiders have sold 29,804 shares of company stock valued at $8,077,390 in the last quarter. 4.10% of the stock is currently owned by corporate insiders.

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.