Security National Bank of Sioux City Iowa IA Cuts Position in Snap-on Incorporated (NYSE:SNA)

Security National Bank of Sioux City Iowa IA reduced its holdings in shares of Snap-on Incorporated (NYSE:SNA) by 2.4% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 3,919 shares of the company’s stock after selling 96 shares during the quarter. Security National Bank of Sioux City Iowa IA’s holdings in Snap-on were worth $1,024,000 at the end of the most recent quarter.

Several other large investors also recently made changes to their positions in SNA. Bridgefront Capital LLC purchased a new stake in Snap-on during the 4th quarter worth $1,119,000. Rockland Trust Co. acquired a new stake in shares of Snap-on in the first quarter valued at about $889,000. Goldman Sachs Group Inc. raised its holdings in shares of 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 buying an additional 28,566 shares during the period. Manning & Napier Advisors LLC acquired a new position in Snap-on during the 2nd quarter worth approximately $4,571,000. Finally, SG Americas Securities LLC boosted its holdings in Snap-on by 32.7% in the 2nd quarter. SG Americas Securities LLC now owns 13,140 shares of the company’s stock worth $3,435,000 after acquiring an additional 3,238 shares during the period. Institutional investors and hedge funds own 84.88% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have recently issued reports on the stock. Tigress Financial reiterated a “buy” rating and set a $336.00 price objective on shares of Snap-on in a research note on Thursday, July 25th. Barrington Research reaffirmed an “outperform” rating and set a $325.00 price target on shares of Snap-on in a research note on Friday, September 20th. Robert W. Baird decreased their price objective on shares of Snap-on from $282.00 to $275.00 and set a “neutral” rating for the company in a research report on Friday, July 12th. Finally, Roth Mkm reaffirmed a “buy” rating and set a $324.00 target price on shares of Snap-on in a research report on Tuesday, July 16th. One research analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, Snap-on currently has an average rating of “Moderate Buy” and a consensus price target of $315.00.

Snap-on Stock Down 0.3 %

Shares of NYSE:SNA opened at $288.51 on Friday. 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 firm has a market cap of $15.20 billion, a PE ratio of 15.14, a price-to-earnings-growth ratio of 1.97 and a beta of 0.98. The company has a fifty day simple moving average of $278.51 and a 200 day simple moving average of $276.54.

Snap-on (NYSE:SNA) last issued its earnings results 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. The business had revenue of $1.18 billion for the quarter, compared to analyst estimates of $1.20 billion. Snap-on had a net margin of 21.90% and a return on equity of 19.90%. The company’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 posted $4.89 EPS. On average, equities research analysts anticipate that Snap-on Incorporated will post 18.95 EPS for the current fiscal year.

Snap-on declared that its Board of Directors has initiated a stock repurchase plan 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 plans are usually an indication that the company’s board believes its stock is undervalued.

Snap-on Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 10th. Stockholders 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 annualized dividend and a dividend yield of 2.58%. Snap-on’s payout ratio is 39.03%.

Insider Activity

In other Snap-on news, 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 completion of the transaction, the chief financial officer now owns 99,244 shares of the company’s stock, valued at $27,663,272.56. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In related news, CEO Nicholas T. Pinchuk sold 24,145 shares of the stock in a transaction dated Monday, August 12th. The shares were sold at an average price of $268.95, for a total transaction of $6,493,797.75. Following the sale, 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 stock was sold at an average price of $278.74, for a total transaction 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 approximately $27,663,272.56. The disclosure for this sale can be found here. In the last ninety days, insiders sold 29,804 shares of company stock worth $8,077,390. 4.10% of the stock is currently owned by insiders.

Snap-on Company 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.