Vision Capital Management Inc. Purchases 5,760 Shares of Snap-on Incorporated (NYSE:SNA)

Vision Capital Management Inc. raised its holdings in Snap-on Incorporated (NYSE:SNAFree Report) by 59.1% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 15,501 shares of the company’s stock after purchasing an additional 5,760 shares during the quarter. Vision Capital Management Inc.’s holdings in Snap-on were worth $4,052,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently made changes to their positions in SNA. Bridgefront Capital LLC purchased a new position in Snap-on in the 4th quarter valued at approximately $1,119,000. Rockland Trust Co. purchased a new position in shares of Snap-on during the 1st quarter valued at $889,000. Goldman Sachs Group Inc. grew its position 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 purchasing an additional 28,566 shares in the last quarter. Manning & Napier Advisors LLC purchased a new stake in shares of Snap-on in the second quarter worth $4,571,000. Finally, Kingsview Wealth Management LLC boosted its stake in Snap-on by 42.0% during the fourth quarter. Kingsview Wealth Management LLC now owns 26,456 shares of the company’s stock valued at $7,641,000 after buying an additional 7,830 shares during the period. 84.88% of the stock is owned by hedge funds and other institutional investors.

Snap-on Stock Up 2.3 %

Shares of SNA opened at $277.02 on Tuesday. 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 current ratio of 4.06 and a quick ratio of 3.05. The stock has a 50 day simple moving average of $273.56 and a two-hundred day simple moving average of $276.40. The firm has a market cap of $14.59 billion, a P/E ratio of 14.53, a P/E/G ratio of 1.88 and a beta of 0.98.

Snap-on (NYSE:SNAGet Free Report) last announced 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. The company had revenue of $1.18 billion during the quarter, compared to analysts’ expectations of $1.20 billion. Snap-on had a net margin of 21.90% and a return on equity of 19.90%. The firm’s revenue was down 1.0% on a year-over-year basis. During the same quarter in the prior year, the company earned $4.89 EPS. On average, analysts forecast that Snap-on Incorporated will post 18.95 earnings per share for the current fiscal year.

Snap-on Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 10th. Stockholders of record on Monday, August 19th will be issued a $1.86 dividend. The ex-dividend date is Monday, August 19th. This represents a $7.44 annualized dividend and a dividend yield of 2.69%. Snap-on’s dividend payout ratio is currently 39.03%.

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

Analysts Set New Price Targets

Several analysts have weighed in on SNA shares. Tigress Financial reaffirmed a “buy” rating and issued a $336.00 price target on shares of Snap-on in a report on Thursday, July 25th. Roth Mkm reiterated a “buy” rating and set a $324.00 target price on shares of Snap-on in a research report on Tuesday, July 16th. Barrington Research reissued an “outperform” rating and issued a $325.00 price target on shares of Snap-on in a report on Tuesday, July 16th. Finally, Robert W. Baird lowered their price objective 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. One research analyst has rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $315.00.

Read Our Latest Research Report on Snap-on

Insider Transactions at Snap-on

In related news, VP June C. Lemerand sold 1,186 shares of the firm’s stock in a transaction that occurred 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 transaction, the vice president now directly owns 2,283 shares in the company, valued at approximately $648,303.51. The transaction was disclosed in a filing 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 sale, the chief executive officer now directly owns 759,019 shares of the company’s stock, valued at $204,138,160.05. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP June C. Lemerand sold 1,186 shares of the company’s stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $283.97, for a total value of $336,788.42. Following the transaction, the vice president now directly owns 2,283 shares of the company’s stock, valued at approximately $648,303.51. 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. Company insiders own 4.10% of the company’s stock.

Snap-on Company Profile

(Free Report)

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.

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Institutional Ownership by Quarter for Snap-on (NYSE:SNA)

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