Corient Private Wealth LLC Increases Stock Position in Snap-On Incorporated $SNA

Corient Private Wealth LLC lifted its position in shares of Snap-On Incorporated (NYSE:SNA) by 10.2% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 25,278 shares of the company’s stock after purchasing an additional 2,347 shares during the period. Corient Private Wealth LLC’s holdings in Snap-On were worth $8,751,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Thurston Springer Miller Herd & Titak Inc. bought a new stake in Snap-On in the 4th quarter worth about $25,000. DV Equities LLC bought a new position in shares of Snap-On during the 4th quarter worth approximately $25,000. GoalVest Advisory LLC purchased a new position in shares of Snap-On in the 4th quarter worth approximately $28,000. Montag A & Associates Inc. boosted its stake in shares of Snap-On by 331.8% in the 4th quarter. Montag A & Associates Inc. now owns 95 shares of the company’s stock worth $33,000 after buying an additional 73 shares during the last quarter. Finally, Quattro Advisors LLC bought a new position in shares of Snap-On in the fourth quarter valued at approximately $35,000. 84.88% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Snap-On

In other news, CFO Aldo John Pagliari sold 5,713 shares of Snap-On stock in a transaction dated Thursday, May 14th. The shares were sold at an average price of $367.19, for a total value of $2,097,756.47. Following the completion of the transaction, the chief financial officer owned 119,488 shares in the company, valued at $43,874,798.72. This trade represents a 4.56% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Nicholas T. Pinchuk sold 23,396 shares of the business’s stock in a transaction that occurred on Tuesday, May 5th. The shares were sold at an average price of $375.77, for a total transaction of $8,791,514.92. Following the completion of the sale, the chief executive officer directly owned 856,918 shares in the company, valued at approximately $322,004,076.86. This trade represents a 2.66% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 35,117 shares of company stock worth $13,192,082 over the last ninety days. Company insiders own 3.80% of the company’s stock.

Key Headlines Impacting Snap-On

Here are the key news stories impacting Snap-On this week:

• Positive Sentiment: Snap-On received an average analyst rating of “Moderate Buy”, reinforcing constructive Wall Street sentiment around the stock. Snap-On Incorporated (NYSE:SNA) Receives Average Rating of “Moderate Buy” from Analysts
• Positive Sentiment: Another report highlighted Snap-On’s operational agility, RCI plan, and innovation efforts as supporting future growth, with the company’s brand strength and customer relationships cited as key advantages. Will Snap-on’s Operational Agility, RCI Plan & Innovations Aid Growth?
• Neutral Sentiment: Multiple stories about federal judges blocking SNAP restrictions on soda and candy in several states are generating attention, but these articles are about the U.S. food-stamp program and do not directly affect Snap-On’s industrial tool business. Federal judge blocks USDA’s SNAP restrictions on soda, candy in five states

Snap-On Stock Performance

Shares of SNA opened at $392.42 on Thursday. The firm has a market cap of $20.33 billion, a PE ratio of 20.26, a PEG ratio of 2.71 and a beta of 0.73. The stock’s fifty day moving average price is $377.10 and its two-hundred day moving average price is $369.96. The company has a debt-to-equity ratio of 0.15, a current ratio of 3.53 and a quick ratio of 2.74. Snap-On Incorporated has a 1 year low of $305.19 and a 1 year high of $400.88.

Snap-On (NYSE:SNA) last posted its quarterly earnings results on Thursday, April 23rd. The company reported $4.69 earnings per share for the quarter, missing the consensus estimate of $4.75 by ($0.06). Snap-On had a return on equity of 17.13% and a net margin of 21.28%.The firm had revenue of $1.21 billion for the quarter, compared to the consensus estimate of $1.19 billion. During the same quarter in the previous year, the company posted $4.51 EPS. The firm’s revenue was up 5.8% compared to the same quarter last year. On average, equities research analysts forecast that Snap-On Incorporated will post 19.7 EPS for the current year.

Snap-On announced that its board has initiated a stock repurchase program on Thursday, April 30th that authorizes the company to buyback $500.00 million in outstanding shares. This buyback authorization authorizes the company to reacquire up to 2.5% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s board of directors believes its stock is undervalued.

Snap-On Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, June 10th. Shareholders of record on Wednesday, May 20th were issued a dividend of $2.44 per share. The ex-dividend date of this dividend was Wednesday, May 20th. This represents a $9.76 annualized dividend and a yield of 2.5%. Snap-On’s dividend payout ratio is 50.39%.

Analysts Set New Price Targets

A number of analysts recently commented on the company. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Snap-On in a research report on Monday, April 20th. Roth Mkm restated a “buy” rating and issued a $431.00 price objective on shares of Snap-On in a research note on Friday, April 24th. Robert W. Baird raised their target price on Snap-On from $380.00 to $395.00 and gave the company a “neutral” rating in a research report on Friday, April 24th. Tigress Financial lifted their target price on Snap-On from $405.00 to $445.00 and gave the stock a “buy” rating in a research note on Friday, February 27th. Finally, Barclays initiated coverage on shares of Snap-On in a report on Thursday, May 28th. They issued an “overweight” rating and a $420.00 price target on the stock. Five equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, Snap-On currently has a consensus rating of “Moderate Buy” and an average price target of $387.67.

Snap-On Profile

Snap‑On Incorporated (NYSE: SNA) is a designer, manufacturer and marketer of tools, diagnostic equipment, repair information and shop equipment for professional users. The company’s product range includes hand and power tools, tool storage and cabinets, diagnostic scan tools and software, shop equipment such as lifts and tire changers, and specialized specialty tools for automotive, aviation, marine and industrial applications. Snap‑On also offers information and workflow solutions that combine diagnostic data, repair procedures and parts information to support professional technicians.

Founded in 1920 and headquartered in Kenosha, Wisconsin, Snap‑On has established a long history in the professional tools market.