iA Global Asset Management Inc. Decreases Stock Position in Snap-On Incorporated $SNA

iA Global Asset Management Inc. lessened its holdings in Snap-On Incorporated (NYSE:SNA) by 44.7% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 2,137 shares of the company’s stock after selling 1,725 shares during the quarter. iA Global Asset Management Inc.’s holdings in Snap-On were worth $776,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of SNA. Thurston Springer Miller Herd & Titak Inc. acquired a new position in Snap-On during the 4th quarter valued at approximately $25,000. DV Equities LLC acquired a new stake in shares of Snap-On during the fourth quarter worth $25,000. GoalVest Advisory LLC acquired a new stake in shares of Snap-On during the fourth quarter worth $28,000. Montag A & Associates Inc. grew its holdings in shares of Snap-On by 331.8% during the fourth quarter. Montag A & Associates Inc. now owns 95 shares of the company’s stock valued at $33,000 after buying an additional 73 shares during the last quarter. Finally, Quattro Advisors LLC acquired a new position in shares of Snap-On in the 4th quarter valued at $35,000. Institutional investors and hedge funds own 84.88% of the company’s stock.

Insider Buying and Selling

In other Snap-On news, CFO Aldo John Pagliari sold 5,713 shares of the company’s stock in a transaction that occurred on Thursday, May 14th. The stock was sold at an average price of $367.19, for a total value of $2,097,756.47. Following the sale, the chief financial officer owned 119,488 shares in the company, valued at approximately $43,874,798.72. This represents a 4.56% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP Jesus Arregui sold 4,251 shares of the firm’s stock in a transaction that occurred on Wednesday, June 10th. The stock was sold at an average price of $383.92, for a total transaction of $1,632,043.92. Following the sale, the senior vice president directly owned 4,439 shares in the company, valued at $1,704,220.88. The trade was a 48.92% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 37,117 shares of company stock valued at $14,003,922 in the last ninety days. Insiders own 3.80% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on SNA shares. Robert W. Baird raised their target price on Snap-On from $380.00 to $395.00 and gave the stock a “neutral” rating in a research note on Friday, April 24th. Roth Mkm reiterated a “buy” rating and set a $431.00 price target on shares of Snap-On in a research note on Friday, April 24th. Barclays assumed coverage on Snap-On in a report on Thursday, May 28th. They issued an “overweight” rating and a $420.00 price objective on the stock. Finally, Weiss Ratings reaffirmed a “buy (b)” rating on shares of Snap-On in a report on Monday, April 20th. Five investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $387.67.

Snap-On Trading Up 2.2%

NYSE SNA opened at $412.09 on Friday. The company has a market capitalization of $21.35 billion, a PE ratio of 21.27, a P/E/G ratio of 2.84 and a beta of 0.73. The company has a fifty day moving average of $380.07 and a 200 day moving average of $372.25. Snap-On Incorporated has a 1 year low of $310.23 and a 1 year high of $412.33. 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 (NYSE:SNA) last announced 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). The company had revenue of $1.21 billion for the quarter, compared to analyst estimates of $1.19 billion. Snap-On had a return on equity of 17.13% and a net margin of 21.28%.Snap-On’s revenue for the quarter was up 5.8% on a year-over-year basis. During the same period in the prior year, the business posted $4.51 earnings per share. Research analysts forecast that Snap-On Incorporated will post 19.7 earnings per share for the current year.

Snap-On announced that its Board of Directors has initiated a share buyback program on Thursday, April 30th that permits the company to buyback $500.00 million in outstanding shares. This buyback authorization permits the company to repurchase up to 2.5% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s board believes its stock is undervalued.

Snap-On Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, June 10th. Investors of record on Wednesday, May 20th were issued a dividend of $2.44 per share. This represents a $9.76 annualized dividend and a yield of 2.4%. The ex-dividend date of this dividend was Wednesday, May 20th. Snap-On’s dividend payout ratio (DPR) is 50.39%.

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.