Ibex Wealth Advisors Takes $590,000 Position in Snap-On Incorporated $SNA

Ibex Wealth Advisors acquired a new position in Snap-On Incorporated (NYSE:SNA) in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 1,624 shares of the company’s stock, valued at approximately $590,000.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Kennebec Savings Bank raised its holdings in Snap-On by 3.6% in the 4th quarter. Kennebec Savings Bank now owns 783 shares of the company’s stock worth $270,000 after acquiring an additional 27 shares during the period. Annis Gardner Whiting Capital Advisors LLC boosted its holdings in Snap-On by 36.4% during the fourth quarter. Annis Gardner Whiting Capital Advisors LLC now owns 105 shares of the company’s stock valued at $36,000 after acquiring an additional 28 shares during the period. Verition Fund Management LLC grew its position in shares of Snap-On by 1.5% in the fourth quarter. Verition Fund Management LLC now owns 1,844 shares of the company’s stock valued at $635,000 after purchasing an additional 28 shares during the last quarter. CWM LLC grew its position in shares of Snap-On by 0.6% in the fourth quarter. CWM LLC now owns 5,517 shares of the company’s stock valued at $1,901,000 after purchasing an additional 31 shares during the last quarter. Finally, Ritholtz Wealth Management increased its stake in shares of Snap-On by 2.5% in the fourth quarter. Ritholtz Wealth Management now owns 1,401 shares of the company’s stock worth $483,000 after purchasing an additional 34 shares during the period. 84.88% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Snap-On

In related news, VP Richard Thomas Miller sold 2,000 shares of the stock in a transaction dated Wednesday, July 1st. The shares were sold at an average price of $405.92, for a total value of $811,840.00. Following the completion of the transaction, the vice president owned 4,529 shares of the company’s stock, valued at $1,838,411.68. This represents a 30.63% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Nicholas T. Pinchuk sold 23,396 shares of Snap-On stock in a transaction that occurred on Tuesday, May 5th. The shares were sold at an average price of $375.77, for a total value of $8,791,514.92. Following the sale, the chief executive officer directly owned 856,918 shares in the company, valued at $322,004,076.86. The trade was a 2.66% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 37,117 shares of company stock worth $14,003,922 over the last three months. 3.80% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

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

Snap-On Stock Up 0.5%

Shares of SNA opened at $402.16 on Friday. The company has a debt-to-equity ratio of 0.15, a quick ratio of 2.74 and a current ratio of 3.53. The company has a 50-day simple moving average of $382.99 and a 200-day simple moving average of $374.53. Snap-On Incorporated has a 52 week low of $310.23 and a 52 week high of $414.62. The firm has a market capitalization of $20.83 billion, a P/E ratio of 20.76, a P/E/G ratio of 2.81 and a beta of 0.73.

Snap-On (NYSE:SNA) last released its earnings results on Thursday, April 23rd. The company reported $4.69 earnings per share for the quarter, missing analysts’ consensus estimates 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 analyst estimates of $1.19 billion. During the same period last year, the business earned $4.51 earnings per share. The firm’s quarterly revenue was up 5.8% compared to the same quarter last year. On average, equities research analysts expect that Snap-On Incorporated will post 19.7 earnings per share for the current year.

Snap-On announced that its Board of Directors has authorized a share repurchase plan on Thursday, April 30th that authorizes the company to repurchase $500.00 million in outstanding shares. This repurchase authorization authorizes the company to repurchase up to 2.5% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board of directors believes its stock is undervalued.

Snap-On Dividend Announcement

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