Absher Wealth Management LLC Has $28.61 Million Position in Snap-On Incorporated $SNA

Absher Wealth Management LLC lowered its holdings in shares of Snap-On Incorporated (NYSE:SNA) by 16.2% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 78,771 shares of the company’s stock after selling 15,179 shares during the period. Snap-On comprises 3.4% of Absher Wealth Management LLC’s holdings, making the stock its 15th largest holding. Absher Wealth Management LLC’s holdings in Snap-On were worth $28,611,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in SNA. Thurston Springer Miller Herd & Titak Inc. bought a new stake in Snap-On during the fourth quarter valued at $25,000. DV Equities LLC acquired a new stake in Snap-On in the fourth quarter valued at approximately $25,000. GoalVest Advisory LLC bought a new stake in shares of Snap-On during the fourth quarter valued at approximately $28,000. Montag A & Associates Inc. raised its position 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 worth $33,000 after purchasing an additional 73 shares during the period. Finally, Quattro Advisors LLC acquired a new position in shares of Snap-On during the fourth quarter worth approximately $35,000. 84.88% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research firms recently issued reports on SNA. Roth Capital reissued a “buy” rating and issued a $431.00 price target on shares of Snap-On in a research report on Friday, April 24th. Weiss Ratings restated a “buy (b)” rating on shares of Snap-On in a report on Monday, April 20th. Robert W. Baird raised their price objective on shares of Snap-On from $380.00 to $395.00 and gave the company a “neutral” rating in a research note on Friday, April 24th. Finally, Barclays began coverage on shares of Snap-On in a report on Thursday, May 28th. They set an “overweight” rating and a $420.00 price objective for the company. 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 stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $387.67.

Insiders Place Their Bets

In related news, CEO Nicholas T. Pinchuk sold 23,396 shares of the firm’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 value of $8,791,514.92. Following the sale, the chief executive officer directly owned 856,918 shares of the company’s stock, valued at $322,004,076.86. This trade represents a 2.66% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP Jesus Arregui sold 4,251 shares of Snap-On stock in a transaction that occurred on Wednesday, June 10th. The shares were sold at an average price of $383.92, for a total transaction of $1,632,043.92. Following the sale, the senior vice president owned 4,439 shares of the company’s stock, valued at approximately $1,704,220.88. The trade was a 48.92% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 37,117 shares of company stock worth $14,003,922. Insiders own 3.80% of the company’s stock.

Snap-On Trading Up 0.1%

Shares of SNA stock opened at $402.16 on Monday. The firm has a market cap of $20.83 billion, a P/E ratio of 20.76, a PEG ratio of 2.83 and a beta of 0.73. The company has a 50 day moving average of $382.99 and a 200-day moving average of $374.70. The company has a quick ratio of 2.74, a current ratio of 3.53 and a debt-to-equity ratio of 0.15. Snap-On Incorporated has a 12-month low of $310.23 and a 12-month high of $414.62.

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

Snap-On Announces Dividend

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

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

Snap-On Company 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.