Core Wealth Advisors LLC Takes $832,000 Position in Snap-On Incorporated $SNA

Core Wealth Advisors LLC purchased a new stake in shares of Snap-On Incorporated (NYSE:SNA) in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 2,414 shares of the company’s stock, valued at approximately $832,000. Snap-On comprises about 0.5% of Core Wealth Advisors LLC’s investment portfolio, making the stock its 26th largest position.

Other institutional investors have also recently added to or reduced their stakes in the company. Thurston Springer Miller Herd & Titak Inc. bought a new position in Snap-On during the 4th quarter valued at about $25,000. GoalVest Advisory LLC bought a new position in Snap-On during the 4th quarter valued at about $28,000. Montag A & Associates Inc. lifted its holdings in Snap-On by 331.8% during the 4th quarter. Montag A & Associates Inc. now owns 95 shares of the company’s stock valued at $33,000 after purchasing an additional 73 shares during the last quarter. Annis Gardner Whiting Capital Advisors LLC lifted its holdings in Snap-On by 36.4% during the 4th quarter. Annis Gardner Whiting Capital Advisors LLC now owns 105 shares of the company’s stock valued at $36,000 after purchasing an additional 28 shares during the last quarter. Finally, United Community Bank bought a new position in Snap-On during the 4th quarter valued at about $43,000. 84.88% of the stock is owned by institutional investors.

Insider Buying and Selling

In other news, CEO Nicholas T. Pinchuk sold 23,396 shares of the company’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 completion of the transaction, the chief executive officer owned 856,918 shares in the company, valued at $322,004,076.86. This represents a 2.66% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Aldo John Pagliari sold 5,713 shares of the company’s stock in a transaction that occurred on Thursday, May 14th. The shares were sold at an average price of $367.19, for a total transaction of $2,097,756.47. Following the completion of the transaction, the chief financial officer owned 119,488 shares of the company’s stock, valued at $43,874,798.72. This trade represents a 4.56% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 3.80% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

SNA has been the subject of several analyst reports. Barclays initiated coverage on shares of Snap-On in a report on Thursday. They set an “overweight” rating and a $420.00 price target for the company. Wall Street Zen downgraded shares of Snap-On from a “buy” rating to a “hold” rating in a report on Saturday, February 7th. Robert W. Baird lifted their price target on shares of Snap-On from $380.00 to $395.00 and gave the company a “neutral” rating in a report on Friday, April 24th. Roth Mkm reissued a “buy” rating and set a $431.00 price target on shares of Snap-On in a report on Friday, April 24th. Finally, Tigress Financial lifted their price target on shares of Snap-On from $405.00 to $445.00 and gave the company a “buy” rating in a report on Friday, February 27th. Five research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $387.67.

Snap-On Trading Down 0.7%

Shares of NYSE SNA opened at $371.75 on Friday. Snap-On Incorporated has a 1-year low of $301.82 and a 1-year high of $400.88. The company has a market cap of $19.26 billion, a PE ratio of 19.19, a P/E/G ratio of 2.61 and a beta of 0.75. The company has a current ratio of 3.53, a quick ratio of 2.74 and a debt-to-equity ratio of 0.15. The company has a 50-day moving average of $371.30 and a two-hundred day moving average of $364.00.

Snap-On (NYSE:SNA) last announced 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 company had revenue of $1.21 billion during the quarter, compared to the consensus estimate of $1.19 billion. During the same period in the prior year, the firm posted $4.51 earnings per share. The company’s revenue was up 5.8% on a year-over-year basis. As a group, equities analysts expect that Snap-On Incorporated will post 19.7 earnings per share for the current fiscal year.

Snap-On declared that its Board of Directors has approved a stock buyback program on Thursday, April 30th that allows the company to buyback $500.00 million in shares. This buyback authorization allows the company to reacquire up to 2.6% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s management believes its stock is undervalued.

Snap-On Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 10th. Investors of record on Wednesday, May 20th will be issued a dividend of $2.44 per share. The ex-dividend date is Wednesday, May 20th. This represents a $9.76 dividend on an annualized basis and a yield of 2.6%. Snap-On’s payout ratio is currently 50.39%.

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.