Covenant Partners LLC Sells 69 Shares of Snap-on Incorporated (NYSE:SNA)

Covenant Partners LLC cut its holdings in shares of Snap-on Incorporated (NYSE:SNA) by 1.3% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 5,254 shares of the company’s stock after selling 69 shares during the quarter. Snap-on makes up about 0.5% of Covenant Partners LLC’s investment portfolio, making the stock its 20th biggest position. Covenant Partners LLC’s holdings in Snap-on were worth $1,784,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the business. Bleakley Financial Group LLC purchased a new position in Snap-on during the 4th quarter valued at approximately $512,000. Vest Financial LLC grew its holdings in shares of Snap-on by 2.4% in the fourth quarter. Vest Financial LLC now owns 102,987 shares of the company’s stock valued at $34,962,000 after purchasing an additional 2,460 shares in the last quarter. Avanza Fonder AB bought a new stake in Snap-on in the fourth quarter worth $1,936,000. Empirical Finance LLC lifted its position in Snap-on by 45.8% during the fourth quarter. Empirical Finance LLC now owns 5,906 shares of the company’s stock valued at $2,005,000 after purchasing an additional 1,856 shares during the last quarter. Finally, Advyzon Investment Management LLC purchased a new position in shares of Snap-on in the 4th quarter worth $272,000. Institutional investors own 84.88% of the company’s stock.

Insider Buying and Selling

In related news, SVP Jesus Arregui sold 6,451 shares of the company’s stock in a transaction on Monday, February 10th. The stock was sold at an average price of $337.81, for a total transaction of $2,179,212.31. Following the completion of the sale, the senior vice president now directly owns 257 shares in the company, valued at $86,817.17. This represents a 96.17 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, CEO Nicholas T. Pinchuk sold 22,700 shares of Snap-on stock in a transaction dated Thursday, March 27th. The shares were sold at an average price of $335.32, for a total value of $7,611,764.00. Following the completion of the transaction, the chief executive officer now owns 793,932 shares in the company, valued at $266,221,278.24. This trade represents a 2.78 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 36,011 shares of company stock valued at $12,116,859 over the last quarter. 3.90% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several analysts have recently issued reports on SNA shares. Longbow Research upgraded shares of Snap-on from a “neutral” rating to a “buy” rating and set a $400.00 target price on the stock in a research report on Monday, March 31st. StockNews.com lowered Snap-on from a “buy” rating to a “hold” rating in a research note on Friday, April 18th. Barrington Research reissued an “outperform” rating and set a $350.00 target price on shares of Snap-on in a research report on Thursday, April 17th. Tigress Financial raised their price target on Snap-on from $385.00 to $390.00 and gave the stock a “buy” rating in a research report on Tuesday, March 4th. Finally, Robert W. Baird dropped their price objective on shares of Snap-on from $349.00 to $320.00 and set a “neutral” rating for the company in a research note on Monday, April 21st. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat, Snap-on has an average rating of “Hold” and a consensus price target of $350.83.

Snap-on Price Performance

Shares of SNA stock opened at $314.38 on Tuesday. The stock has a 50 day moving average price of $325.00 and a 200 day moving average price of $339.24. Snap-on Incorporated has a 52-week low of $252.98 and a 52-week high of $373.90. The company has a debt-to-equity ratio of 0.22, a quick ratio of 3.17 and a current ratio of 4.15. The firm has a market capitalization of $16.44 billion, a P/E ratio of 16.12, a P/E/G ratio of 2.21 and a beta of 0.84.

Snap-on (NYSE:SNA) last released its earnings results on Thursday, April 17th. The company reported $4.51 earnings per share for the quarter, missing the consensus estimate of $4.81 by ($0.30). The business had revenue of $1.14 billion for the quarter, compared to the consensus estimate of $1.20 billion. Snap-on had a return on equity of 19.20% and a net margin of 21.71%. During the same quarter last year, the business posted $4.91 earnings per share. As a group, sell-side analysts predict that Snap-on Incorporated will post 19.79 earnings per share for the current year.

Snap-on Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, June 10th. Stockholders of record on Tuesday, May 20th will be given a dividend of $2.14 per share. This represents a $8.56 dividend on an annualized basis and a dividend yield of 2.72%. The ex-dividend date is Tuesday, May 20th. Snap-on’s dividend payout ratio (DPR) is presently 44.82%.

Snap-on Company Profile

Snap-on Incorporated manufactures and markets tools, equipment, diagnostics, and repair information and systems solutions for professional users worldwide. It operates through Commercial & Industrial Group, Snap-on Tools Group, Repair Systems & Information Group, and Financial Services segments.