Verity & Verity LLC Makes New Investment in Snap-On Incorporated $SNA

Verity & Verity LLC bought a new position in Snap-On Incorporated (NYSE:SNA) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 1,465 shares of the company’s stock, valued at approximately $505,000.

Other large investors have also recently bought and sold shares of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of Snap-On by 15.5% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 8,850 shares of the company’s stock valued at $2,983,000 after buying an additional 1,185 shares during the last quarter. Woodline Partners LP raised its holdings in shares of Snap-On by 40.4% during the first quarter. Woodline Partners LP now owns 4,426 shares of the company’s stock valued at $1,492,000 after buying an additional 1,273 shares during the last quarter. EverSource Wealth Advisors LLC raised its holdings in shares of Snap-On by 100.9% during the second quarter. EverSource Wealth Advisors LLC now owns 464 shares of the company’s stock valued at $144,000 after buying an additional 233 shares during the last quarter. Gamco Investors INC. ET AL raised its holdings in shares of Snap-On by 32.9% during the second quarter. Gamco Investors INC. ET AL now owns 1,752 shares of the company’s stock valued at $545,000 after buying an additional 434 shares during the last quarter. Finally, Natixis raised its holdings in shares of Snap-On by 136.8% during the second quarter. Natixis now owns 3,048 shares of the company’s stock valued at $948,000 after buying an additional 1,761 shares during the last quarter. Institutional investors own 84.88% of the company’s stock.

Snap-On Price Performance

NYSE SNA opened at $371.75 on Friday. Snap-On Incorporated has a 12 month low of $301.82 and a 12 month high of $400.88. The company has a debt-to-equity ratio of 0.15, a current ratio of 3.53 and a quick ratio of 2.74. The firm has a market capitalization 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’s 50 day simple moving average is $371.30 and its 200 day simple moving average is $364.00.

Snap-On (NYSE:SNA) last posted its quarterly earnings data on Thursday, April 23rd. The company reported $4.69 EPS for the quarter, missing analysts’ consensus estimates of $4.75 by ($0.06). Snap-On had a net margin of 21.28% and a return on equity of 17.13%. The company had revenue of $1.21 billion for the quarter, compared to analyst estimates of $1.19 billion. During the same quarter in the prior year, the business earned $4.51 EPS. Snap-On’s revenue was up 5.8% compared to the same quarter last year. As a group, equities research analysts forecast that Snap-On Incorporated will post 19.7 EPS for the current fiscal year.

Snap-On Announces Dividend

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

Snap-On declared 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 reacquire up to 2.6% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s board believes its stock is undervalued.

Analyst Ratings Changes

A number of research firms have recently weighed in on SNA. Tigress Financial lifted their price target on Snap-On from $405.00 to $445.00 and gave the company a “buy” rating in a report on Friday, February 27th. Wall Street Zen cut Snap-On from a “buy” rating to a “hold” rating in a report on Saturday, February 7th. Roth Mkm reaffirmed a “buy” rating and set a $431.00 price target on shares of Snap-On in a report on Friday, April 24th. Barclays began coverage on shares of Snap-On in a research note on Thursday. They set an “overweight” rating and a $420.00 price objective on the stock. Finally, 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. Five analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $387.67.

Insider Buying and Selling

In other Snap-On news, 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 transaction, the chief executive officer owned 856,918 shares in the company, valued at approximately $322,004,076.86. The trade was a 2.66% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Aldo John Pagliari sold 5,713 shares of Snap-On stock in a transaction that occurred on Thursday, May 14th. The stock was 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 in the company, valued at approximately $43,874,798.72. This trade represents a 4.56% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 3.80% of the stock is owned by company insiders.

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.