Snap-On Incorporated $SNA Shares Sold by Hamlin Capital Management LLC

Hamlin Capital Management LLC trimmed its holdings in shares of Snap-On Incorporated (NYSE:SNA) by 2.7% in the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 457,430 shares of the company’s stock after selling 12,791 shares during the period. Snap-On comprises approximately 4.1% of Hamlin Capital Management LLC’s investment portfolio, making the stock its 8th biggest position. Hamlin Capital Management LLC owned approximately 0.88% of Snap-On worth $184,070,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Auto Owners Insurance Co boosted its stake in shares of Snap-On by 34,360.0% during the 4th quarter. Auto Owners Insurance Co now owns 1,025,185 shares of the company’s stock worth $353,279,000 after acquiring an additional 1,022,210 shares in the last quarter. Norges Bank acquired a new stake in shares of Snap-On during the fourth quarter worth $210,814,000. PFA Pension Forsikringsaktieselskab purchased a new stake in shares of Snap-On during the fourth quarter valued at $69,751,000. UBS Group AG lifted its holdings in shares of Snap-On by 30.7% during the fourth quarter. UBS Group AG now owns 617,620 shares of the company’s stock valued at $212,832,000 after purchasing an additional 144,926 shares during the last quarter. Finally, Miller Howard Investments Inc. NY acquired a new position in shares of Snap-On in the 1st quarter valued at $51,244,000. Institutional investors own 84.88% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on SNA. Roth Capital reissued a “buy” rating and issued a $461.00 price target (up from $409.00) on shares of Snap-On in a research note on Friday, July 24th. Tigress Financial raised their target price on shares of Snap-On from $445.00 to $485.00 and gave the stock a “buy” rating in a report on Friday, July 31st. Barclays began coverage on shares of Snap-On in a research report on Thursday, May 28th. They issued an “overweight” rating and a $420.00 target price on the stock. Weiss Ratings restated a “buy (b)” rating on shares of Snap-On in a report on Friday, July 17th. Finally, Robert W. Baird set a $415.00 price target on shares of Snap-On in a research report on Friday, July 24th. Five equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $426.20.

Insiders Place Their Bets

In related news, SVP Timothy L. Chambers sold 9,111 shares of the firm’s stock in a transaction that occurred on Tuesday, July 28th. The shares were sold at an average price of $419.36, for a total transaction of $3,820,788.96. Following the completion of the sale, the senior vice president directly owned 21,223 shares in the company, valued at approximately $8,900,077.28. This trade represents a 30.04% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed 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 business’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 transaction, the chief financial officer directly owned 119,488 shares in the company, valued at $43,874,798.72. The trade was a 4.56% decrease in their ownership of the stock. 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. In the last 90 days, insiders sold 23,221 shares of company stock worth $9,196,355. Insiders own 3.80% of the company’s stock.

Snap-On Stock Performance

Shares of SNA stock opened at $418.97 on Thursday. Snap-On Incorporated has a 1-year low of $318.99 and a 1-year high of $421.16. The company has a current ratio of 3.43, a quick ratio of 2.64 and a debt-to-equity ratio of 0.15. The company has a market capitalization of $21.67 billion, a price-to-earnings ratio of 21.37, a P/E/G ratio of 2.94 and a beta of 0.73. The stock’s fifty day simple moving average is $397.21 and its 200-day simple moving average is $381.61.

Snap-On (NYSE:SNA) last posted its quarterly earnings results on Thursday, July 23rd. The company reported $4.96 earnings per share for the quarter, beating the consensus estimate of $4.95 by $0.01. The firm had revenue of $1.24 billion for the quarter, compared to analyst estimates of $1.22 billion. Snap-On had a return on equity of 17.07% and a net margin of 21.25%.Snap-On’s quarterly revenue was up 4.7% on a year-over-year basis. During the same period in the previous year, the firm earned $4.72 earnings per share. On average, sell-side analysts predict that Snap-On Incorporated will post 19.7 earnings per share for the current fiscal year.

Snap-On announced that its board has initiated a share repurchase program on Thursday, April 30th that authorizes the company to repurchase $500.00 million in shares. This repurchase authorization authorizes the company to buy up to 2.5% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s leadership believes its shares are undervalued.

About Snap-On

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.