Coastal Bridge Advisors LLC Makes New Investment in Snap-On Incorporated $SNA

Coastal Bridge Advisors LLC acquired a new stake in shares of Snap-On Incorporated (NYSE:SNA) during the 2nd quarter, Holdings Channel.com reports. The firm acquired 4,025 shares of the company’s stock, valued at approximately $1,620,000.

Several other hedge funds have also recently bought and sold shares of SNA. Jefferies Financial Group Inc. acquired a new position in shares of Snap-On during the second quarter worth about $656,000. Public Employees Retirement System of Ohio acquired a new stake in Snap-On in the 2nd quarter valued at approximately $79,000. Redwood Investment Management LLC bought a new stake in Snap-On in the 2nd quarter valued at approximately $890,000. Proficio Capital Partners LLC bought a new stake in Snap-On in the 2nd quarter valued at approximately $368,000. Finally, Transamerica Financial Advisors LLC acquired a new position in Snap-On during the 2nd quarter worth approximately $377,000. 84.88% of the stock is currently owned by institutional investors and hedge funds.

Snap-On Stock Performance

SNA opened at $395.94 on Friday. The company has a quick ratio of 2.64, a current ratio of 3.43 and a debt-to-equity ratio of 0.15. Snap-On Incorporated has a 12-month low of $319.20 and a 12-month high of $423.02. The business has a 50 day moving average of $404.06 and a 200-day moving average of $385.23. The stock has a market cap of $20.48 billion, a price-to-earnings ratio of 20.19, a PEG ratio of 2.80 and a beta of 0.73.

Snap-On (NYSE:SNA) last posted its earnings results on Thursday, July 23rd. The company reported $4.96 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.95 by $0.01. The company had revenue of $1.24 billion during the quarter, compared to analysts’ expectations of $1.22 billion. Snap-On had a net margin of 21.25% and a return on equity of 17.07%. Snap-On’s quarterly revenue was up 4.7% compared to the same quarter last year. During the same quarter last year, the company posted $4.72 EPS. On average, equities research analysts expect that Snap-On Incorporated will post 19.7 earnings per share for the current year.

Snap-On declared that its Board of Directors has approved a share repurchase plan on Thursday, April 30th that permits the company to repurchase $500.00 million in outstanding shares. This repurchase authorization permits the company to purchase up to 2.5% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s board of directors believes its stock is undervalued.

Snap-On Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 10th. Shareholders of record on Wednesday, August 19th will be issued a $2.44 dividend. This represents a $9.76 annualized dividend and a yield of 2.5%. The ex-dividend date of this dividend is Wednesday, August 19th. Snap-On’s dividend payout ratio is currently 49.77%.

Insider Activity

In other news, CFO Aldo John Pagliari sold 5,531 shares of the company’s stock in a transaction that occurred on Thursday, August 13th. The stock was sold at an average price of $404.25, for a total value of $2,235,906.75. Following the transaction, the chief financial officer owned 120,644 shares of the company’s stock, valued at approximately $48,770,337. This represents a 4.38% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, VP Richard Thomas Miller sold 2,000 shares of the stock in a transaction that occurred on Wednesday, July 1st. The stock was sold at an average price of $405.92, for a total value of $811,840.00. Following the transaction, the vice president owned 4,529 shares in the company, valued at approximately $1,838,411.68. This trade represents a 30.63% 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. Over the last three months, insiders sold 46,728 shares of company stock valued at $18,803,009. Company insiders own 3.80% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have recently weighed in on the stock. Tigress Financial raised their price target on shares of Snap-On from $445.00 to $485.00 and gave the stock a “buy” rating in a research note on Friday, July 31st. Roth Capital restated a “buy” rating and set a $461.00 target price (up from $409.00) on shares of Snap-On in a report on Friday, July 24th. Weiss Ratings restated a “buy (b)” rating on shares of Snap-On in a report on Friday, July 17th. Barclays started 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 for the company. Finally, Robert W. Baird set a $415.00 price target on shares of Snap-On in a research report on Friday, July 24th. Five research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat.com, Snap-On has a consensus rating of “Moderate Buy” and an average price target of $426.20.

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.