Snap-On Incorporated $SNA Holdings Trimmed by Confluence Investment Management LLC

Confluence Investment Management LLC reduced its position in Snap-On Incorporated (NYSE:SNA) by 4.3% during the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 417,132 shares of the company’s stock after selling 18,764 shares during the quarter. Snap-On makes up about 2.6% of Confluence Investment Management LLC’s holdings, making the stock its 2nd largest holding. Confluence Investment Management LLC’s holdings in Snap-On were worth $167,854,000 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. Thurston Springer Miller Herd & Titak Inc. purchased a new stake in shares of Snap-On in the fourth quarter valued at about $25,000. DV Equities LLC acquired a new position in shares of Snap-On during the fourth quarter worth about $25,000. Western Wealth Management LLC purchased a new position in Snap-On during the first quarter worth about $29,000. Montag A & Associates Inc. lifted its position in Snap-On by 331.8% in the fourth 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 period. Finally, Quattro Advisors LLC acquired a new stake in Snap-On in the fourth quarter valued at about $35,000. Institutional investors and hedge funds own 84.88% of the company’s stock.

Snap-On Stock Performance

Shares of SNA stock opened at $409.58 on Tuesday. The stock has a fifty day moving average price of $395.36 and a 200 day moving average price of $380.82. The stock has a market cap of $21.19 billion, a PE ratio of 20.89, a P/E/G ratio of 2.89 and a beta of 0.73. Snap-On Incorporated has a 1 year low of $314.38 and a 1 year high of $420.91. The company has a debt-to-equity ratio of 0.15, a quick ratio of 2.64 and a current ratio of 3.43.

Snap-On (NYSE:SNA) last posted its earnings results on Thursday, July 23rd. The company reported $4.96 EPS for the quarter, topping analysts’ consensus estimates of $4.95 by $0.01. The company had revenue of $1.24 billion for the quarter, compared to the consensus estimate 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% compared to the same quarter last year. During the same period in the previous year, the business earned $4.72 earnings per share. Sell-side analysts forecast 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 initiated a stock buyback program on Thursday, April 30th that authorizes the company to buyback $500.00 million in shares. This buyback authorization authorizes the company to purchase up to 2.5% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s board of directors believes its stock is undervalued.

Insider Transactions at Snap-On

In other Snap-On news, VP Richard Thomas Miller sold 2,000 shares of the firm’s stock in a transaction dated Wednesday, July 1st. The shares were sold at an average price of $405.92, for a total transaction of $811,840.00. Following the completion of the transaction, the vice president directly owned 4,529 shares in the company, valued at approximately $1,838,411.68. This trade represents a 30.63% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 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 dated 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 transaction, the chief financial officer owned 119,488 shares of the company’s stock, valued at approximately $43,874,798.72. The trade was a 4.56% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders sold 23,221 shares of company stock worth $9,196,355. Corporate insiders own 3.80% of the company’s stock.

Wall Street Analysts Forecast Growth

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

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.