Commonwealth Equity Services LLC Has $10.86 Million Stock Holdings in Snap-on Incorporated (NYSE:SNA)

Commonwealth Equity Services LLC decreased its holdings in shares of Snap-on Incorporated (NYSE:SNA) by 20.4% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 41,542 shares of the company’s stock after selling 10,615 shares during the quarter. Commonwealth Equity Services LLC owned approximately 0.08% of Snap-on worth $10,859,000 at the end of the most recent reporting period.

Several other hedge funds have also added to or reduced their stakes in SNA. Earnest Partners LLC boosted its position in shares of Snap-on by 9.9% in the first quarter. Earnest Partners LLC now owns 929,710 shares of the company’s stock valued at $275,399,000 after acquiring an additional 83,686 shares during the period. Nordea Investment Management AB boosted its position in shares of Snap-on by 3.2% in the first quarter. Nordea Investment Management AB now owns 891,994 shares of the company’s stock valued at $265,217,000 after acquiring an additional 27,429 shares during the period. Dimensional Fund Advisors LP boosted its position in shares of Snap-on by 0.4% in the fourth quarter. Dimensional Fund Advisors LP now owns 773,087 shares of the company’s stock valued at $223,304,000 after acquiring an additional 3,449 shares during the period. Envestnet Asset Management Inc. boosted its position in shares of Snap-on by 2.3% in the fourth quarter. Envestnet Asset Management Inc. now owns 755,445 shares of the company’s stock valued at $218,203,000 after acquiring an additional 16,972 shares during the period. Finally, LSV Asset Management boosted its position in shares of Snap-on by 0.5% in the first quarter. LSV Asset Management now owns 674,341 shares of the company’s stock valued at $199,753,000 after acquiring an additional 3,535 shares during the period. Institutional investors and hedge funds own 84.88% of the company’s stock.

Analysts Set New Price Targets

Several research firms recently weighed in on SNA. Robert W. Baird cut their price objective on shares of Snap-on from $282.00 to $275.00 and set a “neutral” rating for the company in a research report on Friday, July 12th. Barrington Research reaffirmed an “outperform” rating and set a $325.00 price objective on shares of Snap-on in a research report on Tuesday, July 16th. Roth Mkm reissued a “buy” rating and set a $324.00 target price on shares of Snap-on in a research note on Tuesday, July 16th. Finally, Tigress Financial reissued a “buy” rating and set a $336.00 target price on shares of Snap-on in a research note on Thursday, July 25th. One equities research analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $315.00.

Snap-on Stock Down 0.2 %

Shares of NYSE SNA opened at $279.07 on Thursday. The company has a current ratio of 4.06, a quick ratio of 3.05 and a debt-to-equity ratio of 0.22. The company has a market cap of $14.70 billion, a price-to-earnings ratio of 14.64, a PEG ratio of 1.97 and a beta of 0.98. Snap-on Incorporated has a 12 month low of $249.84 and a 12 month high of $298.49. The stock has a 50-day moving average price of $272.71 and a two-hundred day moving average price of $276.26.

Snap-on (NYSE:SNA) last released its quarterly earnings data on Thursday, July 18th. The company reported $5.07 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.94 by $0.13. Snap-on had a return on equity of 19.90% and a net margin of 21.90%. The company had revenue of $1.18 billion during the quarter, compared to the consensus estimate of $1.20 billion. During the same quarter in the prior year, the firm posted $4.89 earnings per share. The firm’s revenue was down 1.0% compared to the same quarter last year. As a group, analysts forecast that Snap-on Incorporated will post 18.95 earnings per share for the current fiscal year.

Snap-on Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 10th. Stockholders of record on Monday, August 19th will be paid a $1.86 dividend. This represents a $7.44 annualized dividend and a dividend yield of 2.67%. The ex-dividend date of this dividend is Monday, August 19th. Snap-on’s dividend payout ratio is currently 39.03%.

Snap-on announced that its board has authorized a share repurchase plan on Thursday, August 8th that permits the company to buyback $500.00 million in shares. This buyback authorization permits the company to reacquire up to 3.5% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s board believes its stock is undervalued.

Insider Activity

In other news, VP June C. Lemerand sold 1,186 shares of the company’s stock in a transaction that occurred on Monday, August 26th. The stock was sold at an average price of $283.97, for a total value of $336,788.42. Following the completion of the transaction, the vice president now owns 2,283 shares of the company’s stock, valued at $648,303.51. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other Snap-on news, CFO Aldo John Pagliari sold 4,473 shares of the stock in a transaction that occurred on Thursday, August 22nd. The shares were sold at an average price of $278.74, for a total transaction of $1,246,804.02. Following the completion of the sale, the chief financial officer now owns 99,244 shares of the company’s stock, valued at approximately $27,663,272.56. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP June C. Lemerand sold 1,186 shares of the stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $283.97, for a total transaction of $336,788.42. Following the sale, the vice president now directly owns 2,283 shares of the company’s stock, valued at approximately $648,303.51. The disclosure for this sale can be found here. Insiders sold 29,804 shares of company stock valued at $8,077,390 over the last quarter. 4.10% of the stock is owned by company insiders.

About Snap-on

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.