Snap-on Incorporated (NYSE:SNA) Stake Lifted by New Century Financial Group LLC

New Century Financial Group LLC boosted its stake in Snap-on Incorporated (NYSE:SNA) by 47.1% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,391 shares of the company’s stock after buying an additional 766 shares during the period. New Century Financial Group LLC’s holdings in Snap-on were worth $625,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of the company. Delphi Management Inc. MA lifted its position in Snap-on by 10.1% in the 2nd quarter. Delphi Management Inc. MA now owns 6,295 shares of the company’s stock valued at $1,646,000 after purchasing an additional 575 shares during the last quarter. Truist Financial Corp raised its holdings in shares of Snap-on by 3.8% during the second quarter. Truist Financial Corp now owns 19,434 shares of the company’s stock valued at $5,080,000 after buying an additional 703 shares during the last quarter. EP Wealth Advisors LLC boosted its position in shares of Snap-on by 5.8% during the second quarter. EP Wealth Advisors LLC now owns 857 shares of the company’s stock worth $224,000 after buying an additional 47 shares during the period. Quarry LP boosted its position in shares of Snap-on by 244.7% during the second quarter. Quarry LP now owns 162 shares of the company’s stock worth $42,000 after buying an additional 115 shares during the period. Finally, Northwestern Mutual Wealth Management Co. grew its holdings in Snap-on by 18.2% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 3,612 shares of the company’s stock worth $944,000 after buying an additional 556 shares in the last quarter. Institutional investors and hedge funds own 84.88% of the company’s stock.

Snap-on Trading Up 0.4 %

Shares of Snap-on stock opened at $289.71 on Tuesday. The business has a fifty day simple moving average of $278.81 and a 200-day simple moving average of $276.27. Snap-on Incorporated has a fifty-two week low of $249.84 and a fifty-two week high of $298.49. The firm has a market cap of $15.27 billion, a price-to-earnings ratio of 15.20, a price-to-earnings-growth ratio of 1.97 and a beta of 0.98. The company has a quick ratio of 3.05, a current ratio of 4.06 and a debt-to-equity ratio of 0.22.

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

Snap-on Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 10th. Investors of record on Monday, August 19th were issued a dividend of $1.86 per share. This represents a $7.44 dividend on an annualized basis and a yield of 2.57%. The ex-dividend date was Monday, August 19th. Snap-on’s payout ratio is 39.03%.

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

Analyst Ratings Changes

SNA has been the subject of a number of analyst reports. Roth Mkm reiterated a “buy” rating and set a $324.00 price target on shares of Snap-on in a research report on Tuesday, July 16th. Barrington Research reaffirmed an “outperform” rating and issued a $325.00 price objective on shares of Snap-on in a report on Friday, September 20th. Robert W. Baird lowered their target price on shares of Snap-on from $282.00 to $275.00 and set a “neutral” rating on the stock in a research note on Friday, July 12th. Finally, Tigress Financial reaffirmed a “buy” rating and issued a $336.00 price target on shares of Snap-on in a research note on Thursday, July 25th. One research analyst has rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, Snap-on currently has an average rating of “Moderate Buy” and an average price target of $315.00.

Insiders Place Their Bets

In other news, VP June C. Lemerand sold 1,186 shares of the stock in a transaction on Monday, August 26th. The stock was sold at an average price of $283.97, for a total transaction of $336,788.42. Following the completion of the sale, the vice president now owns 2,283 shares in the company, valued at approximately $648,303.51. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Snap-on news, CEO Nicholas T. Pinchuk sold 24,145 shares of the business’s stock in a transaction dated Monday, August 12th. The stock was sold at an average price of $268.95, for a total transaction of $6,493,797.75. Following the sale, the chief executive officer now owns 759,019 shares in the company, valued at approximately $204,138,160.05. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, VP June C. Lemerand sold 1,186 shares of the company’s stock in a transaction dated 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 $648,303.51. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 29,804 shares of company stock worth $8,077,390. 4.10% of the stock is owned by insiders.

Snap-on Company Profile

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.