Snap-On Incorporated $SNA Position Decreased by Confluence Investment Management LLC

Confluence Investment Management LLC decreased its position in Snap-On Incorporated (NYSE:SNA) by 4.6% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 469,309 shares of the company’s stock after selling 22,874 shares during the quarter. Snap-On accounts for about 2.4% of Confluence Investment Management LLC’s holdings, making the stock its 2nd biggest holding. Confluence Investment Management LLC owned 0.90% of Snap-On worth $161,724,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the company. First Trust Advisors LP lifted its position in shares of Snap-On by 40.7% during the 2nd quarter. First Trust Advisors LP now owns 1,892,708 shares of the company’s stock worth $588,973,000 after purchasing an additional 547,527 shares during the last quarter. Norges Bank acquired a new position in shares of Snap-On during the second quarter worth $168,010,000. Victory Capital Management Inc. increased its holdings in Snap-On by 346.0% in the third quarter. Victory Capital Management Inc. now owns 279,484 shares of the company’s stock valued at $96,850,000 after buying an additional 216,813 shares during the last quarter. Rakuten Investment Management Inc. acquired a new stake in Snap-On in the third quarter valued at $61,134,000. Finally, Laurel Wealth Advisors LLC raised its stake in Snap-On by 21,600.8% in the second quarter. Laurel Wealth Advisors LLC now owns 164,926 shares of the company’s stock valued at $51,322,000 after buying an additional 164,166 shares in the last quarter. Institutional investors and hedge funds own 84.88% of the company’s stock.

Snap-On Stock Performance

Shares of SNA stock opened at $360.78 on Friday. The stock’s 50-day moving average is $373.52 and its two-hundred day moving average is $352.18. The company has a debt-to-equity ratio of 0.20, a quick ratio of 3.68 and a current ratio of 4.79. Snap-On Incorporated has a 1 year low of $289.81 and a 1 year high of $390.13. The firm has a market cap of $18.78 billion, a price-to-earnings ratio of 18.80, a PEG ratio of 2.50 and a beta of 0.78.

Snap-On (NYSE:SNA) last posted its earnings results on Thursday, February 5th. The company reported $4.94 earnings per share for the quarter, beating the consensus estimate of $4.86 by $0.08. The business had revenue of $1.23 billion during the quarter, compared to the consensus estimate of $1.24 billion. Snap-On had a return on equity of 17.34% and a net margin of 21.44%.The business’s quarterly revenue was up 2.8% on a year-over-year basis. During the same period in the previous year, the business earned $4.82 EPS. Analysts predict that Snap-On Incorporated will post 19.79 earnings per share for the current year.

Snap-On Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, March 10th. Shareholders of record on Tuesday, February 24th were given a dividend of $2.44 per share. The ex-dividend date of this dividend was Tuesday, February 24th. This represents a $9.76 annualized dividend and a yield of 2.7%. Snap-On’s payout ratio is 50.86%.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on SNA. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Snap-On in a research report on Wednesday, January 21st. Wall Street Zen lowered Snap-On from a “buy” rating to a “hold” rating in a research report on Saturday, February 7th. Robert W. Baird set a $375.00 target price on Snap-On in a research note on Friday, February 6th. Roth Mkm reiterated a “buy” rating and issued a $409.00 price target (up from $385.00) on shares of Snap-On in a research note on Tuesday, February 10th. Finally, Tigress Financial raised their price objective on shares of Snap-On from $405.00 to $445.00 and gave the stock a “buy” rating in a report on Friday, February 27th. Five investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $377.33.

Insider Transactions at Snap-On

In other news, CEO Nicholas T. Pinchuk sold 23,229 shares of the stock in a transaction that occurred on Monday, February 23rd. The stock was sold at an average price of $383.36, for a total value of $8,905,069.44. Following the completion of the sale, the chief executive officer directly owned 846,562 shares of the company’s stock, valued at approximately $324,538,008.32. This represents a 2.67% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP June C. Lemerand sold 1,378 shares of the firm’s stock in a transaction that occurred on Wednesday, February 25th. The stock was sold at an average price of $387.57, for a total transaction of $534,071.46. Following the transaction, the vice president owned 2,913 shares in the company, valued at approximately $1,128,991.41. This trade represents a 32.11% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 39,650 shares of company stock worth $15,210,959 in the last three months. Corporate insiders own 3.90% of the company’s stock.

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.