Wedge Capital Management L L P NC Reduces Stock Position in Snap-on Incorporated (NYSE:SNA)

Wedge Capital Management L L P NC trimmed its position in Snap-on Incorporated (NYSE:SNA) by 5.5% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 43,753 shares of the company’s stock after selling 2,526 shares during the quarter. Wedge Capital Management L L P NC’s holdings in Snap-on were worth $12,676,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also made changes to their positions in the company. Rockland Trust Co. bought a new stake in shares of Snap-on in the 1st quarter valued at approximately $889,000. Goldman Sachs Group Inc. boosted its position in Snap-on by 11.8% during the 4th quarter. Goldman Sachs Group Inc. now owns 271,436 shares of the company’s stock worth $78,401,000 after acquiring an additional 28,566 shares during the period. Manning & Napier Advisors LLC acquired a new position in Snap-on during the 2nd quarter worth $4,571,000. SG Americas Securities LLC lifted its holdings in shares of Snap-on by 32.7% in the second quarter. SG Americas Securities LLC now owns 13,140 shares of the company’s stock valued at $3,435,000 after buying an additional 3,238 shares during the period. Finally, Strategic Financial Concepts LLC acquired a new stake in shares of Snap-on in the second quarter valued at $3,653,000. 84.88% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on SNA shares. Barrington Research restated an “outperform” rating and issued a $325.00 price objective on shares of Snap-on in a report on Friday, September 20th. Roth Mkm restated a “buy” rating and issued a $324.00 price objective on shares of Snap-on in a report on Tuesday, July 16th. Robert W. Baird cut their price objective on Snap-on from $282.00 to $275.00 and set a “neutral” rating for the company in a report on Friday, July 12th. Finally, Tigress Financial restated a “buy” rating and issued a $336.00 price objective on shares of Snap-on in a report on Thursday, July 25th.

Snap-on Trading Up 1.6 %

Shares of NYSE SNA opened at $296.60 on Tuesday. Snap-on Incorporated has a 12 month low of $249.84 and a 12 month high of $298.49. The company has a market cap of $15.62 billion, a price-to-earnings ratio of 15.42, a P/E/G ratio of 1.99 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. The business has a fifty day simple moving average of $281.00 and a 200-day simple moving average of $276.06.

Snap-on (NYSE:SNA) last announced its earnings results on Thursday, July 18th. The company reported $5.07 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 business had revenue of $1.18 billion during the quarter, compared to the consensus estimate of $1.20 billion. During the same period in the prior year, the business posted $4.89 earnings per share. Snap-on’s revenue was down 1.0% compared to the same quarter last year. Sell-side analysts predict that Snap-on Incorporated will post 18.95 EPS for the current year.

Snap-on Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, September 10th. Stockholders of record on Monday, August 19th were issued a dividend of $1.86 per share. This represents a $7.44 annualized dividend and a dividend yield of 2.51%. The ex-dividend date was Monday, August 19th. Snap-on’s dividend payout ratio is 38.67%.

Snap-on announced that its Board of Directors has initiated a stock repurchase program on Thursday, August 8th that allows the company to repurchase $500.00 million in shares. This repurchase authorization allows the company to purchase up to 3.5% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s management believes its shares are undervalued.

Insider Activity

In related news, CEO Nicholas T. Pinchuk sold 24,145 shares of the stock in a transaction dated Monday, August 12th. The stock was sold at an average price of $268.95, for a total value of $6,493,797.75. Following the completion of the sale, the chief executive officer now directly owns 759,019 shares of the company’s stock, valued at approximately $204,138,160.05. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, CEO Nicholas T. Pinchuk sold 24,145 shares of the stock in a transaction dated Monday, August 12th. The stock was sold at an average price of $268.95, for a total value of $6,493,797.75. Following the completion of the sale, the chief executive officer now directly owns 759,019 shares of the company’s stock, valued at approximately $204,138,160.05. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Aldo John Pagliari sold 4,473 shares of the stock in a transaction dated Thursday, August 22nd. The stock was sold at an average price of $278.74, for a total value of $1,246,804.02. Following the completion of the sale, the chief financial officer now directly owns 99,244 shares of the company’s stock, valued at approximately $27,663,272.56. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 29,804 shares of company stock valued at $8,077,390 over the last three months. Insiders own 4.10% of the company’s stock.

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.