Confluence Wealth Services Inc. Grows Stock Position in Snap-on Incorporated (NYSE:SNA)

Confluence Wealth Services Inc. boosted its position in Snap-on Incorporated (NYSE:SNA) by 115.2% in the second quarter, HoldingsChannel.com reports. The institutional investor owned 1,782 shares of the company’s stock after purchasing an additional 954 shares during the period. Confluence Wealth Services Inc.’s holdings in Snap-on were worth $466,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also bought and sold shares of the company. Scarborough Advisors LLC purchased a new stake in Snap-on in the fourth quarter worth $30,000. Opal Wealth Advisors LLC purchased a new stake in Snap-on in the second quarter worth $30,000. Innealta Capital LLC bought a new position in shares of Snap-on in the second quarter worth $32,000. Versant Capital Management Inc boosted its holdings in shares of Snap-on by 529.0% in the second quarter. Versant Capital Management Inc now owns 195 shares of the company’s stock worth $51,000 after acquiring an additional 164 shares during the period. Finally, Pacific Capital Wealth Advisors Inc. bought a new stake in Snap-on during the fourth quarter worth about $55,000. 84.88% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

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

Snap-on Trading Up 0.9 %

NYSE:SNA traded up $2.60 during mid-day trading on Friday, reaching $283.74. 292,388 shares of the company’s stock traded hands, compared to its average volume of 201,693. Snap-on Incorporated has a 12-month low of $249.84 and a 12-month high of $298.49. The firm has a market capitalization of $14.95 billion, a price-to-earnings ratio of 14.89, a PEG ratio of 1.97 and a beta of 0.98. The company has a debt-to-equity ratio of 0.22, a current ratio of 4.06 and a quick ratio of 3.05. The company has a 50 day moving average price of $271.70 and a 200-day moving average price of $275.96.

Snap-on (NYSE:SNA) last announced its quarterly earnings results on Thursday, July 18th. The company reported $5.07 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 for the quarter, compared to the consensus estimate of $1.20 billion. During the same quarter in the previous year, the business earned $4.89 EPS. Snap-on’s revenue was down 1.0% compared to the same quarter last year. On average, sell-side analysts predict that Snap-on Incorporated will post 18.95 earnings per share for the current year.

Snap-on Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 10th. Investors of record on Monday, August 19th will be given a $1.86 dividend. The ex-dividend date of this dividend is Monday, August 19th. This represents a $7.44 annualized dividend and a yield of 2.62%. Snap-on’s dividend payout ratio (DPR) is presently 39.03%.

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

Insider Activity at Snap-on

In related 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 transaction, the vice president now directly owns 2,283 shares of the company’s stock, valued at approximately $648,303.51. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Snap-on news, CEO Nicholas T. Pinchuk sold 24,220 shares of the business’s stock in a transaction on Tuesday, June 4th. The shares were sold at an average price of $266.80, for a total transaction of $6,461,896.00. Following the completion of the sale, the chief executive officer now directly owns 750,663 shares in the company, valued at approximately $200,276,888.40. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, VP June C. Lemerand sold 1,186 shares of the business’s stock in a transaction 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 owns 2,283 shares of the company’s stock, valued at $648,303.51. The disclosure for this sale can be found here. In the last three months, insiders have sold 54,024 shares of company stock valued at $14,539,286. 4.10% of the stock is owned by corporate 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.