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

Wedge Capital Management L L P NC trimmed its holdings in shares of Snap-on Incorporated (NYSE:SNA) by 13.9% during the 4th quarter, Holdings Channel reports. The fund owned 40,731 shares of the company’s stock after selling 6,587 shares during the period. Wedge Capital Management L L P NC’s holdings in Snap-on were worth $11,765,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of SNA. Telemus Capital LLC purchased a new stake in Snap-on in the 4th quarter valued at about $309,000. Duality Advisers LP acquired a new position in shares of Snap-on in the 4th quarter valued at about $999,000. Foundry Partners LLC increased its holdings in shares of Snap-on by 0.5% in the 4th quarter. Foundry Partners LLC now owns 66,652 shares of the company’s stock valued at $19,252,000 after acquiring an additional 319 shares during the last quarter. MCF Advisors LLC boosted its position in Snap-on by 13.7% during the 4th quarter. MCF Advisors LLC now owns 747 shares of the company’s stock worth $216,000 after acquiring an additional 90 shares during the period. Finally, CWM LLC lifted its holdings in shares of Snap-on by 20.8% in the fourth quarter. CWM LLC now owns 5,703 shares of the company’s stock valued at $1,647,000 after buying an additional 982 shares during the period. 84.88% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Snap-on

In related news, CEO Nicholas T. Pinchuk sold 23,514 shares of the company’s stock in a transaction on Tuesday, March 19th. The shares were sold at an average price of $287.48, for a total transaction of $6,759,804.72. Following the completion of the sale, the chief executive officer now directly owns 742,383 shares in the company, valued at approximately $213,420,264.84. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other news, CEO Nicholas T. Pinchuk sold 23,514 shares of the firm’s stock in a transaction dated Tuesday, March 19th. The shares were sold at an average price of $287.48, for a total transaction of $6,759,804.72. Following the sale, the chief executive officer now owns 742,383 shares of the company’s stock, valued at approximately $213,420,264.84. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO Aldo John Pagliari sold 3,231 shares of the stock in a transaction that occurred on Friday, February 23rd. The stock was sold at an average price of $270.58, for a total transaction of $874,243.98. Following the completion of the transaction, the chief financial officer now owns 93,183 shares in the company, valued at approximately $25,213,456.14. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 47,368 shares of company stock valued at $13,399,449. Corporate insiders own 4.10% of the company’s stock.

Snap-on Price Performance

SNA traded up $1.32 during trading on Tuesday, hitting $269.88. 25,661 shares of the stock traded hands, compared to its average volume of 312,102. The company has a market cap of $14.23 billion, a price-to-earnings ratio of 14.09, a PEG ratio of 1.92 and a beta of 0.99. Snap-on Incorporated has a twelve month low of $247.68 and a twelve month high of $298.49. The business has a 50 day moving average price of $283.80 and a 200 day moving average price of $278.68. The company has a debt-to-equity ratio of 0.23, a current ratio of 3.82 and a quick ratio of 2.83.

Snap-on (NYSE:SNA) last posted its earnings results on Thursday, April 18th. The company reported $4.75 earnings per share for the quarter, topping analysts’ consensus estimates of $4.66 by $0.09. The company had revenue of $1.18 billion for the quarter, compared to analyst estimates of $1.20 billion. Snap-on had a net margin of 21.69% and a return on equity of 20.46%. The firm’s revenue was down .1% compared to the same quarter last year. During the same quarter in the prior year, the business posted $4.60 EPS. Equities research analysts forecast that Snap-on Incorporated will post 19.24 earnings per share for the current fiscal year.

Snap-on Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 11th. Investors of record on Monday, February 26th were paid a dividend of $1.86 per share. The ex-dividend date of this dividend was Friday, February 23rd. This represents a $7.44 annualized dividend and a yield of 2.76%. Snap-on’s dividend payout ratio is currently 39.03%.

Analyst Ratings Changes

Several analysts have recently issued reports on SNA shares. Robert W. Baird decreased their price target on Snap-on from $295.00 to $282.00 and set a “neutral” rating for the company in a research note on Friday. Barrington Research reaffirmed an “outperform” rating and issued a $325.00 price target on shares of Snap-on in a report on Monday, April 15th. Roth Mkm reissued a “buy” rating and issued a $324.00 target price on shares of Snap-on in a report on Thursday, April 18th. Finally, Tigress Financial reiterated a “buy” rating and issued a $336.00 price objective on shares of Snap-on in a research report on Friday, February 16th. Two equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $316.75.

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.