Illinois Municipal Retirement Fund Sells 1,614 Shares of Snap-On Incorporated $SNA

Illinois Municipal Retirement Fund lowered its position in shares of Snap-On Incorporated (NYSE:SNA) by 3.5% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 44,415 shares of the company’s stock after selling 1,614 shares during the quarter. Illinois Municipal Retirement Fund owned approximately 0.09% of Snap-On worth $16,132,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in Snap-On by 15.5% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 8,850 shares of the company’s stock valued at $2,983,000 after purchasing an additional 1,185 shares during the period. Woodline Partners LP raised its stake in shares of Snap-On by 40.4% during the first quarter. Woodline Partners LP now owns 4,426 shares of the company’s stock worth $1,492,000 after buying an additional 1,273 shares during the last quarter. EverSource Wealth Advisors LLC lifted its holdings in Snap-On by 100.9% in the second quarter. EverSource Wealth Advisors LLC now owns 464 shares of the company’s stock valued at $144,000 after buying an additional 233 shares during the period. Gamco Investors INC. ET AL boosted its stake in Snap-On by 32.9% in the second quarter. Gamco Investors INC. ET AL now owns 1,752 shares of the company’s stock valued at $545,000 after acquiring an additional 434 shares during the last quarter. Finally, Natixis grew its holdings in Snap-On by 136.8% during the 2nd quarter. Natixis now owns 3,048 shares of the company’s stock worth $948,000 after acquiring an additional 1,761 shares during the period. Institutional investors own 84.88% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on the company. Weiss Ratings reissued a “buy (b)” rating on shares of Snap-On in a research note on Monday, April 20th. Robert W. Baird increased their target price on Snap-On from $380.00 to $395.00 and gave the company a “neutral” rating in a research note on Friday, April 24th. Barclays started coverage on Snap-On in a report on Thursday, May 28th. They set an “overweight” rating and a $420.00 target price on the stock. Finally, Roth Capital reaffirmed a “buy” rating and issued a $431.00 price target on shares of Snap-On in a research note on Friday, April 24th. Five investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $387.67.

Insider Activity at Snap-On

In related news, CEO Nicholas T. Pinchuk sold 23,396 shares of the firm’s stock in a transaction on Tuesday, May 5th. The shares were sold at an average price of $375.77, for a total transaction of $8,791,514.92. Following the sale, the chief executive officer directly owned 856,918 shares in the company, valued at $322,004,076.86. This trade represents a 2.66% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, VP Richard Thomas Miller sold 2,000 shares of the business’s stock in a transaction on Wednesday, July 1st. The shares were sold at an average price of $405.92, for a total transaction of $811,840.00. Following the completion of the sale, the vice president directly owned 4,529 shares in the company, valued at $1,838,411.68. This represents a 30.63% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders have sold 37,117 shares of company stock valued at $14,003,922. Insiders own 3.80% of the company’s stock.

Snap-On Price Performance

Shares of SNA opened at $415.17 on Friday. The company has a debt-to-equity ratio of 0.15, a quick ratio of 2.74 and a current ratio of 3.53. The stock has a 50 day simple moving average of $385.08 and a 200 day simple moving average of $376.20. Snap-On Incorporated has a 52-week low of $312.78 and a 52-week high of $415.40. The firm has a market capitalization of $21.51 billion, a PE ratio of 21.43, a P/E/G ratio of 2.84 and a beta of 0.73.

Snap-On (NYSE:SNA) last announced its earnings results on Thursday, April 23rd. The company reported $4.69 EPS for the quarter, missing the consensus estimate of $4.75 by ($0.06). Snap-On had a return on equity of 17.13% and a net margin of 21.28%.The company had revenue of $1.21 billion for the quarter, compared to analyst estimates of $1.19 billion. During the same quarter last year, the business posted $4.51 earnings per share. The business’s quarterly revenue was up 5.8% on a year-over-year basis. Sell-side analysts predict that Snap-On Incorporated will post 19.7 EPS for the current fiscal year.

Snap-On Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, June 10th. Stockholders of record on Wednesday, May 20th were given a dividend of $2.44 per share. The ex-dividend date of this dividend was Wednesday, May 20th. This represents a $9.76 annualized dividend and a dividend yield of 2.4%. Snap-On’s dividend payout ratio is currently 50.39%.

Snap-On announced that its Board of Directors has approved a share repurchase plan on Thursday, April 30th that permits the company to repurchase $500.00 million in outstanding shares. This repurchase authorization permits the company to repurchase up to 2.5% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board of directors believes its stock is undervalued.

About Snap-On

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.