Canandaigua National Bank & Trust Co. Takes Position in Snap-On Incorporated $SNA

Canandaigua National Bank & Trust Co. purchased a new position in Snap-On Incorporated (NYSE:SNA) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 5,987 shares of the company’s stock, valued at approximately $2,409,000.

Other large investors also recently bought and sold shares of the company. Thurston Springer Miller Herd & Titak Inc. purchased a new stake in Snap-On in the fourth quarter worth $25,000. DV Equities LLC purchased a new stake in shares of Snap-On during the fourth quarter valued at $25,000. Western Wealth Management LLC purchased a new stake in shares of Snap-On during the first quarter valued at $29,000. Montag A & Associates Inc. grew its holdings in shares of Snap-On by 331.8% in the fourth quarter. Montag A & Associates Inc. now owns 95 shares of the company’s stock worth $33,000 after purchasing an additional 73 shares during the last quarter. Finally, Quattro Advisors LLC bought a new position in shares of Snap-On in the fourth quarter worth about $35,000. Hedge funds and other institutional investors own 84.88% of the company’s stock.

Snap-On Stock Performance

Shares of Snap-On stock opened at $418.69 on Wednesday. The company has a current ratio of 3.43, a quick ratio of 2.64 and a debt-to-equity ratio of 0.15. The stock’s fifty day moving average price is $396.28 and its 200-day moving average price is $381.22. The firm has a market cap of $21.66 billion, a P/E ratio of 21.35, a P/E/G ratio of 2.88 and a beta of 0.73. Snap-On Incorporated has a 12 month low of $318.91 and a 12 month high of $420.91.

Snap-On (NYSE:SNA) last released its quarterly earnings data on Thursday, July 23rd. The company reported $4.96 earnings per share for the quarter, topping analysts’ consensus estimates of $4.95 by $0.01. The company had revenue of $1.24 billion during the quarter, compared to analyst estimates of $1.22 billion. Snap-On had a net margin of 21.25% and a return on equity of 17.07%. The firm’s revenue for the quarter was up 4.7% compared to the same quarter last year. During the same period in the prior year, the firm earned $4.72 earnings per share. On average, equities research analysts expect that Snap-On Incorporated will post 19.7 earnings per share for the current fiscal year.

Snap-On announced that its Board of Directors has authorized a share repurchase program on Thursday, April 30th that authorizes the company to buyback $500.00 million in shares. This buyback authorization authorizes the company to repurchase up to 2.5% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s board of directors believes its stock is undervalued.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on the stock. Robert W. Baird set a $415.00 price objective on shares of Snap-On in a report on Friday, July 24th. Barclays initiated coverage on shares of Snap-On in a research note on Thursday, May 28th. They issued an “overweight” rating and a $420.00 target price on the stock. Tigress Financial raised their target price on shares of Snap-On from $445.00 to $485.00 and gave the stock a “buy” rating in a research report on Friday. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Snap-On in a research note on Friday, July 17th. Finally, Roth Capital reiterated a “buy” rating and issued a $461.00 price target (up from $409.00) on shares of Snap-On in a report on Friday, July 24th. Five equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $426.20.

Insider Buying and Selling at Snap-On

In other Snap-On news, SVP Timothy L. Chambers sold 9,111 shares of the company’s stock in a transaction on Tuesday, July 28th. The stock was sold at an average price of $419.36, for a total transaction of $3,820,788.96. Following the completion of the sale, the senior vice president owned 21,223 shares in the company, valued at $8,900,077.28. This represents a 30.04% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP Jesus Arregui sold 4,251 shares of the stock in a transaction on Wednesday, June 10th. The shares were sold at an average price of $383.92, for a total value of $1,632,043.92. Following the sale, the senior vice president directly owned 4,439 shares in the company, valued at $1,704,220.88. This trade represents a 48.92% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 23,221 shares of company stock worth $9,196,355 over the last quarter. 3.80% of the stock is currently owned by company insiders.

Snap-On 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.