First Manhattan CO. LLC. Trims Stock Position in Snap-on Incorporated (NYSE:SNA)

First Manhattan CO. LLC. cut its stake in shares of Snap-on Incorporated (NYSE:SNA) by 1.6% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 117,198 shares of the company’s stock after selling 1,918 shares during the period. First Manhattan CO. LLC.’s holdings in Snap-on were worth $28,935,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in SNA. Clear Street Markets LLC raised its stake in shares of Snap-on by 96.3% during the 1st quarter. Clear Street Markets LLC now owns 106 shares of the company’s stock worth $26,000 after buying an additional 52 shares in the last quarter. Parkside Financial Bank & Trust raised its stake in shares of Snap-on by 57.3% during the 1st quarter. Parkside Financial Bank & Trust now owns 129 shares of the company’s stock worth $27,000 after buying an additional 47 shares in the last quarter. Ridgewood Investments LLC purchased a new position in shares of Snap-on during the 1st quarter worth approximately $29,000. Spire Wealth Management raised its stake in shares of Snap-on by 50.0% during the 1st quarter. Spire Wealth Management now owns 144 shares of the company’s stock worth $36,000 after buying an additional 48 shares in the last quarter. Finally, Private Trust Co. NA raised its stake in shares of Snap-on by 183.6% during the 1st quarter. Private Trust Co. NA now owns 156 shares of the company’s stock worth $39,000 after buying an additional 101 shares in the last quarter. 83.90% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Snap-on

In other Snap-on news, VP Iain Boyd sold 8,010 shares of the firm’s stock in a transaction dated Thursday, June 15th. The stock was sold at an average price of $274.31, for a total value of $2,197,223.10. Following the transaction, the vice president now directly owns 7,345 shares of the company’s stock, valued at $2,014,806.95. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other Snap-on news, VP Iain Boyd sold 8,010 shares of Snap-on stock in a transaction that occurred on Thursday, June 15th. The stock was sold at an average price of $274.31, for a total value of $2,197,223.10. Following the completion of the transaction, the vice president now directly owns 7,345 shares in the company, valued at $2,014,806.95. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, SVP Timothy L. Chambers sold 4,598 shares of Snap-on stock in a transaction that occurred on Friday, June 30th. The shares were sold at an average price of $289.07, for a total value of $1,329,143.86. Following the sale, the senior vice president now directly owns 13,276 shares in the company, valued at approximately $3,837,693.32. The disclosure for this sale can be found here. Insiders have sold 30,788 shares of company stock valued at $8,784,751 over the last three months. 4.20% of the stock is owned by company insiders.

Snap-on Trading Up 0.5 %

Shares of SNA traded up $1.30 during trading hours on Tuesday, hitting $262.55. The stock had a trading volume of 56,776 shares, compared to its average volume of 282,281. The company has a debt-to-equity ratio of 0.25, a quick ratio of 2.58 and a current ratio of 3.67. The firm has a market cap of $13.89 billion, a P/E ratio of 14.47, a P/E/G ratio of 1.76 and a beta of 1.10. The company’s fifty day simple moving average is $273.66 and its 200 day simple moving average is $261.07. Snap-on Incorporated has a 12-month low of $200.75 and a 12-month high of $297.26.

Snap-on (NYSE:SNA) last issued its earnings results on Thursday, July 20th. The company reported $4.89 earnings per share for the quarter, topping the consensus estimate of $4.58 by $0.31. Snap-on had a return on equity of 21.38% and a net margin of 21.06%. The business had revenue of $1.19 billion for the quarter, compared to analyst estimates of $1.19 billion. During the same period last year, the company posted $4.27 EPS. The business’s quarterly revenue was up 4.8% on a year-over-year basis. Equities research analysts forecast that Snap-on Incorporated will post 18.45 EPS for the current fiscal year.

Snap-on Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 11th. Shareholders of record on Friday, August 18th were given a $1.62 dividend. This represents a $6.48 annualized dividend and a yield of 2.47%. The ex-dividend date was Thursday, August 17th. Snap-on’s dividend payout ratio (DPR) is presently 35.90%.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on the company. Roth Mkm restated a “buy” rating and issued a $324.00 price target on shares of Snap-on in a report on Monday, August 14th. Tigress Financial increased their target price on Snap-on from $302.00 to $328.00 in a report on Wednesday, June 21st. Robert W. Baird increased their target price on Snap-on from $270.00 to $305.00 and gave the company a “neutral” rating in a report on Friday, July 21st. StockNews.com assumed coverage on Snap-on in a report on Thursday, August 17th. They set a “buy” rating on the stock. Finally, Roth Capital upgraded Snap-on from a “neutral” rating to a “buy” rating in a report on Thursday, May 18th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $296.83.

Snap-on 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.