Snap-on Incorporated (NYSE:SNA) is Confluence Investment Management LLC’s 2nd Largest Position

Confluence Investment Management LLC trimmed its holdings in Snap-on Incorporated (NYSE:SNA) by 1.9% in the 2nd quarter, according to its most recent disclosure with the SEC. The firm owned 635,582 shares of the company’s stock after selling 12,440 shares during the period. Snap-on makes up about 2.7% of Confluence Investment Management LLC’s holdings, making the stock its 2nd largest holding. Confluence Investment Management LLC’s holdings in Snap-on were worth $183,168,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in SNA. MetLife Investment Management LLC boosted its position in shares of Snap-on by 22.4% during the first quarter. MetLife Investment Management LLC now owns 14,527 shares of the company’s stock worth $2,985,000 after buying an additional 2,657 shares during the period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS boosted its position in shares of Snap-on by 6.0% during the first quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 7,150 shares of the company’s stock worth $1,469,000 after buying an additional 407 shares during the period. Sei Investments Co. boosted its position in shares of Snap-on by 11.3% during the first quarter. Sei Investments Co. now owns 125,365 shares of the company’s stock worth $25,727,000 after buying an additional 12,720 shares during the period. Aviva PLC boosted its position in shares of Snap-on by 12.3% during the first quarter. Aviva PLC now owns 33,102 shares of the company’s stock worth $6,802,000 after buying an additional 3,636 shares during the period. Finally, Prudential PLC purchased a new position in shares of Snap-on during the first quarter worth $302,000. 83.90% of the stock is currently owned by hedge funds and other institutional investors.

Snap-on Stock Down 0.5 %

Snap-on stock opened at $261.06 on Thursday. Snap-on Incorporated has a 1-year low of $200.75 and a 1-year high of $297.26. The company has a debt-to-equity ratio of 0.25, a current ratio of 3.67 and a quick ratio of 2.58. The stock has a market cap of $13.81 billion, a PE ratio of 14.46, a P/E/G ratio of 1.76 and a beta of 1.10. The stock’s fifty day moving average is $272.72 and its two-hundred day moving average is $261.17.

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

Snap-on Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, September 11th. Shareholders of record on Friday, August 18th were paid a $1.62 dividend. This represents a $6.48 dividend on an annualized basis and a yield of 2.48%. The ex-dividend date was Thursday, August 17th. Snap-on’s dividend payout ratio is presently 35.90%.

Insider Buying and Selling at Snap-on

In other news, SVP Timothy L. Chambers sold 4,598 shares of Snap-on stock in a transaction dated Friday, June 30th. The stock was sold at an average price of $289.07, for a total transaction of $1,329,143.86. Following the sale, the senior vice president now owns 13,276 shares in the company, valued at $3,837,693.32. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, SVP Timothy L. Chambers sold 4,598 shares of Snap-on stock in a transaction dated Friday, June 30th. The stock was sold at an average price of $289.07, for a total transaction of $1,329,143.86. Following the sale, the senior vice president now owns 13,276 shares in the company, valued at $3,837,693.32. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Iain Boyd sold 8,963 shares of Snap-on stock in a transaction dated Tuesday, July 11th. The stock was sold at an average price of $289.30, for a total value of $2,592,995.90. Following the sale, the vice president now owns 7,345 shares in the company, valued at approximately $2,124,908.50. The disclosure for this sale can be found here. Insiders have sold a total of 22,778 shares of company stock worth $6,587,528 over the last ninety days. Corporate insiders own 4.20% of the company’s stock.

Wall Street Analyst Weigh In

SNA has been the subject of several research analyst reports. CL King initiated coverage on Snap-on in a research report on Friday, July 7th. They set a “neutral” rating for the company. Robert W. Baird increased their price objective on Snap-on from $270.00 to $305.00 and gave the company a “neutral” rating in a research note on Friday, July 21st. 888 reiterated a “reiterates” rating on shares of Snap-on in a research note on Wednesday, May 24th. Tigress Financial increased their price objective on Snap-on from $302.00 to $328.00 in a research note on Wednesday, June 21st. Finally, StockNews.com assumed coverage on Snap-on in a research note on Thursday, August 17th. They issued a “buy” rating on the stock. One research analyst has rated the stock with a sell rating, four have given a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, Snap-on currently has a consensus rating of “Hold” and a consensus 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.