Contravisory Investment Management Inc. Buys 646 Shares of Snap-on Incorporated (NYSE:SNA)

Contravisory Investment Management Inc. grew its stake in shares of Snap-on Incorporated (NYSE:SNA) by 50.6% in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 1,922 shares of the company’s stock after acquiring an additional 646 shares during the period. Contravisory Investment Management Inc.’s holdings in Snap-on were worth $554,000 at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of the stock. MetLife Investment Management LLC increased its stake in shares of Snap-on by 22.4% in the first quarter. MetLife Investment Management LLC now owns 14,527 shares of the company’s stock worth $2,985,000 after purchasing an additional 2,657 shares in the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS grew its position in shares of Snap-on by 6.0% in the first quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 7,150 shares of the company’s stock valued at $1,469,000 after purchasing an additional 407 shares in the last quarter. Sei Investments Co. raised its stake in shares of Snap-on by 11.3% during the 1st quarter. Sei Investments Co. now owns 125,365 shares of the company’s stock valued at $25,727,000 after purchasing an additional 12,720 shares during the period. Aviva PLC boosted its stake in Snap-on by 12.3% in the 1st quarter. Aviva PLC now owns 33,102 shares of the company’s stock worth $6,802,000 after purchasing an additional 3,636 shares during the period. Finally, Prudential PLC purchased a new position in Snap-on during the 1st quarter valued at about $302,000. Hedge funds and other institutional investors own 83.90% of the company’s stock.

Snap-on Price Performance

Shares of NYSE SNA traded up $2.30 during midday trading on Monday, reaching $262.72. The stock had a trading volume of 75,743 shares, compared to its average volume of 281,256. The company has a debt-to-equity ratio of 0.25, a quick ratio of 2.58 and a current ratio of 3.67. Snap-on Incorporated has a 12-month low of $200.75 and a 12-month high of $297.26. The stock has a 50-day moving average of $271.97 and a 200-day moving average of $261.48. The company has a market capitalization of $13.90 billion, a price-to-earnings ratio of 14.43, a price-to-earnings-growth ratio of 1.80 and a beta of 1.10.

Snap-on (NYSE:SNA) last announced its quarterly earnings data on Thursday, July 20th. The company reported $4.89 EPS for the quarter, beating 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 the consensus estimate of $1.19 billion. During the same period in the previous year, the business earned $4.27 earnings per share. The business’s revenue was up 4.8% on a year-over-year basis. As a group, research analysts anticipate that Snap-on Incorporated will post 18.45 EPS for the current fiscal year.

Snap-on Announces Dividend

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

Insider Buying and Selling

In other news, CFO Aldo John Pagliari sold 4,842 shares of the stock in a transaction that occurred on Tuesday, September 12th. The stock was sold at an average price of $262.13, for a total transaction of $1,269,233.46. Following the completion of the transaction, the chief financial officer now directly owns 86,888 shares in the company, valued at approximately $22,775,951.44. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, CFO Aldo John Pagliari sold 4,842 shares of the stock in a transaction on Tuesday, September 12th. The stock was sold at an average price of $262.13, for a total transaction of $1,269,233.46. Following the sale, the chief financial officer now owns 86,888 shares in the company, valued at approximately $22,775,951.44. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, VP Iain Boyd sold 8,963 shares of the business’s stock in a transaction that occurred on Tuesday, July 11th. The shares were sold at an average price of $289.30, for a total value of $2,592,995.90. Following the transaction, the vice president now owns 7,345 shares of the company’s stock, valued at approximately $2,124,908.50. The disclosure for this sale can be found here. Over the last quarter, insiders sold 27,620 shares of company stock worth $7,856,761. 4.20% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

SNA has been the topic of several recent analyst reports. StockNews.com assumed coverage on shares of Snap-on in a research note on Thursday, August 17th. They issued a “buy” rating on the stock. Barrington Research reissued an “outperform” rating and issued a $325.00 price target on shares of Snap-on in a report on Monday, July 24th. Roth Mkm restated a “buy” rating and set a $324.00 price target on shares of Snap-on in a research report on Monday, August 14th. Tigress Financial upped their price objective on shares of Snap-on from $302.00 to $328.00 in a research note on Wednesday, June 21st. Finally, Robert W. Baird raised 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. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target 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.