Snap-on Incorporated (NYSE:SNA) Shares Sold by Mutual of America Capital Management LLC

Mutual of America Capital Management LLC cut its holdings in Snap-on Incorporated (NYSE:SNA) by 4.9% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 9,871 shares of the company’s stock after selling 505 shares during the quarter. Mutual of America Capital Management LLC’s holdings in Snap-on were worth $2,580,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of the business. Earnest Partners LLC grew its position in shares of Snap-on by 9.9% in the first quarter. Earnest Partners LLC now owns 929,710 shares of the company’s stock valued at $275,399,000 after purchasing an additional 83,686 shares during the last quarter. Nordea Investment Management AB grew its position in shares of Snap-on by 3.2% in the first quarter. Nordea Investment Management AB now owns 891,994 shares of the company’s stock valued at $265,217,000 after purchasing an additional 27,429 shares during the last quarter. Dimensional Fund Advisors LP grew its position in shares of Snap-on by 8.7% in the second quarter. Dimensional Fund Advisors LP now owns 817,536 shares of the company’s stock valued at $213,686,000 after purchasing an additional 65,485 shares during the last quarter. Envestnet Asset Management Inc. grew its position in shares of Snap-on by 2.3% in the fourth quarter. Envestnet Asset Management Inc. now owns 755,445 shares of the company’s stock valued at $218,203,000 after purchasing an additional 16,972 shares during the last quarter. Finally, LSV Asset Management lifted its stake in shares of Snap-on by 0.5% during the first quarter. LSV Asset Management now owns 674,341 shares of the company’s stock valued at $199,753,000 after buying an additional 3,535 shares during the period. 84.88% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, CEO Nicholas T. Pinchuk sold 24,145 shares of the firm’s stock in a transaction on Monday, August 12th. The shares were sold at an average price of $268.95, for a total value of $6,493,797.75. Following the transaction, the chief executive officer now owns 759,019 shares of the company’s stock, valued at approximately $204,138,160.05. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other news, VP June C. Lemerand sold 1,186 shares of the company’s stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $283.97, for a total value of $336,788.42. Following the sale, the vice president now owns 2,283 shares in the company, valued at approximately $648,303.51. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Nicholas T. Pinchuk sold 24,145 shares of the company’s stock in a transaction that occurred on Monday, August 12th. The shares were sold at an average price of $268.95, for a total value of $6,493,797.75. Following the sale, the chief executive officer now directly owns 759,019 shares in the company, valued at $204,138,160.05. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 29,804 shares of company stock valued at $8,077,390. Company insiders own 4.10% of the company’s stock.

Snap-on Stock Performance

NYSE:SNA opened at $284.07 on Wednesday. The company has a quick ratio of 3.05, a current ratio of 4.06 and a debt-to-equity ratio of 0.22. The company has a market cap of $14.98 billion, a P/E ratio of 14.90, a P/E/G ratio of 1.95 and a beta of 0.98. Snap-on Incorporated has a fifty-two week low of $249.84 and a fifty-two week high of $298.49. The firm’s 50 day moving average is $277.61 and its two-hundred day moving average is $276.42.

Snap-on (NYSE:SNA) last issued its earnings results on Thursday, July 18th. The company reported $5.07 EPS for the quarter, beating analysts’ consensus estimates of $4.94 by $0.13. Snap-on had a net margin of 21.90% and a return on equity of 19.90%. The business had revenue of $1.18 billion for the quarter, compared to the consensus estimate of $1.20 billion. During the same quarter last year, the firm posted $4.89 EPS. The business’s revenue for the quarter was down 1.0% compared to the same quarter last year. Analysts expect that Snap-on Incorporated will post 18.95 EPS for the current year.

Snap-on declared that its board has approved a stock repurchase program on Thursday, August 8th that permits the company to repurchase $500.00 million in shares. This repurchase authorization permits the company to reacquire up to 3.5% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s management believes its shares are undervalued.

Snap-on Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 10th. Stockholders of record on Monday, August 19th were paid a $1.86 dividend. This represents a $7.44 dividend on an annualized basis and a dividend yield of 2.62%. The ex-dividend date of this dividend was Monday, August 19th. Snap-on’s dividend payout ratio is presently 39.03%.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on the stock. Barrington Research reissued an “outperform” rating and set a $325.00 price objective on shares of Snap-on in a research note on Friday, September 20th. Robert W. Baird reduced their price objective on shares of Snap-on from $282.00 to $275.00 and set a “neutral” rating on the stock in a research note on Friday, July 12th. Tigress Financial reissued a “buy” rating and set a $336.00 price objective on shares of Snap-on in a research note on Thursday, July 25th. Finally, Roth Mkm reissued a “buy” rating and set a $324.00 price objective on shares of Snap-on in a research note on Tuesday, July 16th. One investment analyst has rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $315.00.

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.