Glassman Wealth Services Takes $26.61 Million Position in Snap-on Incorporated (NYSE:SNA)

Glassman Wealth Services bought a new position in shares of Snap-on Incorporated (NYSE:SNA) during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 101,794 shares of the company’s stock, valued at approximately $26,608,000. Snap-on makes up about 4.9% of Glassman Wealth Services’ portfolio, making the stock its 7th biggest position. Glassman Wealth Services owned approximately 0.19% of Snap-on at the end of the most recent quarter.

Other large investors have also bought and sold shares of the company. Checchi Capital Advisers LLC raised its position in shares of Snap-on by 2.0% during the fourth quarter. Checchi Capital Advisers LLC now owns 1,830 shares of the company’s stock worth $529,000 after purchasing an additional 36 shares during the period. Renasant Bank lifted its stake in shares of Snap-on by 2.3% in the first quarter. Renasant Bank now owns 1,592 shares of the company’s stock valued at $472,000 after buying an additional 36 shares in the last quarter. Phillips Wealth Planners LLC grew its holdings in shares of Snap-on by 3.8% during the first quarter. Phillips Wealth Planners LLC now owns 1,012 shares of the company’s stock valued at $286,000 after buying an additional 37 shares during the last quarter. TFB Advisors LLC increased its position in shares of Snap-on by 3.2% during the second quarter. TFB Advisors LLC now owns 1,226 shares of the company’s stock worth $320,000 after acquiring an additional 38 shares in the last quarter. Finally, Financial Advocates Investment Management raised its holdings in shares of Snap-on by 1.2% in the 2nd quarter. Financial Advocates Investment Management now owns 3,360 shares of the company’s stock worth $878,000 after acquiring an additional 39 shares during the last quarter. 84.88% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Snap-on

In related news, CFO Aldo John Pagliari sold 4,473 shares of the company’s stock in a transaction that occurred on Thursday, August 22nd. The stock was sold at an average price of $278.74, for a total value of $1,246,804.02. Following the transaction, the chief financial officer now owns 99,244 shares in the company, valued at $27,663,272.56. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In related news, CFO Aldo John Pagliari sold 4,473 shares of the business’s stock in a transaction dated Thursday, August 22nd. The stock was sold at an average price of $278.74, for a total value of $1,246,804.02. Following the sale, the chief financial officer now directly owns 99,244 shares in the company, valued at approximately $27,663,272.56. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP June C. Lemerand sold 1,186 shares of the stock in a transaction dated Monday, August 26th. The stock was sold at an average price of $283.97, for a total transaction of $336,788.42. Following the transaction, the vice president now owns 2,283 shares of the company’s stock, valued at approximately $648,303.51. The disclosure for this sale can be found here. Insiders sold a total of 29,804 shares of company stock worth $8,077,390 in the last quarter. Insiders own 4.10% of the company’s stock.

Snap-on Stock Performance

Shares of SNA traded down $1.25 on Friday, reaching $270.84. 268,433 shares of the company’s stock traded hands, compared to its average volume of 193,662. The stock’s 50 day simple moving average is $273.16 and its two-hundred day simple moving average is $276.31. The company has a current ratio of 4.06, a quick ratio of 3.05 and a debt-to-equity ratio of 0.22. Snap-on Incorporated has a 52-week low of $249.84 and a 52-week high of $298.49. The stock has a market cap of $14.28 billion, a PE ratio of 14.21, a PEG ratio of 1.94 and a beta of 0.98.

Snap-on (NYSE:SNA) last released its earnings results on Thursday, July 18th. The company reported $5.07 EPS for the quarter, topping analysts’ consensus estimates of $4.94 by $0.13. The company had revenue of $1.18 billion for the quarter, compared to analysts’ expectations of $1.20 billion. Snap-on had a return on equity of 19.90% and a net margin of 21.90%. The business’s revenue for the quarter was down 1.0% compared to the same quarter last year. During the same period in the previous year, the business posted $4.89 EPS. On average, analysts forecast that Snap-on Incorporated will post 18.95 earnings per share for the current fiscal year.

Snap-on announced that its board has initiated a stock repurchase program on Thursday, August 8th that authorizes the company to buyback $500.00 million in outstanding shares. This buyback authorization authorizes the company to reacquire up to 3.5% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s board of directors believes its stock is undervalued.

Snap-on Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 10th. Stockholders of record on Monday, August 19th will be given a dividend of $1.86 per share. This represents a $7.44 dividend on an annualized basis and a dividend yield of 2.75%. The ex-dividend date is Monday, August 19th. Snap-on’s dividend payout ratio is currently 39.03%.

Analyst Ratings Changes

A number of equities analysts have issued reports on SNA shares. Tigress Financial reiterated a “buy” rating and set a $336.00 price target on shares of Snap-on in a research note on Thursday, July 25th. Robert W. Baird decreased their price target on Snap-on from $282.00 to $275.00 and set a “neutral” rating for the company in a report on Friday, July 12th. Barrington Research restated an “outperform” rating and set a $325.00 price objective on shares of Snap-on in a research note on Tuesday, July 16th. Finally, Roth Mkm reiterated a “buy” rating and issued a $324.00 target price 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 issued a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price 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.