According to the latest 13F filing with the Securities & Exchange Commission, Stratos Wealth Partners LTD. has increased its holdings in Snap-on Incorporated (NYSE:SNA) by 8.9% during the second quarter. The company now owns 26,230 shares of Snap-on’s stock, following the purchase of an additional 2,134 shares in that period. As of their most recent filing with the Securities & Exchange Commission, Stratos Wealth Partners LTD.’s holdings in Snap-on were valued at $7,559,000.
Snap-on has recently been the subject of several analyst reports. Tigress Financial raised their target price on Snap-on from $302.00 to $328.00 in a research note on June 21st. Barrington Research reaffirmed an “outperform” rating and set a target price of $325.00 on Snap-on shares on July 24th. CL King initiated coverage on Snap-on with a “neutral” rating on July 7th, while StockNews.com began covering the stock with a “buy” rating on August 17th. Roth Mkm also reaffirmed a “buy” rating and set a price target of $324.00 on Snap-on shares on August 14th.
Currently, one investment analyst has rated the stock as a sell, four have assigned a hold rating, and five have issued a buy rating for Snap-on. According to data from Bloomberg.com, the stock has an average rating of “Hold” and an average target price of $296.83.
On Wednesday, shares of Snap-on opened at $252.96. The company boasts a quick ratio of 2.58 and a current ratio of 3.67 as well as a debt-to-equity ratio of 0.25.
The company’s market cap is approximately $13.39 billion with a price-to-earnings ratio of 14.01. It also has a price-to-earnings-growth ratio of 1.75 and a beta of 1.10. Additionally, Snap-on’s 50-day moving average stands at $267.05 while its 200-day moving average is at $261.96.
With these recent developments and ratings, investors continue to closely monitor Snap-on’s stock performance. As always, it is important for investors to carefully analyze all available information before making investment decisions.
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Changes in Hedge Fund Stakes and Insider Trading Activities at Snap-on (NYSE:SNA)
On September 27, 2023, several hedge funds were observed making changes to their stakes in Snap-on (NYSE:SNA), a global provider of professional tools and equipment. Vanguard Group Inc., for instance, increased its stake in the company by 0.7% during the first quarter, now owning approximately 6.4 million shares worth $1.3 billion. This increase resulted from the purchase of an additional 44,555 shares. Similarly, Envestnet Asset Management Inc. raised its stake by a staggering 968.6%, acquiring over 4.8 million shares valued at $134.9 million during the same period.
It is worth noting that Geode Capital Management LLC also added to its holdings, albeit by a smaller percentage of around 1.1%. With this increase, Geode now owns about 1.4 million Snap-on shares worth $316.6 million after purchasing an additional 15,479 shares in the fourth quarter of the previous year.
Another notable change was made by Charles Schwab Investment Management Inc., which boosted its position in Snap-on by approximately 9.9% during Q4 of the previous year as well, resulting in ownership of around 1.3 million shares valued at $290 million following the acquisition of an additional 114,488 shares.
Lastly, JPMorgan Chase & Co., while only increasing its stake by a small margin of around 0.7%, now owns about 1.3 million shares worth $310 million after purchasing an extra 8,649 shares in the first quarter.
Overall, it was revealed that institutional investors own about 83.90% of Snap-on’s stock.
In other news related to Snap-on (NYSE:SNA), recent insider trading activities have been reported involving two significant figures within the company: Vice President Iain Boyd and CEO Nicholas T. Pinchuk.
On July 11th, VP Iain Boyd sold 8,963 shares of the company’s stock at an average price of $289.30, amounting to a total value of $2.59 million. After the sale, Boyd retained 7,345 shares in the company, which are valued at approximately $2.12 million.
On September 19th, CEO Nicholas T. Pinchuk sold 22,078 shares at an average price of $258.16 each, totaling approximately $5.7 million. Following this transaction, Pinchuk now owns 697,506 shares in Snap-on valued at around $180.1 million.
These sales were disclosed in documents filed with the Securities and Exchange Commission (SEC) and can be accessed through the provided links.
The reports of insider trading also reveal that over the past three months leading up to September 27th, insiders have collectively sold approximately 49,698 shares of Snap-on worth a total of $13.6 million. It is noteworthy that corporate insiders currently hold about 4.20% of the company’s stock.
Analysts have recently provided various insights into Snap-on’s performance as well. Tigress Financial raised their target price on Snap-on from $302 to $328 per share in June this year. Furthermore, Barrington Research reiterated an “outperform” rating on Snap-on’s stock with a target price set at $325 per share in July.
CL King initiated coverage on Snap-on and gave it a “neutral” rating in July as well.
StockNews.com started coverage on Snap-on and rated it as a “buy” in August this year.
Lastly, Roth Mkm reaffirmed their “buy” rating on Snap-on while setting a price target of $324 per share in August too.
Overall consensus among analysts suggest that out of ten ratings observed for the stock according to data from Bloomberg.com,the average rating is considered to be “Hold” with an average target price of $296.83.
Considering the latest earnings release made by Snap-on (NYSE:SNA) on July 20th, 2023, the company reported earnings per share (EPS) of $4.89 for that quarter. This surpassed the consensus estimate of $4.58 per share by a notable margin of $0.31. Furthermore, the firm reported revenue of $1.19 billion for the quarter, which was in line with analysts’ expectations.
With a net margin of 21.06% and a return on equity of 21.38%, Snap-on demonstrated its ability to generate profits and effectively utilize shareholder investments during this period. Additionally, the company achieved a quarterly revenue growth rate of 4.8% compared to the same quarter last year when it recorded an EPS of $4.
Research analysts predict that Snap-on Incorporated will have posted an EPS of approximately $18.45 for the current fiscal year.
Snap-on also declared a quarterly dividend which was paid on September 11th as stated in recent news reports.After shares were recorded on August 18th, investors received a dividend of approximately $1.62 per share.The resulting annualized dividend payout ratio amounts to roughly 35.90%, yielding
