Snap-on Incorporated (NYSE:SNA) Position Lessened by Convergence Investment Partners LLC

Convergence Investment Partners LLC trimmed its position in shares of Snap-on Incorporated (NYSE:SNA) by 3.7% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,142 shares of the company’s stock after selling 122 shares during the period. Convergence Investment Partners LLC’s holdings in Snap-on were worth $907,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also modified their holdings of the company. Royal London Asset Management Ltd. raised its holdings in Snap-on by 12.7% during the third quarter. Royal London Asset Management Ltd. now owns 22,537 shares of the company’s stock valued at $5,751,000 after buying an additional 2,542 shares in the last quarter. Caprock Group LLC bought a new position in Snap-on during the fourth quarter valued at about $1,203,000. Cerity Partners LLC raised its holdings in Snap-on by 275.7% during the fourth quarter. Cerity Partners LLC now owns 7,938 shares of the company’s stock valued at $2,292,000 after buying an additional 5,825 shares in the last quarter. Vision Capital Management Inc. bought a new position in Snap-on during the fourth quarter valued at about $2,377,000. Finally, Raymond James & Associates raised its holdings in Snap-on by 3.9% during the fourth quarter. Raymond James & Associates now owns 355,160 shares of the company’s stock valued at $102,584,000 after buying an additional 13,225 shares in the last quarter. 84.88% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Snap-on

In other Snap-on news, CEO Nicholas T. Pinchuk sold 23,514 shares of Snap-on stock in a transaction that occurred on Tuesday, March 19th. The stock was sold at an average price of $287.48, for a total transaction of $6,759,804.72. Following the sale, the chief executive officer now directly owns 742,383 shares of the company’s stock, valued at $213,420,264.84. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CEO Nicholas T. Pinchuk sold 23,514 shares of Snap-on stock in a transaction that occurred on Tuesday, March 19th. The shares were sold at an average price of $287.48, for a total value of $6,759,804.72. Following the completion of the transaction, the chief executive officer now owns 742,383 shares in the company, valued at $213,420,264.84. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Richard Thomas Miller sold 704 shares of Snap-on stock in a transaction that occurred on Thursday, March 28th. The shares were sold at an average price of $298.16, for a total transaction of $209,904.64. Following the completion of the transaction, the vice president now owns 3,213 shares of the company’s stock, valued at approximately $957,988.08. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 49,930 shares of company stock valued at $14,089,523. 4.10% of the stock is currently owned by corporate insiders.

Snap-on Stock Performance

SNA stock traded up $0.54 during trading on Friday, reaching $270.70. 237,139 shares of the stock were exchanged, compared to its average volume of 318,346. Snap-on Incorporated has a twelve month low of $247.68 and a twelve month high of $298.49. The company has a market capitalization of $14.27 billion, a P/E ratio of 14.20, a price-to-earnings-growth ratio of 1.87 and a beta of 0.99. The stock has a 50 day simple moving average of $284.28 and a 200-day simple moving average of $278.86. The company has a current ratio of 3.82, a quick ratio of 2.83 and a debt-to-equity ratio of 0.23.

Snap-on (NYSE:SNA) last released its earnings results on Thursday, April 18th. The company reported $4.75 earnings per share for the quarter, topping analysts’ consensus estimates of $4.66 by $0.09. The business had revenue of $1.18 billion for the quarter, compared to the consensus estimate of $1.20 billion. Snap-on had a return on equity of 20.46% and a net margin of 21.69%. The firm’s revenue for the quarter was down .1% compared to the same quarter last year. During the same period last year, the business earned $4.60 earnings per share. As a group, sell-side analysts anticipate that Snap-on Incorporated will post 19.02 earnings per share for the current year.

Snap-on Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 10th. Shareholders of record on Monday, May 20th will be issued a dividend of $1.86 per share. This represents a $7.44 dividend on an annualized basis and a yield of 2.75%. The ex-dividend date of this dividend is Friday, May 17th. Snap-on’s payout ratio is 39.03%.

Analyst Ratings Changes

SNA has been the topic of several research analyst reports. Roth Mkm reaffirmed a “buy” rating and issued a $324.00 price target on shares of Snap-on in a research report on Thursday, April 18th. Robert W. Baird lowered their price target on Snap-on from $295.00 to $282.00 and set a “neutral” rating on the stock in a research report on Friday, April 19th. Barrington Research reaffirmed an “outperform” rating and issued a $325.00 price target on shares of Snap-on in a research report on Monday, April 15th. Finally, Tigress Financial reaffirmed a “buy” rating and issued a $336.00 price target on shares of Snap-on in a research report on Friday, February 16th. Two equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $316.75.

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.