First Manhattan CO. LLC. Cuts Holdings in Snap-On Incorporated $SNA

First Manhattan CO. LLC. reduced its position in Snap-On Incorporated (NYSE:SNA) by 4.3% during the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 77,744 shares of the company’s stock after selling 3,466 shares during the period. First Manhattan CO. LLC.’s holdings in Snap-On were worth $26,791,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Kennebec Savings Bank boosted its stake in shares of Snap-On by 3.6% in the 4th quarter. Kennebec Savings Bank now owns 783 shares of the company’s stock worth $270,000 after buying an additional 27 shares during the last quarter. Annis Gardner Whiting Capital Advisors LLC boosted its stake in shares of Snap-On by 36.4% in the 4th quarter. Annis Gardner Whiting Capital Advisors LLC now owns 105 shares of the company’s stock worth $36,000 after buying an additional 28 shares during the last quarter. Verition Fund Management LLC boosted its stake in shares of Snap-On by 1.5% in the 4th quarter. Verition Fund Management LLC now owns 1,844 shares of the company’s stock worth $635,000 after buying an additional 28 shares during the last quarter. CWM LLC boosted its stake in shares of Snap-On by 0.6% in the 4th quarter. CWM LLC now owns 5,517 shares of the company’s stock worth $1,901,000 after buying an additional 31 shares during the last quarter. Finally, Ritholtz Wealth Management boosted its stake in shares of Snap-On by 2.5% in the 4th quarter. Ritholtz Wealth Management now owns 1,401 shares of the company’s stock worth $483,000 after buying an additional 34 shares during the last quarter. 84.88% of the stock is currently owned by hedge funds and other institutional investors.

Snap-On Price Performance

Shares of Snap-On stock opened at $380.70 on Thursday. Snap-On Incorporated has a one year low of $301.82 and a one year high of $400.88. The stock’s fifty day moving average is $376.03 and its 200 day moving average is $368.29. The stock has a market cap of $19.72 billion, a P/E ratio of 19.65, a P/E/G ratio of 2.74 and a beta of 0.73. The company has a debt-to-equity ratio of 0.15, a quick ratio of 2.74 and a current ratio of 3.53.

Snap-On (NYSE:SNA) last announced its earnings results on Thursday, April 23rd. The company reported $4.69 EPS for the quarter, missing analysts’ consensus estimates of $4.75 by ($0.06). Snap-On had a return on equity of 17.13% and a net margin of 21.28%.The company had revenue of $1.21 billion during the quarter, compared to the consensus estimate of $1.19 billion. During the same period in the prior year, the business posted $4.51 earnings per share. Snap-On’s revenue for the quarter was up 5.8% compared to the same quarter last year. Sell-side analysts anticipate that Snap-On Incorporated will post 19.7 earnings per share for the current year.

Snap-On Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, June 10th. Investors of record on Wednesday, May 20th were issued a $2.44 dividend. This represents a $9.76 dividend on an annualized basis and a yield of 2.6%. The ex-dividend date of this dividend was Wednesday, May 20th. Snap-On’s dividend payout ratio (DPR) is currently 50.39%.

Snap-On announced that its board has approved a share buyback plan on Thursday, April 30th that allows the company to buyback $500.00 million in outstanding shares. This buyback authorization allows the company to purchase up to 2.6% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s leadership believes its shares are undervalued.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on the company. Weiss Ratings restated a “buy (b)” rating on shares of Snap-On in a research note on Monday, April 20th. Tigress Financial raised their price target on Snap-On from $405.00 to $445.00 and gave the stock a “buy” rating in a research note on Friday, February 27th. Barclays initiated coverage on Snap-On in a research note on Thursday, May 28th. They issued an “overweight” rating and a $420.00 price target on the stock. Roth Mkm reaffirmed a “buy” rating and issued a $431.00 target price on shares of Snap-On in a report on Friday, April 24th. Finally, Robert W. Baird raised their target price on Snap-On from $380.00 to $395.00 and gave the stock a “neutral” rating in a report on Friday, April 24th. Five research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $387.67.

Insiders Place Their Bets

In other Snap-On news, VP Richard Thomas Miller sold 427 shares of the firm’s stock in a transaction dated Wednesday, June 10th. The stock was sold at an average price of $389.55, for a total transaction of $166,337.85. Following the sale, the vice president directly owned 4,527 shares of the company’s stock, valued at $1,763,492.85. This trade represents a 8.62% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Aldo John Pagliari sold 1,330 shares of the firm’s stock in a transaction dated Thursday, June 4th. The shares were sold at an average price of $379.27, for a total value of $504,429.10. Following the sale, the chief financial officer directly owned 118,158 shares in the company, valued at approximately $44,813,784.66. This represents a 1.11% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 35,117 shares of company stock valued at $13,192,082 in the last ninety days. Insiders own 3.80% of the company’s stock.

Snap-On Company Profile

Snap?On Incorporated (NYSE: SNA) is a designer, manufacturer and marketer of tools, diagnostic equipment, repair information and shop equipment for professional users. The company’s product range includes hand and power tools, tool storage and cabinets, diagnostic scan tools and software, shop equipment such as lifts and tire changers, and specialized specialty tools for automotive, aviation, marine and industrial applications. Snap?On also offers information and workflow solutions that combine diagnostic data, repair procedures and parts information to support professional technicians.

Founded in 1920 and headquartered in Kenosha, Wisconsin, Snap?On has established a long history in the professional tools market.