UNIVEST FINANCIAL Corp Makes New Investment in Snap-On Incorporated $SNA

UNIVEST FINANCIAL Corp acquired a new stake in shares of Snap-On Incorporated (NYSE:SNA) in the 2nd quarter, according to its most recent 13F filing with the SEC. The fund acquired 3,832 shares of the company’s stock, valued at approximately $1,542,000.

Several other large investors have also made changes to their positions in the business. Annis Gardner Whiting Capital Advisors LLC increased its stake in shares of Snap-On by 36.4% in the fourth quarter. Annis Gardner Whiting Capital Advisors LLC now owns 105 shares of the company’s stock worth $36,000 after acquiring an additional 28 shares during the period. Verition Fund Management LLC lifted its position in Snap-On by 1.5% during the fourth quarter. Verition Fund Management LLC now owns 1,844 shares of the company’s stock valued at $635,000 after purchasing an additional 28 shares during the period. CWM LLC lifted its position in Snap-On by 0.6% during the fourth quarter. CWM LLC now owns 5,517 shares of the company’s stock valued at $1,901,000 after purchasing an additional 31 shares during the period. Ritholtz Wealth Management boosted its holdings in Snap-On by 2.4% in the first quarter. Ritholtz Wealth Management now owns 1,435 shares of the company’s stock valued at $521,000 after purchasing an additional 34 shares during the last quarter. Finally, Oakworth Capital Inc. grew its position in Snap-On by 9.7% during the 4th quarter. Oakworth Capital Inc. now owns 406 shares of the company’s stock worth $140,000 after purchasing an additional 36 shares during the period. 84.88% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Snap-On news, VP Richard Thomas Miller sold 2,000 shares of the firm’s stock in a transaction that occurred on Wednesday, July 1st. The stock was sold at an average price of $405.92, for a total value of $811,840.00. Following the sale, the vice president directly owned 4,529 shares of the company’s stock, valued at approximately $1,838,411.68. This trade represents a 30.63% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP Timothy L. Chambers sold 9,111 shares of the business’s stock in a transaction that occurred on Tuesday, July 28th. The shares were sold at an average price of $419.36, for a total value of $3,820,788.96. Following the completion of the sale, the senior vice president owned 21,223 shares of the company’s stock, valued at $8,900,077.28. This trade represents a 30.04% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders sold 23,039 shares of company stock worth $9,334,505. 3.80% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of equities analysts have weighed in on the company. Barclays began coverage on Snap-On in a research note on Thursday, May 28th. They set an “overweight” rating and a $420.00 price objective for the company. Tigress Financial raised their target price on Snap-On from $445.00 to $485.00 and gave the stock a “buy” rating in a report on Friday, July 31st. Roth Capital reaffirmed a “buy” rating and set a $461.00 target price (up from $409.00) on shares of Snap-On in a report on Friday, July 24th. Weiss Ratings reiterated a “buy (b)” rating on shares of Snap-On in a research report on Friday, July 17th. Finally, Robert W. Baird set a $415.00 price target on Snap-On in a report on Friday, July 24th. Five analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. According to MarketBeat, Snap-On presently has a consensus rating of “Moderate Buy” and a consensus price target of $426.20.

Snap-On Stock Down 0.5%

SNA stock opened at $401.56 on Tuesday. Snap-On Incorporated has a one year low of $319.20 and a one year high of $423.02. The company has a debt-to-equity ratio of 0.15, a quick ratio of 2.64 and a current ratio of 3.43. The firm’s fifty day moving average is $402.57 and its 200 day moving average is $383.95. The firm has a market cap of $20.77 billion, a PE ratio of 20.48, a P/E/G ratio of 2.84 and a beta of 0.73.

Snap-On (NYSE:SNA) last issued its quarterly earnings data on Thursday, July 23rd. The company reported $4.96 earnings per share for the quarter, topping analysts’ consensus estimates of $4.95 by $0.01. Snap-On had a net margin of 21.25% and a return on equity of 17.07%. The business had revenue of $1.24 billion during the quarter, compared to the consensus estimate of $1.22 billion. During the same quarter in the prior year, the firm posted $4.72 earnings per share. The company’s revenue was up 4.7% compared to the same quarter last year. On average, research analysts forecast that Snap-On Incorporated will post 19.7 EPS for the current year.

Snap-On announced that its board has initiated a share repurchase plan on Thursday, April 30th that authorizes the company to repurchase $500.00 million in outstanding shares. This repurchase authorization authorizes the company to buy up to 2.5% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s board believes its shares are undervalued.

Snap-On Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 10th. Investors of record on Wednesday, August 19th will be paid a $2.44 dividend. This represents a $9.76 annualized dividend and a dividend yield of 2.4%. The ex-dividend date is Wednesday, August 19th. Snap-On’s payout ratio is currently 49.77%.

About Snap-On

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.