Confluence Investment Management LLC Sells 14,465 Shares of Snap-on Incorporated (NYSE:SNA)

Confluence Investment Management LLC trimmed its position in Snap-on Incorporated (NYSE:SNA) by 2.7% in the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 530,445 shares of the company’s stock after selling 14,465 shares during the period. Snap-on accounts for about 2.5% of Confluence Investment Management LLC’s investment portfolio, making the stock its 2nd biggest holding. Confluence Investment Management LLC owned about 1.01% of Snap-on worth $180,076,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Van ECK Associates Corp increased its stake in Snap-on by 4.3% during the second quarter. Van ECK Associates Corp now owns 8,664 shares of the company’s stock valued at $2,265,000 after purchasing an additional 357 shares during the last quarter. Summit Financial LLC bought a new stake in shares of Snap-on during the 2nd quarter valued at about $296,000. Ritholtz Wealth Management raised its stake in Snap-on by 4.0% during the second quarter. Ritholtz Wealth Management now owns 1,013 shares of the company’s stock worth $265,000 after acquiring an additional 39 shares during the period. Legacy Capital Wealth Partners LLC bought a new position in Snap-on in the second quarter worth about $381,000. Finally, TD Asset Management Inc boosted its stake in Snap-on by 4.9% in the second quarter. TD Asset Management Inc now owns 20,021 shares of the company’s stock valued at $5,233,000 after acquiring an additional 936 shares during the period. 84.88% of the stock is owned by institutional investors.

Snap-on Trading Down 0.3 %

Shares of NYSE:SNA traded down $1.12 during midday trading on Thursday, reaching $338.36. The company had a trading volume of 47,692 shares, compared to its average volume of 318,745. The company has a fifty day simple moving average of $350.91 and a two-hundred day simple moving average of $304.10. The firm has a market cap of $17.77 billion, a price-to-earnings ratio of 17.41, a price-to-earnings-growth ratio of 2.35 and a beta of 0.98. Snap-on Incorporated has a 1-year low of $252.98 and a 1-year high of $373.89. The company has a debt-to-equity ratio of 0.22, a quick ratio of 3.14 and a current ratio of 4.18.

Snap-on (NYSE:SNA) last issued its quarterly earnings results on Thursday, October 17th. The company reported $4.70 EPS for the quarter, beating the consensus estimate of $4.58 by $0.12. The business had revenue of $1.15 billion during the quarter, compared to the consensus estimate of $1.16 billion. Snap-on had a net margin of 22.13% and a return on equity of 19.44%. Research analysts predict that Snap-on Incorporated will post 19.05 earnings per share for the current year.

Snap-on Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, December 10th. Stockholders of record on Thursday, November 21st were given a $2.14 dividend. This represents a $8.56 dividend on an annualized basis and a dividend yield of 2.53%. This is a positive change from Snap-on’s previous quarterly dividend of $1.86. The ex-dividend date was Thursday, November 21st. Snap-on’s dividend payout ratio is 44.06%.

Wall Street Analysts Forecast Growth

SNA has been the topic of several recent research reports. Barrington Research raised their price target on Snap-on from $325.00 to $350.00 and gave the stock an “outperform” rating in a report on Thursday, October 17th. Bank of America raised their target price on Snap-on from $255.00 to $280.00 and gave the company an “underperform” rating in a research note on Friday, October 18th. Robert W. Baird upped their price target on shares of Snap-on from $290.00 to $347.00 and gave the stock a “neutral” rating in a research report on Friday, October 18th. Tigress Financial lifted their price objective on shares of Snap-on from $336.00 to $385.00 and gave the company a “buy” rating in a research report on Friday, October 25th. Finally, Roth Mkm upped their target price on shares of Snap-on from $324.00 to $365.00 and gave the stock a “buy” rating in a research report on Tuesday, October 22nd. One analyst has rated the stock with a sell rating, one has assigned a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $345.40.

Insider Buying and Selling

In related news, SVP Thomas J. Ward sold 12,737 shares of Snap-on stock in a transaction on Monday, October 28th. The stock was sold at an average price of $333.21, for a total transaction of $4,244,095.77. Following the completion of the sale, the senior vice president now owns 55,401 shares of the company’s stock, valued at approximately $18,460,167.21. This trade represents a 18.69 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Iain Boyd sold 6,044 shares of the business’s stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $298.99, for a total value of $1,807,095.56. Following the completion of the transaction, the vice president now owns 10,493 shares in the company, valued at $3,137,302.07. This trade represents a 36.55 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 52,723 shares of company stock worth $18,029,670. 4.10% of the stock is owned by company insiders.

Snap-on Company 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.