BTC Capital Management Inc. Reduces Holdings in Snap-on Incorporated
Publication Date: September 18, 2023
Snap-on Incorporated (NYSE:SNA) recently experienced a decrease in holdings by BTC Capital Management Inc., according to their most recent filing with the Securities and Exchange Commission (SEC). The institutional investor sold 425 shares during the second quarter, resulting in a decrease of 2.6% of its total holdings. As of the latest SEC filing, BTC Capital Management Inc.’s holdings in Snap-on were valued at $4,629,000.
The decline in BTC Capital Management Inc.’s stake has attracted interest from various research firms that have commented on Snap-on’s performance. In a research note issued on July 7th, CL King initiated coverage on Snap-on and assigned it a “neutral” rating. Meanwhile, Roth Mkm reiterated a “buy” rating and set a target price of $324.00 for the stock on August 14th. Barrington Research also reaffirmed an “outperform” rating with a price target of $325.00 on July 24th.
Recently, StockNews.com initiated coverage on Snap-on with a “buy” rating on August 17th. Furthermore, Tigress Financial raised their price target for the company from $302.00 to $328.00 on June 21st. According to Bloomberg data, the average analyst rating for Snap-on is currently “Hold,” with an average target price of $296.83.
On Monday, shares of SNA stock traded at $262.38, marking an increase of $1.96 for the day. Approximately 20,466 shares were exchanged compared to an average volume of 280,908 shares traded daily.
Snap-on Incorporated has seen its value fluctuate between its low point of $200.75 and high point of $297.26 within the past year. The company has a debt-to-equity ratio of 0.25, indicating a conservative financial position. It also boasts a quick ratio of 2.58 and a current ratio of 3.67, suggesting sufficient liquidity.
With a market capitalization of $13.88 billion, Snap-on Incorporated exhibits a price-to-earnings ratio of 14.43 and a P/E/G ratio of 1.80, indicating that the stock may be undervalued compared to its growth prospects. The stock holds a beta of 1.10, implying that it is moderately sensitive to market fluctuations.
The business has maintained a steady performance, with its 50-day moving average price standing at $271.97 and the 200-day moving average at $261.48.
In conclusion, BTC Capital Management Inc.’s recent reduction in holdings in Snap-on Incorporated has garnered attention from research firms who have offered varied ratings on the company’s stock performance. While holding an average “Hold” rating from analysts, the stock has demonstrated resilience within its trading range over the past year and reflects solid financial indicators.
Snap-on Incorporated
SNA
Strong Buy
Updated on: 07/12/2023
Financial Health
Very Healthy
Debt to equity ratio: Buy
Price to earnings ratio: Strong Buy
Price to book ratio: Strong Buy
DCF: Strong Buy
ROE: Neutral
Snap-on’s Stock: Institutional Attention, Insider Trading, and Analyst Ratings
Snap-on Incorporated, a leading manufacturer and marketer of tools, equipment, and software for professional technicians and industries, is attracting attention from various institutional investors. &Other institutional investors have either increased or decreased their stakes in the company, indicating the diverse opinions surrounding Snap-on’s stock.
In the first quarter, J. W. Coons Advisors LLC increased its stake in Snap-on by 2.3%. This resulted in the ownership of 1,899 shares of the company’s stock worth $469,000 after purchasing an additional 42 shares. Similarly, CIBC Asset Management Inc raised its position in Snap-on by 0.5% during the fourth quarter and now owns 9,808 shares valued at $2,241,000 after acquiring an additional 44 shares.
Kolinsky Wealth Management LLC also decided to increase its stake by 2.9% during the first quarter. The firm now owns 1,586 shares worth $392,000 after purchasing an additional 44 shares. Shaker Investments LLC OH followed suit by lifting its stake by 0.7% in the fourth quarter to reach 6,057 shares worth $1,384,000 after purchasing an additional 45 shares.
Quantinno Capital Management LP joined the list by increasing its holdings by 0.5% during the same period as Shaker Investments LLC OH did. As a result of this move, Quantinno Capital Management LP now owns 8,934 shares valued at $2,041,000 after acquiring an additional 46 shares.
Currently, it is noteworthy that hedge funds and other institutional investors own approximately 83.90% of Snap-on’s stock.
In addition to these developments related to institutional investors’ activity with Snap-on’s stock, recent news regarding insider trading has also surfaced. VP Iain Boyd sold a significant number of shares on Tuesday July 11th at an average price of $289.30, totaling $2,592,995.90. After this transaction, the VP now owns 7,345 shares valued at $2,124,908.50.
Furthermore, SVP Timothy L. Chambers also sold 4,598 shares of Snap-on’s stock on Friday June 30th at an average price of $289.07, resulting in a total value of $1,329,143.86. Following this sale, the senior vice president owns 13,276 shares valued at $3,837,693.32.
Insiders have sold a cumulative total of 27,620 shares worth $7,856,761 in the last ninety days alone.
The ratings and recommendations by various research firms provide further insight into Snap-on’s performance and its potential as an investment opportunity.
CL King initiated coverage of Snap-on with a “neutral” rating on July 7th. Roth Mkm reiterated a “buy” rating for the company and set a target price of $324.00 per share on August 14th.
Barrington Research reaffirmed an “outperform” rating and established a target price of $325.00 for Snap-on’s stock on July 24th.
StockNews.com initiated coverage with a “buy” rating on August 17th.
Tigress Financial raised its target price from $302.00 to $328.00 per share on June 21st.
With one analyst recommending a sell rating and four suggesting to hold onto the stock while five advise buying it based on data from Bloomberg, Snap-on currently has an average rating of “Hold” and an average target price of $296.83 per share.
Snap-on recently released its earnings results for the second quarter ending on July 20th , which exceeded analysts’ consensus estimates by reporting earnings per share (EPS) of $4.89 compared to an estimated EPS of $4.58, resulting in a positive surprise of $0.31 per share.
The company’s revenue for the quarter stood at $1.19 billion, matching analyst estimates. Snap-on’s net margin stood at 21.06% with a return on equity of 21.38%. Comparatively, the company’s revenue increased by 4.8% compared to the same quarter last year when it reported earnings per share of $4.27.
Equities research analysts are forecasting that Snap-on Incorporated will post earnings per share of approximately $18.45 for the current fiscal year.
Furthermore, shareholders who held Snap-on stock as of Friday August 18th were issued a quarterly dividend payment of $1.62 per share on Monday September 11th. This represents an annualized dividend rate of $6.48 and a yield of 2.47%.
The ex-dividend date, which is the date determining whether existing shareholders are eligible to receive dividends was set as Thursday August 17th.
Snap-on continues to be a prominent player in its industry, receiving attention from institutional investors while presenting a complex landscape due to various stakeholder actions and mixed analyst ratings. The company’s recent earnings report and dividend payment add another layer to its performance analysis within an evolving
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