Cwm LLC Reduces Its Stake in Snap-on Incorporated

Cwm LLC has decreased its investment in Snap-on Incorporated (NYSE:SNA) by 1.2% during the third quarter, as indicated in the most recent 13F filing with the Securities and Exchange Commission. After selling 67 shares, Cwm LLC now owns a total of 5,332 shares, which are currently valued at approximately $1,545,000.

Several other institutional investors have also adjusted their positions in Snap-on. In the third quarter, Brookstone Capital Management increased its stake by 25.4%, bringing its total to 1,116 shares valued at $323,000 after acquiring an additional 226 shares. Bridge Creek Capital Management LLC entered a new position in Snap-on, valued at around $203,000. Additionally, City Center Advisors LLC boosted its holdings in Snap-on by 27.9%, now owning 931 shares worth $270,000. Czech National Bank raised its stake by 6.8%, with ownership of 10,732 shares valued at $3,109,000 after purchasing 685 shares. Handelsbanken Fonder AB also increased its position by 22.9%, owning 41,000 shares now valued at $11,878,000. Overall, approximately 84.88% of Snap-on's stock is held by institutional investors.

Insider Activity

In company news, Vice President Iain Boyd sold 6,044 shares on October 15th at an average price of $298.99, totaling $1,807,095. Following this transaction, Boyd retains 10,493 shares valued at around $3,137,302.07, marking a minuscule decrease in his ownership percentage. This sale was reported to the SEC. Similarly, VP June C. Lemerand sold 1,186 shares on August 26th, valued at $336,788.42, leaving her with 2,283 shares currently worth $648,303.51. Over the last ninety days, insiders have sold a total of 35,848 shares valued at approximately $9,884,486, with corporate insiders holding about 4.10% of the stock.

Analyst Perspectives

Recent analyst assessments of Snap-on shares reveal some mixed reviews. Robert W. Baird reduced its price target from $282 to $275 and assigned a “neutral” rating. Conversely, Tigress Financial reaffirmed a “buy” rating with a projected target of $336, while Barrington Research maintained an “outperform” rating with a target of $325. Roth MKM also reiterated a “buy” rating with a $324 target price.

Current Stock Performance

As of Wednesday, shares of Snap-on (NYSE:SNA) opened at $295.68. The company boasts a market capitalization of $15.59 billion and has a price-to-earnings ratio of 15.51. The current 50-day simple moving average stands at $281.00, and the 200-day moving average is at $276.06. Snap-on's stock has fluctuated between a low of $249.84 and a high of $302.64 over the past year.

Snap-on last issued its earnings report on July 18th, revealing earnings of $5.07 per share, slightly surpassing analyst predictions of $4.94. The company reported a revenue of $1.18 billion for the quarter, falling short of the $1.20 billion consensus. Year-over-year, revenue slid by 1.0% compared to the same quarter last year. Analysts anticipate that Snap-on will achieve an EPS of 18.95 for the current fiscal year.

On August 8th, Snap-on's board authorized a stock repurchase plan allowing for the repurchase of up to $500 million in shares, which reflects their belief that the stock may be undervalued at present.

Latest Dividend Announcement

Snap-on recently announced a quarterly dividend, paid on September 10th, where shareholders on record as of August 19th received a dividend of $1.86. This amount translates to an annualized dividend of $7.44, yielding about 2.52%. The current payout ratio for Snap-on stands at 39.03%.

About Snap-on Incorporated

Snap-on Incorporated specializes in the manufacturing and marketing of tools, equipment, diagnostics, and repair solutions for professional users globally. The company operates through various segments, including Commercial & Industrial Group, Snap-on Tools Group, Repair Systems & Information Group, and Financial Services.

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