SummitTX Capital L.P. bought a new stake in Snap-On Incorporated (NYSE:SNA – Free Report) during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 12,240 shares of the company’s stock, valued at approximately $4,446,000.
Other institutional investors have also recently added to or reduced their stakes in the company. Thurston Springer Miller Herd & Titak Inc. acquired a new stake in Snap-On during the fourth quarter worth about $25,000. DV Equities LLC acquired a new position in shares of Snap-On in the 4th quarter valued at about $25,000. Montag A & Associates Inc. grew its holdings in shares of Snap-On by 331.8% during the 4th quarter. Montag A & Associates Inc. now owns 95 shares of the company’s stock worth $33,000 after purchasing an additional 73 shares during the period. Quattro Advisors LLC purchased a new stake in shares of Snap-On during the 4th quarter worth about $35,000. Finally, Annis Gardner Whiting Capital Advisors LLC increased its position in Snap-On by 36.4% during the 4th quarter. Annis Gardner Whiting Capital Advisors LLC now owns 105 shares of the company’s stock worth $36,000 after purchasing an additional 28 shares in the last quarter. Hedge funds and other institutional investors own 84.88% of the company’s stock.
Snap-On Price Performance
SNA stock opened at $407.27 on Tuesday. The firm has a market cap of $21.07 billion, a P/E ratio of 20.77, a price-to-earnings-growth ratio of 2.85 and a beta of 0.73. The company has a debt-to-equity ratio of 0.15, a quick ratio of 2.64 and a current ratio of 3.43. Snap-On Incorporated has a 1 year low of $312.78 and a 1 year high of $419.68. The stock has a 50-day simple moving average of $390.45 and a 200-day simple moving average of $378.91.
Snap-On Announces Dividend
The company also recently announced a quarterly dividend, which was paid on Wednesday, June 10th. Stockholders of record on Wednesday, May 20th were given a dividend of $2.44 per share. This represents a $9.76 dividend on an annualized basis and a dividend yield of 2.4%. The ex-dividend date of this dividend was Wednesday, May 20th. Snap-On’s payout ratio is presently 49.77%.
Snap-On announced that its Board of Directors has authorized a stock repurchase plan on Thursday, April 30th that allows the company to buyback $500.00 million in shares. This buyback authorization allows the company to purchase up to 2.5% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s board of directors believes its shares are undervalued.
Wall Street Analysts Forecast Growth
A number of research analysts have weighed in on the stock. Robert W. Baird set a $415.00 price target on shares of Snap-On in a research report on Friday. Weiss Ratings reissued a “buy (b)” rating on shares of Snap-On in a research report on Friday, July 17th. Barclays began coverage on shares of Snap-On in a research note on Thursday, May 28th. They issued an “overweight” rating and a $420.00 target price on the stock. Finally, Roth Capital restated a “buy” rating and set a $461.00 target price (up from $409.00) on shares of Snap-On in a report on Friday. Five research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat.com, Snap-On presently has a consensus rating of “Moderate Buy” and a consensus target price of $418.20.
View Our Latest Analysis on SNA
Insider Activity
In related news, CEO Nicholas T. Pinchuk sold 23,396 shares of Snap-On stock in a transaction on Tuesday, May 5th. The shares were sold at an average price of $375.77, for a total transaction of $8,791,514.92. Following the sale, the chief executive officer owned 856,918 shares of the company’s stock, valued at $322,004,076.86. The trade was a 2.66% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP Jesus Arregui sold 4,251 shares of Snap-On stock in a transaction on Wednesday, June 10th. The stock was sold at an average price of $383.92, for a total transaction of $1,632,043.92. Following the sale, the senior vice president directly owned 4,439 shares in the company, valued at $1,704,220.88. This trade represents a 48.92% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders sold 37,117 shares of company stock valued at $14,003,922. 3.80% of the stock is currently owned by company insiders.
Snap-On 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.
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