Foster & Motley Inc. purchased a new position in Snap-On Incorporated (NYSE:SNA – Free Report) during the 2nd quarter, HoldingsChannel.com reports. The firm purchased 18,341 shares of the company’s stock, valued at approximately $7,380,000.
Other institutional investors and hedge funds also recently modified their holdings of the company. Vanguard Group Inc. grew its holdings in shares of Snap-On by 0.5% in the 4th quarter. Vanguard Group Inc. now owns 6,525,488 shares of the company’s stock worth $2,248,683,000 after acquiring an additional 31,073 shares during the last quarter. BlackRock Inc. acquired a new position in shares of Snap-On in the 2nd quarter valued at $1,715,363,000. State Street Corp increased its stake in Snap-On by 1.3% in the 4th quarter. State Street Corp now owns 2,272,041 shares of the company’s stock worth $782,945,000 after purchasing an additional 28,071 shares in the last quarter. First Trust Advisors LP raised its holdings in Snap-On by 3.3% during the 1st quarter. First Trust Advisors LP now owns 2,033,129 shares of the company’s stock worth $738,473,000 after buying an additional 65,521 shares during the period. Finally, Charles Schwab Investment Management Inc. lifted its stake in Snap-On by 2.0% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,011,914 shares of the company’s stock valued at $693,306,000 after buying an additional 39,765 shares in the last quarter. Institutional investors and hedge funds own 84.88% of the company’s stock.
Snap-On Stock Down 1.3%
Shares of NYSE SNA opened at $396.13 on Wednesday. Snap-On Incorporated has a 12-month low of $319.20 and a 12-month high of $423.02. The firm’s 50-day simple moving average is $402.75 and its 200 day simple moving average is $384.13. The company has a market cap of $20.49 billion, a price-to-earnings ratio of 20.20, a price-to-earnings-growth ratio of 2.84 and a beta of 0.73. The company has a quick ratio of 2.64, a current ratio of 3.43 and a debt-to-equity ratio of 0.15.
Snap-On declared that its board has approved a share repurchase program on Thursday, April 30th that allows the company to buyback $500.00 million in outstanding shares. This buyback authorization allows the company to repurchase up to 2.5% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s board believes its shares are undervalued.
Snap-On Announces Dividend
The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 10th. Investors of record on Wednesday, August 19th will be paid a dividend of $2.44 per share. This represents a $9.76 dividend on an annualized basis and a yield of 2.5%. The ex-dividend date of this dividend is Wednesday, August 19th. Snap-On’s dividend payout ratio is presently 49.77%.
Insider Activity at Snap-On
In related news, CFO Aldo John Pagliari sold 5,531 shares of the stock in a transaction that occurred on Thursday, August 13th. The stock was sold at an average price of $404.25, for a total transaction of $2,235,906.75. Following the completion of the transaction, the chief financial officer directly owned 120,644 shares of the company’s stock, valued at approximately $48,770,337. This represents a 4.38% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 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 dated Wednesday, June 10th. The shares were sold at an average price of $383.92, for a total transaction of $1,632,043.92. Following the completion of the transaction, the senior vice president directly owned 4,439 shares of the company’s stock, valued at approximately $1,704,220.88. This trade represents a 48.92% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 23,039 shares of company stock valued at $9,334,505. Insiders own 3.80% of the company’s stock.
Wall Street Analysts Forecast Growth
SNA has been the topic of a number of recent analyst reports. Weiss Ratings restated a “buy (b)” rating on shares of Snap-On in a report on Friday, July 17th. Barclays began coverage on Snap-On in a report on Thursday, May 28th. They issued an “overweight” rating and a $420.00 target price on the stock. Tigress Financial increased their price objective on Snap-On from $445.00 to $485.00 and gave the stock a “buy” rating in a report on Friday, July 31st. Robert W. Baird set a $415.00 target price on shares of Snap-On in a research note on Friday, July 24th. Finally, Roth Capital reaffirmed a “buy” rating and issued a $461.00 price target (up from $409.00) on shares of Snap-On in a research report on Friday, July 24th. Five analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $426.20.
Get Our Latest Report on Snap-On
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.
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