Cibc World Market Inc. bought a new stake in shares of Snap-On Incorporated (NYSE:SNA – Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 6,755 shares of the company’s stock, valued at approximately $2,718,000.
A number of other institutional investors have also recently made changes to their positions in SNA. Miller Howard Investments Inc. NY purchased a new position in Snap-On during the first quarter valued at $51,244,000. QRG Capital Management Inc. increased its position in Snap-On by 9.9% in the first quarter. QRG Capital Management Inc. now owns 86,849 shares of the company’s stock worth $31,545,000 after buying an additional 7,798 shares in the last quarter. Fisher Asset Management LLC raised its stake in shares of Snap-On by 21.8% in the fourth quarter. Fisher Asset Management LLC now owns 66,017 shares of the company’s stock worth $22,750,000 after buying an additional 11,808 shares during the period. Hsbc Holdings PLC raised its stake in shares of Snap-On by 0.9% in the fourth quarter. Hsbc Holdings PLC now owns 374,236 shares of the company’s stock worth $128,974,000 after buying an additional 3,321 shares during the period. Finally, Sanctuary Advisors LLC lifted its position in shares of Snap-On by 8.0% during the 1st quarter. Sanctuary Advisors LLC now owns 36,690 shares of the company’s stock valued at $13,326,000 after buying an additional 2,714 shares in the last quarter. Hedge funds and other institutional investors own 84.88% of the company’s stock.
Analysts Set New Price Targets
A number of research analysts recently issued reports on SNA shares. Roth Capital reiterated a “buy” rating and set a $461.00 price objective (up from $409.00) on shares of Snap-On in a research note on Friday, July 24th. Robert W. Baird set a $415.00 target price on shares of Snap-On in a research note on Friday, July 24th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Snap-On in a report on Friday, July 17th. Tigress Financial upped their price target on shares of Snap-On from $445.00 to $485.00 and gave the stock a “buy” rating in a research report on Friday, July 31st. Finally, Barclays started coverage on shares of Snap-On in a research report on Thursday, May 28th. They set an “overweight” rating and a $420.00 price objective on the stock. Five equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $426.20.
Snap-On Stock Performance
NYSE SNA opened at $397.69 on Thursday. 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 Incorporated has a twelve month low of $319.20 and a twelve month high of $423.02. The business has a 50-day moving average price of $403.90 and a 200-day moving average price of $385.04. The firm has a market cap of $20.57 billion, a price-to-earnings ratio of 20.28, a price-to-earnings-growth ratio of 2.78 and a beta of 0.73.
Snap-On (NYSE:SNA – Get Free Report) last issued its earnings results on Thursday, July 23rd. The company reported $4.96 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.95 by $0.01. Snap-On had a return on equity of 17.07% and a net margin of 21.25%.The company had revenue of $1.24 billion for the quarter, compared to the consensus estimate of $1.22 billion. During the same quarter last year, the company earned $4.72 EPS. The firm’s quarterly revenue was up 4.7% on a year-over-year basis. As a group, equities research analysts predict that Snap-On Incorporated will post 19.7 EPS for the current fiscal year.
Snap-On Announces Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 10th. Stockholders of record on Wednesday, August 19th will be given a dividend of $2.44 per share. The ex-dividend date is Wednesday, August 19th. This represents a $9.76 annualized dividend and a dividend yield of 2.5%. Snap-On’s dividend payout ratio (DPR) is presently 49.77%.
Snap-On declared that its Board of Directors has authorized a share buyback plan on Thursday, April 30th that permits the company to buyback $500.00 million in shares. This buyback authorization permits the company to reacquire up to 2.5% of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s leadership believes its stock is undervalued.
Insider Activity
In related news, CFO Aldo John Pagliari sold 5,531 shares of the company’s stock in a transaction on Thursday, August 13th. The shares were 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 owned 120,644 shares in the company, valued at approximately $48,770,337. This represents a 4.38% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, VP Richard Thomas Miller sold 2,000 shares of the firm’s stock in a transaction on Wednesday, July 1st. The shares were sold at an average price of $405.92, for a total transaction of $811,840.00. Following the transaction, the vice president directly owned 4,529 shares of the company’s stock, valued at $1,838,411.68. The trade was a 30.63% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders have sold 45,928 shares of company stock valued at $18,483,009. Company insiders own 3.80% of the company’s stock.
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.
Featured Stories
- Five stocks we like better than Snap-On
- Williams-Sonoma’s Quarter Gave Bulls More Than Just a Beat-and-Raise
- Alcoa’s Gallium Project Opens a New Door Beyond Aluminum
- Oura’s $16 Billion IPO Could Put a New Price on Wearable Tech
- Can Tesla’s Flying Roadster Distract From Its Real Risks?
Receive News & Ratings for Snap-On Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Snap-On and related companies with MarketBeat.com's FREE daily email newsletter.
