Wealthfront Advisers LLC bought a new stake in Snap-On Incorporated (NYSE:SNA – Free Report) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 19,022 shares of the company’s stock, valued at approximately $7,654,000.
Other large investors have also added to or reduced their stakes in the company. Vanguard Group Inc. lifted its stake in Snap-On by 0.5% during the fourth quarter. Vanguard Group Inc. now owns 6,525,488 shares of the company’s stock worth $2,248,683,000 after purchasing an additional 31,073 shares during the last quarter. BlackRock Inc. bought a new position in shares of Snap-On during the 2nd quarter valued at about $1,715,363,000. State Street Corp raised its holdings in shares of Snap-On by 1.3% during the 4th quarter. State Street Corp now owns 2,272,041 shares of the company’s stock valued at $782,945,000 after buying an additional 28,071 shares in the last quarter. First Trust Advisors LP raised its holdings in shares of Snap-On by 3.3% during the 1st quarter. First Trust Advisors LP now owns 2,033,129 shares of the company’s stock valued at $738,473,000 after buying an additional 65,521 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its position in Snap-On by 2.0% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,011,914 shares of the company’s stock worth $693,306,000 after buying an additional 39,765 shares during the last quarter. Hedge funds and other institutional investors own 84.88% of the company’s stock.
Analyst Upgrades and Downgrades
SNA has been the subject of several research reports. Barclays initiated coverage on Snap-On in a research note on Thursday, May 28th. They issued an “overweight” rating and a $420.00 target price for the company. Weiss Ratings restated a “buy (b)” rating on shares of Snap-On in a report on Friday, July 17th. Robert W. Baird set a $415.00 price objective on shares of Snap-On in a research note on Friday, July 24th. Roth Capital reaffirmed a “buy” rating and set a $461.00 target price (up from $409.00) on shares of Snap-On in a report on Friday, July 24th. Finally, Tigress Financial lifted their target price 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. Five research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $426.20.
Snap-On Price Performance
SNA opened at $394.00 on Thursday. The company has a debt-to-equity ratio of 0.15, a current ratio of 3.43 and a quick ratio of 2.64. The stock’s 50 day simple moving average is $403.06 and its 200 day simple moving average is $384.33. The firm has a market cap of $20.38 billion, a price-to-earnings ratio of 20.09, a PEG ratio of 2.78 and a beta of 0.73. Snap-On Incorporated has a 1 year low of $319.20 and a 1 year high of $423.02.
Snap-On (NYSE:SNA – Get Free Report) last announced its quarterly earnings data on Thursday, July 23rd. The company reported $4.96 earnings per share for the quarter, beating the consensus estimate of $4.95 by $0.01. The firm had revenue of $1.24 billion during the quarter, compared to the consensus estimate of $1.22 billion. Snap-On had a return on equity of 17.07% and a net margin of 21.25%.The business’s revenue was up 4.7% on a year-over-year basis. During the same quarter in the previous year, the company posted $4.72 earnings per share. As a group, analysts predict that Snap-On Incorporated will post 19.7 earnings per share for the current year.
Snap-On Dividend Announcement
The company 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 $2.44 dividend. This represents a $9.76 annualized dividend and a dividend yield of 2.5%. The ex-dividend date of this dividend is Wednesday, August 19th. Snap-On’s payout ratio is presently 49.77%.
Snap-On announced that its board has initiated a stock buyback program on Thursday, April 30th that allows the company to repurchase $500.00 million in outstanding shares. This repurchase authorization allows the company to purchase up to 2.5% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s board of directors believes its shares are undervalued.
Insider Activity at Snap-On
In related news, SVP Timothy L. Chambers sold 9,111 shares of the company’s stock in a transaction on Tuesday, July 28th. The shares were sold at an average price of $419.36, for a total transaction of $3,820,788.96. Following the completion of the sale, the senior vice president directly owned 21,223 shares in the company, valued at $8,900,077.28. This represents a 30.04% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Nicholas T. Pinchuk sold 22,889 shares of the stock in a transaction on Tuesday, August 18th. The shares were sold at an average price of $399.69, for a total transaction of $9,148,504.41. Following the sale, the chief executive officer directly owned 867,779 shares of the company’s stock, valued at $346,842,588.51. The trade was a 2.57% decrease in their position. 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. Insiders sold a total of 45,928 shares of company stock worth $18,483,009 over the last ninety days. 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.
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