Commerce Bank acquired a new position in shares of Snap-On Incorporated (NYSE:SNA – Free Report) in the second quarter, HoldingsChannel reports. The institutional investor acquired 2,988 shares of the company’s stock, valued at approximately $1,202,000.
Several other institutional investors and hedge funds also recently made changes to their positions in SNA. Miller Howard Investments Inc. NY bought a new stake in Snap-On in the 1st quarter valued at $51,244,000. QRG Capital Management Inc. grew its holdings in Snap-On by 9.9% in the 1st quarter. QRG Capital Management Inc. now owns 86,849 shares of the company’s stock valued at $31,545,000 after buying an additional 7,798 shares in the last quarter. Fisher Asset Management LLC increased its position in Snap-On by 21.8% during the 4th 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 increased its position in Snap-On by 0.9% during the 4th 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 holdings in shares of Snap-On by 8.0% during the first quarter. Sanctuary Advisors LLC now owns 36,690 shares of the company’s stock worth $13,326,000 after buying an additional 2,714 shares in the last quarter. Institutional investors and hedge funds own 84.88% of the company’s stock.
Snap-On Trading Down 0.0%
NYSE SNA opened at $394.40 on Wednesday. The company has a market cap of $20.40 billion, a price-to-earnings ratio of 20.11, a price-to-earnings-growth ratio of 2.77 and a beta of 0.73. Snap-On Incorporated has a twelve month low of $319.20 and a twelve month high of $423.02. The company has a quick ratio of 2.64, a current ratio of 3.43 and a debt-to-equity ratio of 0.15. The business’s fifty day moving average is $403.56 and its 200 day moving average is $384.85.
Snap-On Announces Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 10th. Stockholders of record on Wednesday, August 19th will be paid a $2.44 dividend. The ex-dividend date of this dividend is Wednesday, August 19th. This represents a $9.76 annualized dividend and a dividend yield of 2.5%. Snap-On’s dividend payout ratio is currently 49.77%.
Snap-On declared that its board has approved a share buyback program on Thursday, April 30th that authorizes the company to repurchase $500.00 million in outstanding shares. This repurchase authorization authorizes the company to purchase up to 2.5% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s board of directors believes its shares are undervalued.
Wall Street Analysts Forecast Growth
A number of equities research analysts have recently issued reports on SNA shares. Tigress Financial boosted their target price on shares of Snap-On from $445.00 to $485.00 and gave the company a “buy” rating in a research report on Friday, July 31st. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Snap-On in a research report on Friday, July 17th. Roth Capital reiterated a “buy” rating and issued 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 price objective on shares of Snap-On in a report on Friday, July 24th. 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 target price on the stock. Five analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $426.20.
View Our Latest Stock Analysis on SNA
Insiders Place Their Bets
In other Snap-On news, SVP Jesus Arregui sold 4,251 shares of the company’s stock in a transaction that occurred on Wednesday, June 10th. The shares were sold at an average price of $383.92, for a total value of $1,632,043.92. Following the completion of the transaction, the senior vice president directly owned 4,439 shares in the company, valued at approximately $1,704,220.88. This represents a 48.92% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Aldo John Pagliari sold 5,531 shares of the firm’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 transaction, the chief financial officer directly owned 120,644 shares of the company’s stock, valued at $48,770,337. The trade was a 4.38% 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 have sold 45,928 shares of company stock worth $18,483,009 over the last quarter. 3.80% of the stock is currently owned by corporate insiders.
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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