Quantbot Technologies LP purchased a new stake in Snap-On Incorporated (NYSE:SNA – Free Report) during the second quarter, according to its most recent 13F filing with the SEC. The firm purchased 3,161 shares of the company’s stock, valued at approximately $1,272,000.
A number of other institutional investors and hedge funds have also recently modified their holdings of SNA. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in shares of Snap-On by 15.5% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 8,850 shares of the company’s stock worth $2,983,000 after purchasing an additional 1,185 shares in the last quarter. Woodline Partners LP boosted its position in shares of Snap-On by 40.4% in the 1st quarter. Woodline Partners LP now owns 4,426 shares of the company’s stock worth $1,492,000 after purchasing an additional 1,273 shares in the last quarter. EverSource Wealth Advisors LLC boosted its position in shares of Snap-On by 100.9% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 464 shares of the company’s stock worth $144,000 after purchasing an additional 233 shares in the last quarter. Gamco Investors INC. ET AL grew its stake in Snap-On by 32.9% during the 2nd quarter. Gamco Investors INC. ET AL now owns 1,752 shares of the company’s stock worth $545,000 after buying an additional 434 shares during the last quarter. Finally, Natixis increased its position in Snap-On by 136.8% during the 2nd quarter. Natixis now owns 3,048 shares of the company’s stock valued at $948,000 after buying an additional 1,761 shares in the last quarter. Hedge funds and other institutional investors own 84.88% of the company’s stock.
Analysts Set New Price Targets
SNA has been the subject of a number of research analyst reports. Weiss Ratings reiterated a “buy (b)” rating on shares of Snap-On in a research note on Friday, July 17th. Barclays initiated coverage on shares of Snap-On in a report on Thursday, May 28th. They set an “overweight” rating and a $420.00 price objective on the stock. Roth Capital reaffirmed a “buy” rating and issued a $461.00 price objective (up from $409.00) on shares of Snap-On in a research report on Friday, July 24th. Robert W. Baird set a $415.00 target price on shares of Snap-On in a research report on Friday, July 24th. Finally, Tigress Financial upped their price target on shares of Snap-On from $445.00 to $485.00 and gave the company a “buy” rating in a research note on Friday, July 31st. Five analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $426.20.
Insiders Place Their Bets
In other news, SVP Timothy L. Chambers sold 9,111 shares of the stock in a transaction on Tuesday, July 28th. The shares were sold at an average price of $419.36, for a total value of $3,820,788.96. Following the sale, the senior vice president owned 21,223 shares in the company, valued at $8,900,077.28. This represents a 30.04% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, VP Richard Thomas Miller sold 2,000 shares of the stock in a transaction on Wednesday, July 1st. The stock was sold at an average price of $405.92, for a total transaction of $811,840.00. Following the completion of the sale, the vice president owned 4,529 shares in the company, valued at $1,838,411.68. The trade was a 30.63% 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. Over the last three months, insiders sold 45,928 shares of company stock worth $18,483,009. Company insiders own 3.80% of the company’s stock.
Snap-On Stock Down 0.0%
Shares of SNA stock opened at $394.40 on Wednesday. Snap-On Incorporated has a fifty-two week low of $319.20 and a fifty-two week high of $423.02. The firm has a market capitalization of $20.40 billion, a PE ratio of 20.11, a P/E/G ratio of 2.77 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. The stock’s 50-day simple moving average is $403.56 and its 200-day simple moving average is $384.85.
Snap-On (NYSE:SNA – Get Free Report) last released its earnings results on Thursday, July 23rd. The company reported $4.96 EPS for the quarter, topping analysts’ consensus estimates 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 company’s revenue was up 4.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $4.72 earnings per share. Equities analysts expect that Snap-On Incorporated will post 19.7 earnings per share for the current year.
Snap-On Dividend Announcement
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 10th. Shareholders of record on Wednesday, August 19th will be paid a dividend of $2.44 per share. This represents a $9.76 annualized dividend and a yield of 2.5%. The ex-dividend date is Wednesday, August 19th. Snap-On’s payout ratio is presently 49.77%.
Snap-On announced that its board has approved a stock repurchase program on Thursday, April 30th that authorizes the company to buyback $500.00 million in outstanding shares. This buyback authorization authorizes the company to purchase up to 2.5% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.
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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