Mirae Asset Global Investments Co. Ltd. acquired a new stake in Snap-On Incorporated (NYSE:SNA – Free Report) in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 62,520 shares of the company’s stock, valued at approximately $22,717,000. Mirae Asset Global Investments Co. Ltd. owned about 0.12% of Snap-On at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also modified their holdings of SNA. BlackRock Inc. acquired a new stake in Snap-On during the second quarter worth approximately $1,715,363,000. Bank of America Corp DE acquired a new position in Snap-On in the 2nd quarter valued at $329,779,000. Caisse de depot et placement du Quebec acquired a new position in Snap-On in the 2nd quarter valued at $181,969,000. Bank of New York Mellon Corp purchased a new position in shares of Snap-On during the 2nd quarter worth $174,736,000. Finally, Legal & General Group Plc purchased a new position in shares of Snap-On during the 2nd quarter worth $144,220,000. Hedge funds and other institutional investors own 84.88% of the company’s stock.
Snap-On Stock Performance
NYSE:SNA opened at $365.32 on Tuesday. The company has a quick ratio of 2.71, a current ratio of 3.55 and a debt-to-equity ratio of 0.14. The company has a market cap of $18.84 billion, a P/E ratio of 19.00, a P/E/G ratio of 2.53 and a beta of 0.71. Snap-On Incorporated has a fifty-two week low of $320.80 and a fifty-two week high of $423.02. The firm’s 50 day moving average is $371.11 and its two-hundred day moving average is $380.18.
Snap-On (NYSE:SNA – Get Free Report) last announced its quarterly earnings results on Thursday, October 22nd. The company reported $4.64 earnings per share for the quarter, missing analysts’ consensus estimates of $4.93 by ($0.29). Snap-On had a net margin of 20.82% and a return on equity of 16.77%. The company had revenue of $1.18 billion during the quarter, compared to analyst estimates of $1.24 billion. During the same quarter last year, the business earned $4.71 EPS. The firm’s revenue for the quarter was down .6% compared to the same quarter last year. Analysts expect that Snap-On Incorporated will post 19.24 EPS for the current year.
Snap-On Announces Dividend
The company also recently announced a quarterly dividend, which was paid on Thursday, September 10th. Investors of record on Wednesday, August 19th were given a $2.44 dividend. This represents a $9.76 annualized dividend and a dividend yield of 2.7%. The ex-dividend date of this dividend was Wednesday, August 19th. Snap-On’s dividend payout ratio (DPR) is 50.75%.
Insider Activity at Snap-On
In other Snap-On news, CFO Aldo Pagliari sold 5,531 shares of the company’s stock in a transaction dated 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 sale, the chief financial officer directly owned 120,644 shares in the company, valued at $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 SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Nicholas T. Pinchuk sold 22,889 shares of the company’s stock in a transaction dated Tuesday, August 18th. The stock was sold at an average price of $399.69, for a total value of $9,148,504.41. Following the sale, the chief executive officer owned 867,779 shares of the company’s stock, valued at $346,842,588.51. This represents a 2.57% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders have sold 29,220 shares of company stock worth $11,704,411. 3.80% of the stock is owned by insiders.
Wall Street Analysts Forecast Growth
A number of equities research analysts have recently commented on SNA shares. Barclays lowered their price objective on Snap-On from $435.00 to $405.00 and set an “overweight” rating for the company in a research report on Monday, October 26th. Weiss Ratings downgraded Snap-On from a “buy (b)” rating to a “buy (b-)” rating in a research report on Friday. Tigress Financial raised their price target on Snap-On from $445.00 to $485.00 and gave the stock a “buy” rating in a research note on Friday, July 31st. Roth Capital reissued a “buy” rating and issued a $461.00 price target (up from $409.00) on shares of Snap-On in a research note on Friday, July 24th. Finally, Robert W. Baird set a $385.00 price target on Snap-On in a report on Friday, October 23rd. Four analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat, Snap-On currently has an average rating of “Moderate Buy” and a consensus target price of $434.00.
Check Out Our Latest Analysis on Snap-On
Snap-On Profile
Snap-on Incorporated is a manufacturer and distributor of professional tools, equipment, diagnostics, and related services. Its offerings include hand and power tools, tool storage, vehicle repair equipment, diagnostic systems, and repair information and management software. The company serves professional users who work in automotive repair, heavy-duty transportation, aviation, agriculture, construction, industrial production, government, and other technical fields.
Snap-on markets products under the Snap-on brand and other brands, including Blue-Point, Bahco, and Williams.
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