Royal Bank of Canada increased its stake in shares of Snap-On Incorporated (NYSE:SNA) by 89.2% during the 2nd quarter, according to its most recent filing with the SEC. The institutional investor owned 143,222 shares of the company’s stock after acquiring an additional 67,540 shares during the period. Royal Bank of Canada owned approximately 0.25% of Snap-On worth $22,629,000 at the end of the most recent reporting period.
A number of other institutional investors also recently added to or reduced their stakes in SNA. Morgan Dempsey Capital Management LLC lifted its position in Snap-On by 63.7% during the 2nd quarter. Morgan Dempsey Capital Management LLC now owns 676 shares of the company’s stock worth $107,000 after acquiring an additional 263 shares in the last quarter. Acrospire Investment Management LLC lifted its position in Snap-On by 700.0% during the 2nd quarter. Acrospire Investment Management LLC now owns 800 shares of the company’s stock worth $126,000 after acquiring an additional 700 shares in the last quarter. Lloyds Banking Group plc acquired a new position in Snap-On during the 2nd quarter worth approximately $129,000. Van ECK Associates Corp lifted its position in Snap-On by 7.5% during the 1st quarter. Van ECK Associates Corp now owns 845 shares of the company’s stock worth $143,000 after acquiring an additional 59 shares in the last quarter. Finally, IHT Wealth Management LLC lifted its position in Snap-On by 13.8% during the 1st quarter. IHT Wealth Management LLC now owns 983 shares of the company’s stock worth $160,000 after acquiring an additional 119 shares in the last quarter. 93.14% of the stock is currently owned by hedge funds and other institutional investors.
Snap-On Incorporated (NYSE:SNA) opened at 150.25 on Wednesday. The firm has a market capitalization of $8.65 billion, a price-to-earnings ratio of 15.55 and a beta of 1.05. Snap-On Incorporated has a 12 month low of $140.83 and a 12 month high of $181.73. The firm has a 50 day moving average price of $147.40 and a 200-day moving average price of $156.97.
Snap-On (NYSE:SNA) last announced its earnings results on Thursday, July 20th. The company reported $2.60 earnings per share for the quarter, beating the consensus estimate of $2.55 by $0.05. Snap-On had a return on equity of 20.90% and a net margin of 16.22%. The firm had revenue of $921.40 million during the quarter, compared to the consensus estimate of $920.87 million. During the same quarter in the prior year, the company earned $2.36 EPS. The firm’s revenue for the quarter was up 5.6% compared to the same quarter last year. On average, equities analysts forecast that Snap-On Incorporated will post $10.09 EPS for the current year.
Snap-On announced that its Board of Directors has approved a share buyback program on Monday, August 7th that permits the company to repurchase $500.00 million in shares. This repurchase authorization permits the company to buy shares of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s management believes its shares are undervalued.
In other Snap-On news, VP Iain Boyd sold 18,418 shares of the firm’s stock in a transaction that occurred on Monday, July 24th. The stock was sold at an average price of $147.54, for a total value of $2,717,391.72. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Ruth Ann M. Gillis acquired 265 shares of Snap-On stock in a transaction on Friday, August 4th. The stock was purchased at an average price of $152.58 per share, with a total value of $40,433.70. The disclosure for this purchase can be found here. 3.70% of the stock is owned by corporate insiders.
Several equities analysts recently commented on SNA shares. BidaskClub raised Snap-On from a “strong sell” rating to a “sell” rating in a research report on Wednesday, July 5th. Jefferies Group LLC reissued a “hold” rating and set a $175.00 price target on shares of Snap-On in a research report on Thursday, July 6th. FBR & Co reissued an “outperform” rating and set a $205.00 price target on shares of Snap-On in a research report on Tuesday, July 11th. Zacks Investment Research lowered Snap-On from a “hold” rating to a “sell” rating in a research report on Wednesday, July 12th. Finally, Robert W. Baird reissued an “outperform” rating and set a $197.00 price target on shares of Snap-On in a research report on Wednesday, August 2nd. One research analyst has rated the stock with a sell rating, three have issued a hold rating and five have assigned a buy rating to the stock. Snap-On currently has an average rating of “Hold” and a consensus target price of $197.00.
Snap-on Incorporated is a manufacturer and marketer of tools, equipment, diagnostics, repair information and systems solutions. The Company’s segments include the Commercial & Industrial Group, the Snap-on Tools Group, the Repair Systems & Information Group, and Financial Services. The Commercial & Industrial Group consists of business operations serving a range of industrial and commercial customers, including customers in the aerospace, natural resources, government, power generation, transportation and technical education markets.
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