Resona Asset Management Co. Ltd. Boosts Stake in Snap-On Incorporated $SNA

Resona Asset Management Co. Ltd. boosted its position in shares of Snap-On Incorporated (NYSE:SNA) by 6.5% in the second quarter, according to the company in its most recent filing with the SEC. The firm owned 19,747 shares of the company’s stock after acquiring an additional 1,199 shares during the quarter. Resona Asset Management Co. Ltd.’s holdings in Snap-On were worth $6,144,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Kingstone Capital Partners Texas LLC purchased a new position in Snap-On during the 2nd quarter worth approximately $434,938,000. Auto Owners Insurance Co increased its stake in shares of Snap-On by 35,967.2% in the first quarter. Auto Owners Insurance Co now owns 1,073,000 shares of the company’s stock worth $361,612,000 after acquiring an additional 1,070,025 shares during the period. Ameriprise Financial Inc. raised its holdings in shares of Snap-On by 54.3% during the first quarter. Ameriprise Financial Inc. now owns 681,857 shares of the company’s stock worth $229,793,000 after purchasing an additional 239,908 shares during the last quarter. VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new position in shares of Snap-On during the second quarter worth $56,595,000. Finally, Nuveen LLC acquired a new position in Snap-On during the first quarter valued at $45,711,000. 84.88% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities analysts have recently issued reports on SNA shares. Tigress Financial boosted their price objective on Snap-On from $395.00 to $405.00 and gave the company a “buy” rating in a report on Tuesday, October 21st. Wall Street Zen upgraded Snap-On from a “hold” rating to a “buy” rating in a research report on Saturday, October 18th. Robert W. Baird boosted their price target on Snap-On from $355.00 to $365.00 and gave the company a “neutral” rating in a report on Friday, October 17th. Roth Capital restated a “buy” rating and issued a $385.00 price objective on shares of Snap-On in a research report on Friday, October 17th. Finally, Bank of America raised their price objective on shares of Snap-On from $265.00 to $285.00 and gave the stock an “underperform” rating in a research note on Friday, July 18th. Five equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $365.00.

Insider Activity at Snap-On

In related news, CFO Aldo John Pagliari sold 125 shares of the stock in a transaction that occurred on Friday, August 15th. The stock was sold at an average price of $325.21, for a total value of $40,651.25. Following the completion of the transaction, the chief financial officer directly owned 111,721 shares in the company, valued at approximately $36,332,786.41. This represents a 0.11% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 3.90% of the company’s stock.

Snap-On Stock Up 0.7%

Shares of SNA opened at $343.85 on Monday. The stock has a 50 day moving average price of $337.31 and a 200 day moving average price of $326.30. Snap-On Incorporated has a one year low of $289.81 and a one year high of $373.89. The company has a debt-to-equity ratio of 0.20, a quick ratio of 3.37 and a current ratio of 4.40. The stock has a market capitalization of $17.88 billion, a price-to-earnings ratio of 18.03, a PEG ratio of 2.33 and a beta of 0.81.

Snap-On (NYSE:SNA) last posted its quarterly earnings results on Thursday, October 16th. The company reported $4.71 earnings per share for the quarter, topping the consensus estimate of $4.59 by $0.12. The firm had revenue of $1.19 billion for the quarter, compared to the consensus estimate of $1.16 billion. Snap-On had a net margin of 21.08% and a return on equity of 17.71%. The company’s revenue for the quarter was up 3.8% on a year-over-year basis. During the same period last year, the firm posted $4.70 earnings per share. Equities research analysts forecast that Snap-On Incorporated will post 19.79 earnings per share for the current fiscal year.

Snap-On Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, December 10th. Stockholders of record on Friday, November 21st will be issued a dividend of $2.44 per share. The ex-dividend date is Friday, November 21st. This represents a $9.76 dividend on an annualized basis and a dividend yield of 2.8%. This is an increase from Snap-On’s previous quarterly dividend of $2.14. Snap-On’s payout ratio is 44.89%.

Snap-On Profile

Snap-on Incorporated manufactures and markets tools, equipment, diagnostics, and repair information and systems solutions for professional users worldwide. It operates through Commercial & Industrial Group, Snap-on Tools Group, Repair Systems & Information Group, and Financial Services segments.