Handelsbanken Fonder AB Boosts Stock Position in Snap-On Incorporated $SNA

Handelsbanken Fonder AB boosted its holdings in Snap-On Incorporated (NYSE:SNA) by 39.9% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 47,681 shares of the company’s stock after buying an additional 13,593 shares during the quarter. Handelsbanken Fonder AB’s holdings in Snap-On were worth $16,431,000 at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of SNA. Victory Capital Management Inc. increased its holdings in Snap-On by 346.0% in the third quarter. Victory Capital Management Inc. now owns 279,484 shares of the company’s stock valued at $96,850,000 after buying an additional 216,813 shares during the last quarter. PFA Pension Forsikringsaktieselskab purchased a new position in shares of Snap-On during the fourth quarter worth about $69,751,000. Rakuten Investment Management Inc. purchased a new position in shares of Snap-On during the third quarter worth about $61,134,000. UBS Group AG grew its holdings in shares of Snap-On by 30.7% during the fourth quarter. UBS Group AG now owns 617,620 shares of the company’s stock worth $212,832,000 after purchasing an additional 144,926 shares during the last quarter. Finally, Ameriprise Financial Inc. grew its holdings in shares of Snap-On by 17.5% during the second quarter. Ameriprise Financial Inc. now owns 800,946 shares of the company’s stock worth $249,073,000 after purchasing an additional 119,089 shares during the last quarter. Hedge funds and other institutional investors own 84.88% of the company’s stock.

Snap-On Price Performance

Shares of SNA opened at $363.23 on Thursday. Snap-On Incorporated has a fifty-two week low of $301.82 and a fifty-two week high of $400.88. The company has a market capitalization of $18.82 billion, a price-to-earnings ratio of 18.75, a price-to-earnings-growth ratio of 2.53 and a beta of 0.75. The firm has a 50-day simple moving average of $370.94 and a 200-day simple moving average of $362.71. The company has a debt-to-equity ratio of 0.15, a quick ratio of 2.74 and a current ratio of 3.53.

Snap-On (NYSE:SNA) last announced its earnings results on Thursday, April 23rd. The company reported $4.69 earnings per share for the quarter, missing the consensus estimate of $4.75 by ($0.06). Snap-On had a return on equity of 17.13% and a net margin of 21.28%.The business had revenue of $1.21 billion for the quarter, compared to analyst estimates of $1.19 billion. During the same quarter last year, the company posted $4.51 EPS. Snap-On’s quarterly revenue was up 5.8% on a year-over-year basis. On average, equities research analysts anticipate that Snap-On Incorporated will post 19.7 earnings per share for the current year.

Snap-On Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, June 10th. Stockholders of record on Wednesday, May 20th will be paid a dividend of $2.44 per share. The ex-dividend date is Wednesday, May 20th. This represents a $9.76 annualized dividend and a dividend yield of 2.7%. Snap-On’s dividend payout ratio is 50.39%.

Snap-On announced that its Board of Directors has approved a share buyback plan on Thursday, April 30th that permits the company to repurchase $500.00 million in shares. This repurchase authorization permits the company to reacquire up to 2.6% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s leadership believes its shares are undervalued.

Analysts Set New Price Targets

Several equities analysts have issued reports on the company. Tigress Financial raised their price objective on Snap-On from $405.00 to $445.00 and gave the stock a “buy” rating in a report on Friday, February 27th. Wall Street Zen lowered Snap-On from a “buy” rating to a “hold” rating in a report on Saturday, February 7th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Snap-On in a report on Monday, April 20th. Robert W. Baird raised their price objective on Snap-On from $380.00 to $395.00 and gave the stock a “neutral” rating in a report on Friday, April 24th. Finally, Roth Mkm reaffirmed a “buy” rating and set a $431.00 price objective on shares of Snap-On in a report on Friday, April 24th. Four 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. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $381.20.

Insider Transactions at Snap-On

In other news, VP June C. Lemerand sold 1,378 shares of the stock in a transaction dated Wednesday, February 25th. The shares were sold at an average price of $387.57, for a total transaction of $534,071.46. Following the completion of the sale, the vice president owned 2,913 shares in the company, valued at approximately $1,128,991.41. This represents a 32.11% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Aldo John Pagliari sold 5,713 shares of the stock in a transaction dated Thursday, May 14th. The stock was sold at an average price of $367.19, for a total transaction of $2,097,756.47. Following the sale, the chief financial officer owned 119,488 shares of the company’s stock, valued at $43,874,798.72. This trade represents a 4.56% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders sold 53,716 shares of company stock worth $20,328,412. Company insiders own 3.80% of the company’s stock.

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.