5,369 Shares in Snap-On Incorporated $SNA Bought by OP Asset Management Ltd

OP Asset Management Ltd bought a new stake in shares of Snap-On Incorporated (NYSE:SNA) during the 1st quarter, Holdings Channel reports. The institutional investor bought 5,369 shares of the company’s stock, valued at approximately $1,950,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in SNA. Vanguard Group Inc. boosted its stake in Snap-On by 0.5% in the 4th quarter. Vanguard Group Inc. now owns 6,525,488 shares of the company’s stock worth $2,248,683,000 after purchasing an additional 31,073 shares in the last quarter. State Street Corp increased its stake in Snap-On by 1.3% during the 4th quarter. State Street Corp now owns 2,272,041 shares of the company’s stock valued at $782,945,000 after purchasing an additional 28,071 shares in the last quarter. Charles Schwab Investment Management Inc. increased its stake in Snap-On by 2.0% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,011,914 shares of the company’s stock valued at $693,306,000 after purchasing an additional 39,765 shares in the last quarter. First Trust Advisors LP raised its holdings in shares of Snap-On by 2.7% in the fourth quarter. First Trust Advisors LP now owns 1,967,608 shares of the company’s stock worth $678,038,000 after buying an additional 51,037 shares during the last quarter. Finally, Nordea Investment Management AB lifted its stake in shares of Snap-On by 4.1% during the fourth quarter. Nordea Investment Management AB now owns 1,310,198 shares of the company’s stock worth $454,206,000 after buying an additional 51,486 shares during the period. 84.88% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, CEO Nicholas T. Pinchuk sold 23,396 shares of the company’s stock in a transaction dated Tuesday, May 5th. The stock was sold at an average price of $375.77, for a total value of $8,791,514.92. Following the completion of the transaction, the chief executive officer owned 856,918 shares of the company’s stock, valued at approximately $322,004,076.86. This represents a 2.66% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Aldo John Pagliari sold 1,330 shares of the stock in a transaction that occurred on Thursday, June 4th. The stock was sold at an average price of $379.27, for a total value of $504,429.10. Following the transaction, the chief financial officer owned 118,158 shares in the company, valued at $44,813,784.66. This represents a 1.11% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 35,117 shares of company stock valued at $13,192,082. Insiders own 3.80% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on SNA. Barclays initiated coverage on Snap-On in a research note on Thursday, May 28th. They issued an “overweight” rating and a $420.00 target price for the company. Weiss Ratings reissued 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 research note on Friday, April 24th. Finally, Roth Mkm reiterated a “buy” rating and issued a $431.00 target price on shares of Snap-On in a research report on Friday, April 24th. Five investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $387.67.

Snap-On Price Performance

Shares of NYSE SNA opened at $397.52 on Monday. The company has a debt-to-equity ratio of 0.15, a current ratio of 3.53 and a quick ratio of 2.74. The stock has a market capitalization of $20.59 billion, a price-to-earnings ratio of 20.52, a PEG ratio of 2.79 and a beta of 0.73. The firm’s 50 day simple moving average is $378.13 and its 200-day simple moving average is $370.69. Snap-On Incorporated has a 12 month low of $307.47 and a 12 month high of $403.35.

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

Snap-On declared that its Board of Directors has authorized a stock buyback program on Thursday, April 30th that allows the company to buyback $500.00 million in shares. This buyback authorization allows the company to repurchase up to 2.5% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s board of directors believes its stock is undervalued.

Snap-On Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, June 10th. Shareholders of record on Wednesday, May 20th were given a $2.44 dividend. The ex-dividend date was Wednesday, May 20th. This represents a $9.76 dividend on an annualized basis and a dividend yield of 2.5%. Snap-On’s dividend payout ratio is 50.39%.

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.