SummitTX Capital L.P. Purchases New Holdings in Snap-On Incorporated $SNA

SummitTX Capital L.P. acquired a new stake in shares of Snap-On Incorporated (NYSE:SNA) in the first quarter, HoldingsChannel reports. The fund acquired 12,240 shares of the company’s stock, valued at approximately $4,446,000.

A number of other institutional investors also recently made changes to their positions in SNA. Thurston Springer Miller Herd & Titak Inc. purchased a new position in shares of Snap-On during the 4th quarter valued at approximately $25,000. DV Equities LLC bought a new stake in shares of Snap-On in the fourth quarter worth $25,000. Montag A & Associates Inc. increased its stake in shares of Snap-On by 331.8% in the fourth quarter. Montag A & Associates Inc. now owns 95 shares of the company’s stock worth $33,000 after buying an additional 73 shares during the last quarter. Quattro Advisors LLC acquired a new stake in Snap-On in the fourth quarter valued at $35,000. Finally, Annis Gardner Whiting Capital Advisors LLC raised its holdings in Snap-On by 36.4% in the fourth quarter. Annis Gardner Whiting Capital Advisors LLC now owns 105 shares of the company’s stock valued at $36,000 after acquiring an additional 28 shares in the last quarter. 84.88% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Snap-On

In related news, VP Richard Thomas Miller sold 2,000 shares of the business’s stock in a transaction dated Wednesday, July 1st. The shares were sold at an average price of $405.92, for a total transaction of $811,840.00. Following the completion of the sale, the vice president owned 4,529 shares of the company’s stock, valued at $1,838,411.68. This represents a 30.63% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP Jesus Arregui sold 4,251 shares of the stock in a transaction dated Wednesday, June 10th. The stock was sold at an average price of $383.92, for a total transaction of $1,632,043.92. Following the sale, the senior vice president owned 4,439 shares in the company, valued at approximately $1,704,220.88. This trade represents a 48.92% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders have sold 37,117 shares of company stock valued at $14,003,922. Corporate insiders own 3.80% of the company’s stock.

Snap-On Stock Performance

SNA stock opened at $407.27 on Tuesday. The company has a current ratio of 3.43, a quick ratio of 2.64 and a debt-to-equity ratio of 0.15. The firm has a market cap of $21.07 billion, a P/E ratio of 20.77, a P/E/G ratio of 2.85 and a beta of 0.73. Snap-On Incorporated has a 12-month low of $312.78 and a 12-month high of $419.68. The stock’s 50 day simple moving average is $390.45 and its 200 day simple moving average is $378.91.

Snap-On (NYSE:SNA) last announced its quarterly earnings data on Thursday, July 23rd. The company reported $4.96 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.95 by $0.01. The firm had revenue of $1.24 billion for the quarter, compared to analysts’ expectations of $1.22 billion. Snap-On had a return on equity of 17.07% and a net margin of 21.25%.The firm’s revenue for the quarter was up 4.7% on a year-over-year basis. During the same period last year, the business posted $4.72 earnings per share. As a group, equities research analysts predict that Snap-On Incorporated will post 19.67 EPS for the current year.

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

Snap-On Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, June 10th. Stockholders of record on Wednesday, May 20th were given a $2.44 dividend. This represents a $9.76 dividend on an annualized basis and a dividend yield of 2.4%. The ex-dividend date was Wednesday, May 20th. Snap-On’s dividend payout ratio (DPR) is presently 49.77%.

Wall Street Analyst Weigh In

A number of research firms have commented on SNA. Robert W. Baird set a $415.00 price objective on shares of Snap-On in a research note on Friday. Barclays started coverage on shares of Snap-On in a research report on Thursday, May 28th. They issued an “overweight” rating and a $420.00 target price for the company. Weiss Ratings restated a “buy (b)” rating on shares of Snap-On in a research note on Friday, July 17th. Finally, Roth Capital reaffirmed a “buy” rating and set a $461.00 price target (up from $409.00) on shares of Snap-On in a research report on Friday. Five research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat, Snap-On currently has an average rating of “Moderate Buy” and an average target price of $418.20.

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.