Quantbot Technologies LP Invests $1.27 Million in Snap-On Incorporated $SNA

Quantbot Technologies LP bought a new stake in Snap-On Incorporated (NYSE:SNA) in the 2nd quarter, HoldingsChannel.com reports. The firm bought 3,161 shares of the company’s stock, valued at approximately $1,272,000.

Other hedge funds have also recently added to or reduced their stakes in the company. Evolve Private Wealth LLC purchased a new position in Snap-On in the second quarter valued at $4,328,000. Madison Wealth Partners Inc acquired a new stake in shares of Snap-On during the 2nd quarter valued at about $268,000. Forum Private Client Group LLC purchased a new position in shares of Snap-On in the 2nd quarter valued at about $678,000. Emerald Investment Advisers LLC acquired a new position in Snap-On in the 2nd quarter worth about $2,208,000. Finally, Westpac Banking Corp purchased a new position in Snap-On during the second quarter worth approximately $5,302,000. 84.88% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, SVP Timothy L. Chambers sold 9,111 shares of the stock in a transaction dated Tuesday, July 28th. The shares were sold at an average price of $419.36, for a total value of $3,820,788.96. Following the completion of the sale, the senior vice president directly owned 21,223 shares in the company, valued at $8,900,077.28. This represents a 30.04% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, VP Richard Thomas Miller sold 2,000 shares of the business’s stock in a transaction dated Wednesday, July 1st. The stock was sold at an average price of $405.92, for a total transaction of $811,840.00. Following the transaction, the vice president owned 4,529 shares in the company, valued at $1,838,411.68. The trade was a 30.63% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders sold 45,928 shares of company stock valued at $18,483,009. Corporate insiders own 3.80% of the company’s stock.

Snap-On Stock Performance

NYSE SNA opened at $394.40 on Wednesday. The company has a market cap of $20.40 billion, a PE ratio of 20.11, a price-to-earnings-growth ratio of 2.77 and a beta of 0.73. The stock’s 50 day simple moving average is $403.56 and its 200-day simple moving average is $384.85. Snap-On Incorporated has a 1-year low of $319.20 and a 1-year high of $423.02. The company has a debt-to-equity ratio of 0.15, a current ratio of 3.43 and a quick ratio of 2.64.

Snap-On (NYSE:SNA) last issued its quarterly earnings results on Thursday, July 23rd. The company reported $4.96 EPS for the quarter, topping the consensus estimate of $4.95 by $0.01. Snap-On had a return on equity of 17.07% and a net margin of 21.25%.The firm had revenue of $1.24 billion during the quarter, compared to analysts’ expectations of $1.22 billion. During the same period in the previous year, the business earned $4.72 earnings per share. The firm’s revenue for the quarter was up 4.7% on a year-over-year basis. As a group, equities research analysts anticipate that Snap-On Incorporated will post 19.7 EPS for the current fiscal year.

Snap-On announced that its board has approved a stock repurchase plan on Thursday, April 30th that authorizes the company to repurchase $500.00 million in shares. This repurchase authorization authorizes the company to reacquire up to 2.5% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s board believes its shares are undervalued.

Snap-On Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 10th. Stockholders of record on Wednesday, August 19th will be issued a dividend of $2.44 per share. The ex-dividend date of this dividend is Wednesday, August 19th. This represents a $9.76 dividend on an annualized basis and a dividend yield of 2.5%. Snap-On’s dividend payout ratio is presently 49.77%.

Wall Street Analyst Weigh In

SNA has been the subject of a number of recent analyst reports. Tigress Financial boosted their price objective on Snap-On from $445.00 to $485.00 and gave the company a “buy” rating in a research report on Friday, July 31st. Roth Capital reissued a “buy” rating and issued a $461.00 price target (up from $409.00) on shares of Snap-On in a research note on Friday, July 24th. Robert W. Baird set a $415.00 price target on shares of Snap-On in a report on Friday, July 24th. Barclays assumed coverage on shares of Snap-On in a research report on Thursday, May 28th. They set an “overweight” rating and a $420.00 price objective for the company. Finally, Weiss Ratings reiterated a “buy (b)” rating on shares of Snap-On in a research report on Friday, July 17th. Five research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $426.20.

Snap-On Profile

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.