Cibc World Market Inc. Purchases New Position in Snap-On Incorporated $SNA

Cibc World Market Inc. purchased a new stake in shares of Snap-On Incorporated (NYSE:SNA) in the 2nd quarter, Holdings Channel.com reports. The firm purchased 6,755 shares of the company’s stock, valued at approximately $2,718,000.

A number of other large investors have also added to or reduced their stakes in SNA. Miller Howard Investments Inc. NY purchased a new position in shares of Snap-On in the first quarter valued at $51,244,000. QRG Capital Management Inc. increased its position in Snap-On by 9.9% in the first quarter. QRG Capital Management Inc. now owns 86,849 shares of the company’s stock worth $31,545,000 after purchasing an additional 7,798 shares during the last quarter. Fisher Asset Management LLC raised its stake in Snap-On by 21.8% during the fourth quarter. Fisher Asset Management LLC now owns 66,017 shares of the company’s stock valued at $22,750,000 after purchasing an additional 11,808 shares in the last quarter. Hsbc Holdings PLC raised its stake in Snap-On by 0.9% during the fourth quarter. Hsbc Holdings PLC now owns 374,236 shares of the company’s stock valued at $128,974,000 after purchasing an additional 3,321 shares in the last quarter. Finally, Sanctuary Advisors LLC lifted its position in Snap-On by 8.0% during the first quarter. Sanctuary Advisors LLC now owns 36,690 shares of the company’s stock valued at $13,326,000 after purchasing an additional 2,714 shares during the last quarter. Institutional investors own 84.88% of the company’s stock.

Insider Transactions at Snap-On

In other Snap-On news, SVP Timothy L. Chambers sold 9,111 shares of the company’s stock in a transaction on Tuesday, July 28th. The stock was sold at an average price of $419.36, for a total value of $3,820,788.96. Following the transaction, the senior vice president owned 21,223 shares of the company’s stock, valued at $8,900,077.28. This represents a 30.04% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Aldo John Pagliari sold 5,531 shares of the stock in a transaction on Thursday, August 13th. The stock was sold at an average price of $404.25, for a total value of $2,235,906.75. Following the completion of the sale, the chief financial officer owned 120,644 shares in the company, valued at approximately $48,770,337. The trade was a 4.38% 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. In the last 90 days, insiders sold 45,928 shares of company stock valued at $18,483,009. Company insiders own 3.80% of the company’s stock.

Analysts Set New Price Targets

Several research analysts recently commented on the company. Robert W. Baird set a $415.00 price target on Snap-On in a research report on Friday, July 24th. Weiss Ratings restated a “buy (b)” rating on shares of Snap-On in a research report on Friday, July 17th. Roth Capital reaffirmed a “buy” rating and issued a $461.00 price objective (up from $409.00) on shares of Snap-On in a research note on Friday, July 24th. Tigress Financial lifted their target price on Snap-On from $445.00 to $485.00 and gave the stock a “buy” rating in a report on Friday, July 31st. Finally, Barclays began coverage on Snap-On in a research report on Thursday, May 28th. They set an “overweight” rating and a $420.00 target price on the stock. Five investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to MarketBeat.com, Snap-On has an average rating of “Moderate Buy” and a consensus target price of $426.20.

Snap-On Price Performance

SNA stock opened at $397.69 on Thursday. The stock has a market cap of $20.57 billion, a PE ratio of 20.28, a P/E/G ratio of 2.78 and a beta of 0.73. Snap-On Incorporated has a 12 month low of $319.20 and a 12 month high of $423.02. The company has a 50-day moving average price of $403.90 and a 200 day moving average price of $385.04. The company has a current ratio of 3.43, a quick ratio of 2.64 and a debt-to-equity ratio of 0.15.

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

Snap-On declared that its board has approved 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 reacquire up to 2.5% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s board of directors believes its stock is undervalued.

Snap-On Announces Dividend

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

Snap-On Company 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.