Mirae Asset Global Investments Co. Ltd. Acquires New Shares in Snap-On Incorporated $SNA

Mirae Asset Global Investments Co. Ltd. acquired a new position in Snap-On Incorporated (NYSE:SNA) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 62,520 shares of the company’s stock, valued at approximately $22,717,000.

Other hedge funds have also made changes to their positions in the company. BlackRock Inc. purchased a new position in shares of Snap-On in the 2nd quarter valued at $1,715,363,000. Bank of America Corp DE purchased a new stake in Snap-On during the 2nd quarter worth $329,779,000. Caisse de depot et placement du Quebec purchased a new stake in Snap-On during the 2nd quarter worth $181,969,000. Bank of New York Mellon Corp purchased a new stake in Snap-On during the 2nd quarter worth $174,736,000. Finally, Legal & General Group Plc acquired a new stake in Snap-On in the 2nd quarter valued at $144,220,000. Hedge funds and other institutional investors own 84.88% of the company’s stock.

Insider Buying and Selling at Snap-On

In other news, VP Marty V. Ozolins sold 800 shares of Snap-On stock in a transaction dated Wednesday, August 26th. The stock was sold at an average price of $400.00, for a total transaction of $320,000.00. Following the sale, the vice president directly owned 1,526 shares of the company’s stock, valued at approximately $610,400. The trade was a 34.39% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Aldo Pagliari sold 5,531 shares of Snap-On stock in a transaction dated 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 sale, the chief financial officer directly owned 120,644 shares in the company, valued at approximately $48,770,337. The trade was a 4.38% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 29,220 shares of company stock valued at $11,704,411 in the last ninety days. Insiders own 3.80% of the company’s stock.

Snap-On Trading Up 2.7%

NYSE SNA opened at $365.32 on Tuesday. The stock has a market cap of $18.84 billion, a P/E ratio of 19.00, a PEG ratio of 2.53 and a beta of 0.71. The company’s fifty day simple moving average is $371.11 and its 200-day simple moving average is $380.18. The company has a current ratio of 3.55, a quick ratio of 2.71 and a debt-to-equity ratio of 0.14. Snap-On Incorporated has a 52 week low of $320.80 and a 52 week high of $423.02.

Snap-On (NYSE:SNA) last released its quarterly earnings results on Thursday, October 22nd. The company reported $4.64 earnings per share for the quarter, missing analysts’ consensus estimates of $4.93 by ($0.29). The firm had revenue of $1.18 billion for the quarter, compared to analyst estimates of $1.24 billion. Snap-On had a net margin of 20.82% and a return on equity of 16.77%. Snap-On’s revenue for the quarter was down .6% on a year-over-year basis. During the same period in the previous year, the business posted $4.71 earnings per share. Equities research analysts predict that Snap-On Incorporated will post 19.24 EPS for the current fiscal year.

Snap-On Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 10th. Shareholders of record on Wednesday, August 19th were issued a $2.44 dividend. The ex-dividend date was Wednesday, August 19th. This represents a $9.76 dividend on an annualized basis and a yield of 2.7%. Snap-On’s payout ratio is currently 50.75%.

Analyst Ratings Changes

SNA has been the topic of several research reports. Roth Capital reissued a “buy” rating and issued a $461.00 price objective (up from $409.00) on shares of Snap-On in a research report on Friday, July 24th. Tigress Financial upped their target price on Snap-On from $445.00 to $485.00 and gave the stock a “buy” rating in a research report on Friday, July 31st. Barclays lowered their target price on Snap-On from $435.00 to $405.00 and set an “overweight” rating for the company in a research note on Monday, October 26th. Weiss Ratings lowered Snap-On from a “buy (b)” rating to a “buy (b-)” rating in a research note on Friday. Finally, Robert W. Baird set a $385.00 target price on Snap-On in a report on Friday, October 23rd. Four equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $434.00.

About Snap-On

Snap-on Incorporated is a manufacturer and distributor of professional tools, equipment, diagnostics, and related services. Its offerings include hand and power tools, tool storage, vehicle repair equipment, diagnostic systems, and repair information and management software. The company serves professional users who work in automotive repair, heavy-duty transportation, aviation, agriculture, construction, industrial production, government, and other technical fields.

Snap-on markets products under the Snap-on brand and other brands, including Blue-Point, Bahco, and Williams.