Bfsg LLC acquired a new position in Snap-On Incorporated (NYSE:SNA) in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 8,940 shares of the company’s stock, valued at approximately $1,413,000.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. Vanguard Group Inc. increased its position in Snap-On by 3.0% during the 1st quarter. Vanguard Group Inc. now owns 5,482,405 shares of the company’s stock valued at $924,717,000 after purchasing an additional 158,474 shares during the period. BlackRock Inc. increased its position in Snap-On by 2,077.9% during the 1st quarter. BlackRock Inc. now owns 3,638,208 shares of the company’s stock valued at $613,657,000 after purchasing an additional 3,471,155 shares during the period. State Street Corp increased its position in Snap-On by 4.3% during the 1st quarter. State Street Corp now owns 2,505,691 shares of the company’s stock valued at $422,636,000 after purchasing an additional 102,268 shares during the period. FMR LLC grew its position in shares of Snap-On by 0.3% in the 1st quarter. FMR LLC now owns 1,140,188 shares of the company’s stock worth $192,316,000 after buying an additional 3,670 shares during the period. Finally, Schroder Investment Management Group grew its position in shares of Snap-On by 59.2% in the 2nd quarter. Schroder Investment Management Group now owns 1,136,354 shares of the company’s stock worth $177,850,000 after buying an additional 422,366 shares during the period. 93.77% of the stock is currently owned by institutional investors.
Snap-On Incorporated (NYSE:SNA) traded down 0.24% during midday trading on Friday, reaching $146.66. 780,286 shares of the company traded hands. The firm has a 50-day moving average of $148.78 and a 200-day moving average of $159.68. Snap-On Incorporated has a 1-year low of $140.83 and a 1-year high of $181.73. The stock has a market capitalization of $8.45 billion, a P/E ratio of 15.18 and a beta of 1.05.
Snap-On (NYSE:SNA) last released its quarterly earnings results on Thursday, July 20th. The company reported $2.60 earnings per share for the quarter, topping the consensus estimate of $2.55 by $0.05. The company had revenue of $921.40 million during the quarter, compared to the consensus estimate of $920.87 million. Snap-On had a return on equity of 20.90% and a net margin of 16.22%. Snap-On’s revenue was up 5.6% compared to the same quarter last year. During the same quarter last year, the business posted $2.36 earnings per share. On average, analysts predict that Snap-On Incorporated will post $10.09 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 8th. Stockholders of record on Friday, August 18th were given a $0.71 dividend. This represents a $2.84 dividend on an annualized basis and a dividend yield of 1.94%. The ex-dividend date was Wednesday, August 16th. Snap-On’s dividend payout ratio is currently 29.34%.
Snap-On declared that its Board of Directors has approved a share buyback program on Monday, August 7th that authorizes the company to buyback $500.00 million in outstanding shares. This buyback authorization authorizes the company to buy shares of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s board of directors believes its stock is undervalued.
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SNA has been the topic of a number of analyst reports. Jefferies Group LLC reiterated a “hold” rating and issued a $175.00 price target on shares of Snap-On in a research note on Wednesday, May 31st. Oppenheimer Holdings, Inc. reiterated an “outperform” rating and issued a $200.00 price target on shares of Snap-On in a research note on Thursday, June 1st. BidaskClub upgraded shares of Snap-On from a “strong sell” rating to a “sell” rating in a research note on Wednesday, July 5th. FBR & Co restated an “outperform” rating and set a $205.00 target price on shares of Snap-On in a research note on Tuesday, July 11th. Finally, Zacks Investment Research cut shares of Snap-On from a “hold” rating to a “sell” rating in a research note on Wednesday, July 12th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and five have given a buy rating to the company’s stock. The company has an average rating of “Hold” and an average target price of $197.86.
In other news, Director Ruth Ann M. Gillis bought 265 shares of Snap-On stock in a transaction that occurred on Friday, August 4th. The shares were purchased at an average price of $152.58 per share, for a total transaction of $40,433.70. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Iain Boyd sold 18,418 shares of Snap-On stock in a transaction on Monday, July 24th. The shares were sold at an average price of $147.54, for a total value of $2,717,391.72. The disclosure for this sale can be found here. 3.70% of the stock is owned by insiders.
Snap-on Incorporated is a manufacturer and marketer of tools, equipment, diagnostics, repair information and systems solutions. The Company’s segments include the Commercial & Industrial Group, the Snap-on Tools Group, the Repair Systems & Information Group, and Financial Services. The Commercial & Industrial Group consists of business operations serving a range of industrial and commercial customers, including customers in the aerospace, natural resources, government, power generation, transportation and technical education markets.
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