Johnson Financial Group Inc. Lowers Holdings in Snap-On Incorporated (SNA)

Johnson Financial Group Inc. decreased its stake in Snap-On Incorporated (NYSE:SNA) by 7.2% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 1,350 shares of the company’s stock after selling 105 shares during the period. Johnson Financial Group Inc.’s holdings in Snap-On were worth $213,000 as of its most recent filing with the SEC.

A number of other hedge funds also recently made changes to their positions in SNA. Morgan Dempsey Capital Management LLC raised its position in Snap-On by 63.7% in the second quarter. Morgan Dempsey Capital Management LLC now owns 676 shares of the company’s stock worth $107,000 after acquiring an additional 263 shares during the period. TrimTabs Asset Management LLC raised its position in Snap-On by 88.4% in the first quarter. TrimTabs Asset Management LLC now owns 665 shares of the company’s stock worth $112,000 after acquiring an additional 312 shares during the period. Lloyds Banking Group plc bought a new stake in Snap-On in the second quarter worth about $129,000. Van ECK Associates Corp raised its position in Snap-On by 7.5% in the first quarter. Van ECK Associates Corp now owns 845 shares of the company’s stock worth $143,000 after acquiring an additional 59 shares during the period. Finally, IHT Wealth Management LLC raised its position in Snap-On by 13.8% in the first quarter. IHT Wealth Management LLC now owns 983 shares of the company’s stock worth $160,000 after acquiring an additional 119 shares during the period. 93.77% of the stock is currently owned by institutional investors and hedge funds.

Several brokerages have commented on SNA. BidaskClub lowered shares of Snap-On from a “sell” rating to a “strong sell” rating in a research report on Wednesday, August 23rd. Longbow Research lowered shares of Snap-On from a “buy” rating to a “neutral” rating in a research report on Monday, August 21st. Robert W. Baird reaffirmed an “outperform” rating and issued a $197.00 price objective on shares of Snap-On in a research report on Wednesday, August 2nd. FBR & Co set a $205.00 price objective on shares of Snap-On and gave the stock a “buy” rating in a research report on Friday, July 21st. Finally, Zacks Investment Research raised shares of Snap-On from a “sell” rating to a “hold” rating in a research report on Wednesday, July 19th. One analyst has rated the stock with a sell rating, three have given a hold rating and five have issued a buy rating to the company’s stock. Snap-On currently has an average rating of “Hold” and a consensus target price of $197.86.

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Snap-On Incorporated (NYSE:SNA) traded up 0.45% during mid-day trading on Friday, hitting $147.00. 298,755 shares of the stock traded hands. Snap-On Incorporated has a 1-year low of $140.83 and a 1-year high of $181.73. The stock has a market cap of $8.46 billion, a price-to-earnings ratio of 15.22 and a beta of 1.05. The company’s 50 day moving average price is $149.16 and its 200-day moving average price is $160.52.

Snap-On (NYSE:SNA) last posted its quarterly earnings data on Thursday, July 20th. The company reported $2.60 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.55 by $0.05. The company had revenue of $921.40 million for the quarter, compared to the consensus estimate of $920.87 million. Snap-On had a net margin of 16.22% and a return on equity of 20.90%. The firm’s revenue was up 5.6% compared to the same quarter last year. During the same quarter last year, the firm posted $2.36 earnings per share. Analysts predict that Snap-On Incorporated will post $10.09 earnings per share for the current year.

Snap-On announced that its board has approved a share repurchase program on Monday, August 7th that permits the company to buyback $500.00 million in outstanding shares. This buyback authorization permits the company to reacquire shares of its stock through open market purchases. Stock buyback programs are often an indication that the company’s management believes its shares are undervalued.

The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 8th. Investors of record on Friday, August 18th were issued a $0.71 dividend. This represents a $2.84 dividend on an annualized basis and a dividend yield of 1.93%. The ex-dividend date of this dividend was Wednesday, August 16th. Snap-On’s payout ratio is 29.34%.

In other news, Director Ruth Ann M. Gillis bought 265 shares of the firm’s stock in a transaction on Friday, August 4th. The shares were bought at an average price of $152.58 per share, for a total transaction of $40,433.70. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website. Also, VP Iain Boyd sold 18,418 shares of the firm’s stock in a transaction that occurred on Monday, July 24th. The stock was sold at an average price of $147.54, for a total transaction of $2,717,391.72. The disclosure for this sale can be found here. Company insiders own 3.70% of the company’s stock.

Snap-On Company Profile

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.

Institutional Ownership by Quarter for Snap-On (NYSE:SNA)

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