NorthCoast Asset Management LLC purchased a new position in Snap-On Incorporated (NYSE:SNA) in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund purchased 15,606 shares of the company’s stock, valued at approximately $2,466,000.
A number of other hedge funds also recently added to or reduced their stakes in the business. Cadence Capital Management LLC grew its stake in Snap-On by 0.4% in the 2nd quarter. Cadence Capital Management LLC now owns 1,891 shares of the company’s stock worth $299,000 after buying an additional 8 shares in the last quarter. Doyle Wealth Management grew its stake in Snap-On by 0.3% in the 2nd quarter. Doyle Wealth Management now owns 3,996 shares of the company’s stock worth $631,000 after buying an additional 13 shares in the last quarter. Intrust Bank NA grew its stake in Snap-On by 0.8% in the 1st quarter. Intrust Bank NA now owns 3,062 shares of the company’s stock worth $516,000 after buying an additional 23 shares in the last quarter. Pacer Advisors Inc. grew its stake in Snap-On by 2.9% in the 1st quarter. Pacer Advisors Inc. now owns 1,185 shares of the company’s stock worth $200,000 after buying an additional 33 shares in the last quarter. Finally, Commonwealth Bank of Australia grew its stake in Snap-On by 4.4% in the 2nd quarter. Commonwealth Bank of Australia now owns 1,085 shares of the company’s stock worth $171,000 after buying an additional 46 shares in the last quarter. 93.77% of the stock is owned by institutional investors and hedge funds.
Shares of Snap-On Incorporated (NYSE SNA) traded up 0.45% during midday trading on Friday, hitting $147.00. 298,755 shares of the stock were exchanged. The company has a market capitalization of $8.46 billion, a P/E ratio of 15.22 and a beta of 1.05. The firm has a 50-day moving average of $149.16 and a 200-day moving average of $160.52. Snap-On Incorporated has a 1-year low of $140.83 and a 1-year high of $181.73.
Snap-On (NYSE:SNA) last released its quarterly earnings data on Thursday, July 20th. The company reported $2.60 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.55 by $0.05. The firm had revenue of $921.40 million for the quarter, compared to analysts’ expectations of $920.87 million. Snap-On had a net margin of 16.22% and a return on equity of 20.90%. The company’s revenue for the quarter 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, equities analysts expect that Snap-On Incorporated will post $10.09 EPS for the current year.
Snap-On declared that its board has authorized a share repurchase plan on Monday, August 7th that allows the company to repurchase $500.00 million in shares. This repurchase authorization allows the company to purchase shares of its stock through open market purchases. Shares repurchase plans are typically an indication that the company’s board believes its stock is undervalued.
The firm also recently announced 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 dividend payout ratio (DPR) is presently 29.34%.
A number of research firms have commented on SNA. Robert W. Baird reissued an “outperform” rating and issued a $197.00 price target on shares of Snap-On in a research note on Wednesday, August 2nd. BidaskClub raised shares of Snap-On from a “strong sell” rating to a “sell” rating in a research note on Monday, July 31st. Jefferies Group LLC reissued a “hold” rating and issued a $175.00 price target on shares of Snap-On in a research note on Wednesday, May 31st. FBR & Co reissued an “outperform” rating and issued a $205.00 price target 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 equities research analyst has rated the stock with a sell rating, three have issued a hold rating and five have given a buy rating to the company. The company presently has an average rating of “Hold” and a consensus price target of $197.86.
In related news, VP Iain Boyd sold 18,418 shares of the firm’s 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Ruth Ann M. Gillis bought 265 shares of the business’s stock in a transaction that occurred on Friday, August 4th. The stock was acquired at an average cost of $152.58 per share, with a total value of $40,433.70. The disclosure for this purchase can be found here. Company insiders own 3.70% of the company’s stock.
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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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