Schwab Charles Investment Management Inc. Raises Holdings in Snap-On Incorporated (SNA)

Schwab Charles Investment Management Inc. boosted its holdings in shares of Snap-On Incorporated (NYSE:SNA) by 3.9% during the 2nd quarter, according to its most recent 13F filing with the SEC. The fund owned 257,225 shares of the company’s stock after purchasing an additional 9,614 shares during the period. Schwab Charles Investment Management Inc. owned approximately 0.45% of Snap-On worth $40,642,000 as of its most recent filing with the SEC.

Other institutional investors have also modified their holdings of the company. Alliancebernstein L.P. grew its position in Snap-On by 428.7% during the 1st quarter. Alliancebernstein L.P. now owns 547,616 shares of the company’s stock worth $92,366,000 after purchasing an additional 444,039 shares during the last quarter. Independence Advisors LLC purchased a new position in Snap-On during the 2nd quarter worth $3,664,000. State of Alaska Department of Revenue grew its position in Snap-On by 6.7% during the 2nd quarter. State of Alaska Department of Revenue now owns 1,585 shares of the company’s stock worth $250,000 after purchasing an additional 100 shares during the last quarter. Olstein Capital Management L.P. grew its position in Snap-On by 15.4% during the 1st quarter. Olstein Capital Management L.P. now owns 30,000 shares of the company’s stock worth $5,060,000 after purchasing an additional 4,000 shares during the last quarter. Finally, Cibc World Markets Corp grew its position in Snap-On by 51.0% during the 1st quarter. Cibc World Markets Corp now owns 6,066 shares of the company’s stock worth $1,023,000 after purchasing an additional 2,050 shares during the last quarter. 93.77% of the stock is currently owned by institutional investors.

Several brokerages have recently weighed in on SNA. BidaskClub raised shares of Snap-On from a “strong sell” rating to a “sell” rating in a report on Wednesday, July 5th. Zacks Investment Research raised shares of Snap-On from a “sell” rating to a “hold” rating in a report on Wednesday, July 19th. Jefferies Group LLC reaffirmed a “hold” rating and issued a $175.00 target price on shares of Snap-On in a report on Wednesday, May 31st. FBR & Co set a $205.00 target price on shares of Snap-On and gave the company a “buy” rating in a report on Friday, July 21st. Finally, Oppenheimer Holdings, Inc. reaffirmed an “outperform” rating and issued a $200.00 target price on shares of Snap-On in a report on Thursday, June 1st. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and five have assigned 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, Director Ruth Ann M. Gillis bought 265 shares of the firm’s stock in a transaction that occurred on Friday, August 4th. The stock was purchased at an average price of $152.58 per share, for a total transaction of $40,433.70. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, VP Iain Boyd sold 18,418 shares of the stock in a transaction dated Monday, July 24th. The shares were 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. Corporate insiders own 3.70% of the company’s stock.

Shares of Snap-On Incorporated (NYSE SNA) opened at 147.00 on Monday. The stock has a market cap of $8.46 billion, a P/E ratio of 15.22 and a beta of 1.05. The company’s 50-day moving average is $149.16 and its 200-day moving average is $160.52. Snap-On Incorporated has a 12-month low of $140.83 and a 12-month high of $181.73.

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

Snap-On declared that its board has authorized a stock buyback plan on Monday, August 7th that allows the company to buyback $500.00 million in shares. This buyback authorization allows the company to buy shares of its stock through open market purchases. Stock buyback plans are often an indication that the company’s management believes its stock is undervalued.

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

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Snap-On 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.

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

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