Oak Ridge Investments LLC lifted its position in Snap-On Incorporated (NYSE:SNA) by 34.9% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 19,441 shares of the company’s stock after acquiring an additional 5,031 shares during the quarter. Oak Ridge Investments LLC’s holdings in Snap-On were worth $3,072,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Vanguard Group Inc. grew its stake in shares of Snap-On by 3.0% in the 1st quarter. Vanguard Group Inc. now owns 5,482,405 shares of the company’s stock worth $924,717,000 after acquiring an additional 158,474 shares in the last quarter. BlackRock Inc. grew its stake in shares of Snap-On by 2,077.9% in the 1st quarter. BlackRock Inc. now owns 3,638,208 shares of the company’s stock worth $613,657,000 after acquiring an additional 3,471,155 shares in the last quarter. State Street Corp grew its stake in shares of Snap-On by 4.3% in the 1st quarter. State Street Corp now owns 2,505,691 shares of the company’s stock worth $422,636,000 after acquiring an additional 102,268 shares in the last quarter. FMR LLC grew its stake 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 acquiring an additional 3,670 shares in the last quarter. Finally, Schroder Investment Management Group grew its stake 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 acquiring an additional 422,366 shares in the last quarter. Hedge funds and other institutional investors own 93.77% of the company’s stock.
SNA has been the subject of several recent analyst reports. Zacks Investment Research upgraded shares of Snap-On from a “sell” rating to a “hold” rating in a research note on Wednesday, July 19th. BidaskClub lowered shares of Snap-On from a “sell” rating to a “strong sell” rating in a research note on Tuesday, July 25th. Longbow Research lowered shares of Snap-On from a “buy” rating to a “neutral” rating in a research note on Monday, August 21st. Jefferies Group LLC reiterated a “hold” rating and issued a $175.00 target price on shares of Snap-On in a research note on Thursday, July 6th. Finally, FBR & Co reiterated an “outperform” rating and issued a $205.00 target price on shares of Snap-On in a research note on Tuesday, July 11th. One equities research 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. The company has a consensus rating of “Hold” and a consensus price target of $197.86.
Snap-On Incorporated (NYSE:SNA) opened at 147.395 on Tuesday. Snap-On Incorporated has a 52-week low of $140.83 and a 52-week high of $181.73. The company has a market cap of $8.49 billion, a price-to-earnings ratio of 15.258 and a beta of 1.05. The company’s 50-day moving average is $149.14 and its 200 day moving average is $160.28.
Snap-On (NYSE:SNA) last posted its quarterly earnings results on Thursday, July 20th. The company reported $2.60 earnings per share (EPS) for the quarter, topping the 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 return on equity of 20.90% and a net margin of 16.22%. Snap-On’s quarterly revenue was up 5.6% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $2.36 EPS. Equities analysts forecast that Snap-On Incorporated will post $10.09 earnings per share for the current fiscal year.
Snap-On declared that its Board of Directors has authorized a share buyback program on Monday, August 7th that allows the company to repurchase $500.00 million in shares. This repurchase authorization allows the company to reacquire shares of its stock through open market purchases. Shares repurchase programs are generally an indication that the company’s board believes its shares are undervalued.
The firm also recently announced a quarterly dividend, which was paid on Friday, September 8th. Shareholders of record on Friday, August 18th were given a $0.71 dividend. This represents a $2.84 dividend on an annualized basis and a yield of 1.93%. The ex-dividend date was Wednesday, August 16th. Snap-On’s dividend payout ratio (DPR) is 29.34%.
In other Snap-On news, VP Iain Boyd sold 18,418 shares of the business’s stock in a transaction dated Monday, July 24th. The stock was sold at an average price of $147.54, for a total value of $2,717,391.72. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Ruth Ann M. Gillis bought 265 shares of the firm’s stock in a transaction 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. 3.70% of the stock is currently owned by insiders.
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.
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