Caxton Associates LP purchased a new position in Snap-On Incorporated (NYSE:SNA) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 3,100 shares of the company’s stock, valued at approximately $490,000.
Several other large investors also recently modified their holdings of the company. Cadence Capital Management LLC increased its holdings in shares of 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 during the last quarter. Doyle Wealth Management increased its holdings in shares of 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 during the last quarter. Pacer Advisors Inc. increased its holdings in shares of 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 during the last quarter. Commonwealth Bank of Australia increased its holdings in shares of 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 during the last quarter. Finally, Synovus Financial Corp increased its holdings in shares of Snap-On by 3.5% in the 2nd quarter. Synovus Financial Corp now owns 1,548 shares of the company’s stock worth $247,000 after buying an additional 53 shares during the last quarter. 93.14% of the stock is currently owned by hedge funds and other institutional investors.
Snap-On Incorporated (SNA) traded up 0.235% during trading on Thursday, hitting $151.295. 84,452 shares of the company traded hands. The stock has a market capitalization of $8.71 billion, a PE ratio of 15.662 and a beta of 1.05. The company’s 50 day moving average is $147.66 and its 200-day moving average is $156.93. Snap-On Incorporated has a 52 week low of $140.83 and a 52 week high of $181.73.
Snap-On (NYSE:SNA) last announced 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. Snap-On had a net margin of 16.22% and a return on equity of 20.90%. The company had revenue of $921.40 million for the quarter, compared to analysts’ expectations of $920.87 million. During the same quarter in the previous year, the business posted $2.36 earnings per share. Snap-On’s quarterly revenue was up 5.6% on a year-over-year basis. Analysts predict that Snap-On Incorporated will post $10.09 earnings per share for the current year.
Snap-On announced that its Board of Directors has authorized a stock repurchase program on Monday, August 7th that allows the company to repurchase $500.00 million in outstanding shares. This repurchase authorization allows the company to reacquire shares of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s board believes its stock is undervalued.
A number of equities analysts have recently commented on SNA shares. FBR & Co set a $205.00 price target on shares of Snap-On and gave the stock a “buy” rating in a report on Friday, July 21st. 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 reissued a “hold” rating and issued a $175.00 price target on shares of Snap-On in a report on Thursday, July 6th. Longbow Research lowered shares of Snap-On from a “buy” rating to a “neutral” rating in a report on Monday, August 21st. Finally, Robert W. Baird reissued an “outperform” rating and issued a $197.00 price target on shares of Snap-On in a report on Wednesday, August 2nd. One 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 stock. Snap-On presently has a consensus rating of “Hold” and a consensus target price of $197.00.
In other Snap-On news, Director Ruth Ann M. Gillis purchased 265 shares of Snap-On stock in a transaction that occurred 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 acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Iain Boyd sold 18,418 shares of the business’s stock in a transaction 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. 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.
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