State of Wisconsin Investment Board lifted its holdings in shares of Snap-On Incorporated (NYSE:SNA) by 29.3% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 208,887 shares of the company’s stock after buying an additional 47,364 shares during the period. State of Wisconsin Investment Board owned about 0.36% of Snap-On worth $31,126,000 at the end of the most recent reporting period.
Several other hedge funds have also modified their holdings of the company. Cadence Capital Management LLC raised its stake in shares of Snap-On by 0.4% during 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 raised its stake in shares of Snap-On by 0.3% during 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. Ameritas Investment Partners Inc. raised its stake in shares of Snap-On by 1.7% during the 2nd quarter. Ameritas Investment Partners Inc. now owns 1,411 shares of the company’s stock worth $222,000 after buying an additional 23 shares in the last quarter. Commonwealth Bank of Australia raised its stake in shares of Snap-On by 4.4% during 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. Finally, Synovus Financial Corp raised its stake in shares of Snap-On by 3.5% during 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 in the last quarter. 94.97% of the stock is owned by institutional investors and hedge funds.
Shares of Snap-On Incorporated (SNA) opened at $157.33 on Thursday. The firm has a market capitalization of $9,038.49, a P/E ratio of 16.00, a P/E/G ratio of 1.47 and a beta of 1.12. The company has a quick ratio of 1.22, a current ratio of 1.75 and a debt-to-equity ratio of 0.26. Snap-On Incorporated has a fifty-two week low of $140.83 and a fifty-two week high of $181.73.
Snap-On (NYSE:SNA) last announced its earnings results on Thursday, October 19th. The company reported $2.45 EPS for the quarter, beating analysts’ consensus estimates of $2.43 by $0.02. The firm had revenue of $903.80 million for the quarter, compared to analysts’ expectations of $889.22 million. Snap-On had a return on equity of 20.82% and a net margin of 15.95%. Snap-On’s quarterly revenue was up 8.4% on a year-over-year basis. During the same quarter in the prior year, the firm earned $2.22 EPS. analysts expect that Snap-On Incorporated will post 10.09 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, December 8th. Shareholders of record on Friday, November 17th will be issued a dividend of $0.82 per share. This represents a $3.28 dividend on an annualized basis and a yield of 2.08%. The ex-dividend date is Thursday, November 16th. This is a boost from Snap-On’s previous quarterly dividend of $0.71. Snap-On’s dividend payout ratio is 29.13%.
Snap-On announced that its Board of Directors has approved a share repurchase plan on Monday, August 7th that authorizes the company to buyback $500.00 million in outstanding shares. This buyback authorization authorizes the company to reacquire shares of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s board believes its shares are undervalued.
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SNA has been the subject of a number of analyst reports. Zacks Investment Research raised Snap-On from a “sell” rating to a “hold” rating in a research note on Wednesday, July 19th. BidaskClub cut Snap-On from a “sell” rating to a “strong sell” rating in a report on Tuesday, July 25th. Longbow Research cut Snap-On from a “buy” rating to a “neutral” rating in a report on Monday, August 21st. FBR & Co restated a “buy” rating and issued a $205.00 price target on shares of Snap-On in a report on Thursday, October 19th. Finally, Jefferies Group LLC restated a “hold” rating and issued a $175.00 price target on shares of Snap-On in a report on Friday, November 3rd. Two equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and seven have given a buy rating to the company. Snap-On presently has a consensus rating of “Hold” and an average price target of $192.00.
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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