Bank of New York Mellon Corp Buys 15,123 Shares of Snap-on Incorporated (SNA)

Bank of New York Mellon Corp raised its stake in shares of Snap-on Incorporated (NYSE:SNA) by 2.6% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 602,529 shares of the company’s stock after buying an additional 15,123 shares during the quarter. Bank of New York Mellon Corp owned about 1.07% of Snap-on worth $96,838,000 at the end of the most recent quarter.

A number of other large investors also recently made changes to their positions in the business. BlackRock Inc. raised its stake in shares of Snap-on by 1.4% in the second quarter. BlackRock Inc. now owns 3,855,275 shares of the company’s stock worth $619,621,000 after purchasing an additional 53,689 shares during the last quarter. Principal Financial Group Inc. raised its stake in shares of Snap-on by 3.4% in the first quarter. Principal Financial Group Inc. now owns 1,048,534 shares of the company’s stock worth $154,702,000 after purchasing an additional 34,012 shares during the last quarter. Earnest Partners LLC raised its stake in shares of Snap-on by 3.8% in the second quarter. Earnest Partners LLC now owns 1,020,188 shares of the company’s stock worth $163,965,000 after purchasing an additional 37,244 shares during the last quarter. Ariel Investments LLC raised its stake in shares of Snap-on by 10.0% in the second quarter. Ariel Investments LLC now owns 929,933 shares of the company’s stock worth $149,459,000 after purchasing an additional 84,287 shares during the last quarter. Finally, Schroder Investment Management Group raised its stake in shares of Snap-on by 65.8% in the second quarter. Schroder Investment Management Group now owns 770,981 shares of the company’s stock worth $88,263,000 after purchasing an additional 305,933 shares during the last quarter.

SNA stock opened at $161.64 on Friday. Snap-on Incorporated has a 1-year low of $141.63 and a 1-year high of $189.46. The company has a debt-to-equity ratio of 0.30, a current ratio of 2.31 and a quick ratio of 1.59. The firm has a market capitalization of $8.87 billion, a PE ratio of 15.97, a price-to-earnings-growth ratio of 1.29 and a beta of 1.29.

Snap-on (NYSE:SNA) last issued its quarterly earnings data on Thursday, October 18th. The company reported $2.88 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $2.86 by $0.02. Snap-on had a return on equity of 21.35% and a net margin of 16.86%. The company had revenue of $898.10 million during the quarter, compared to analyst estimates of $928.73 million. During the same quarter in the previous year, the company posted $2.45 earnings per share. Snap-on’s revenue was down .6% compared to the same quarter last year. As a group, research analysts anticipate that Snap-on Incorporated will post 11.8 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 10th. Investors of record on Tuesday, November 20th will be issued a $0.95 dividend. This represents a $3.80 annualized dividend and a dividend yield of 2.35%. This is a positive change from Snap-on’s previous quarterly dividend of $0.82. Snap-on’s payout ratio is presently 32.41%.

In related news, SVP Aldo John Pagliari sold 6,480 shares of Snap-on stock in a transaction on Wednesday, August 22nd. The stock was sold at an average price of $177.89, for a total value of $1,152,727.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 4.00% of the company’s stock.

Several research analysts have recently weighed in on SNA shares. Barrington Research restated a “buy” rating and issued a $196.00 price target on shares of Snap-on in a research note on Tuesday, October 16th. Zacks Investment Research upgraded Snap-on from a “hold” rating to a “buy” rating and set a $208.00 price target for the company in a research note on Thursday, October 4th. B. Riley set a $205.00 price target on Snap-on and gave the stock a “buy” rating in a research note on Tuesday, July 17th. Northcoast Research cut Snap-on from a “buy” rating to a “neutral” rating in a research note on Tuesday, July 24th. Finally, Robert W. Baird decreased their price target on Snap-on from $216.00 to $190.00 and set an “outperform” rating for the company in a research note on Friday, October 19th. Three analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. Snap-on presently has an average rating of “Buy” and an average price target of $195.40.

ILLEGAL ACTIVITY NOTICE: “Bank of New York Mellon Corp Buys 15,123 Shares of Snap-on Incorporated (SNA)” was first posted by Sports Perspectives and is the sole property of of Sports Perspectives. If you are reading this story on another site, it was illegally stolen and reposted in violation of U.S. & international trademark and copyright laws. The legal version of this story can be read at https://sportsperspectives.com/2018/11/09/bank-of-new-york-mellon-corp-buys-15123-shares-of-snap-on-incorporated-sna.html.

Snap-on Company Profile

Snap-on Incorporated manufactures and markets tools, equipment, diagnostics, and repair information and systems solutions for professional users worldwide. The company operates through Commercial & Industrial Group, Snap-on Tools Group, Repair Systems & Information Group, and Financial Services segments.

Featured Article: Investing in Growth Stocks

Want to see what other hedge funds are holding SNA? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Snap-on Incorporated (NYSE:SNA).

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

Receive News & Ratings for Snap-on Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Snap-on and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply