Kingstone Capital Partners Texas LLC Buys Shares of 1,397,706 Snap-On Incorporated $SNA

Key Points

• Kingstone Capital Partners Texas LLC acquired 1,397,706 shares of Snap-On Incorporated, valued at approximately $434.94 million, representing about 2.67% ownership of the company.
• Snap-On reported better-than-expected quarterly earnings with an EPS of $4.72, surpassing analysts' estimates of $4.61, and achieved revenue of $1.18 billion.
• The company declared a quarterly dividend of $2.14 per share, reflecting an annualized dividend of $8.56 and a dividend yield of 2.5%.

Kingstone Capital Partners Texas LLC acquired a new position in shares of Snap-On Incorporated (NYSE:SNA - Free Report) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 1,397,706 shares of the company's stock, valued at approximately $434,938,000. Kingstone Capital Partners Texas LLC owned 2.67% of Snap-On at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of the company. Charles Schwab Investment Management Inc. grew its position in Snap-On by 6.4% in the first quarter. Charles Schwab Investment Management Inc. now owns 1,921,584 shares of the company's stock valued at $647,593,000 after acquiring an additional 115,306 shares during the last quarter. Auto Owners Insurance Co lifted its stake in Snap-On by 35,967.2% in the first quarter. Auto Owners Insurance Co now owns 1,073,000 shares of the company's stock valued at $361,612,000 after buying an additional 1,070,025 shares during the period. Northern Trust Corp raised its position in shares of Snap-On by 5.4% during the first quarter. Northern Trust Corp now owns 841,721 shares of the company's stock worth $283,668,000 after purchasing an additional 43,467 shares during the period. Envestnet Asset Management Inc. raised its position in shares of Snap-On by 2.0% during the first quarter. Envestnet Asset Management Inc. now owns 774,526 shares of the company's stock worth $261,023,000 after purchasing an additional 15,097 shares during the period. Finally, GAMMA Investing LLC raised its position in shares of Snap-On by 65,113.6% during the first quarter. GAMMA Investing LLC now owns 703,003 shares of the company's stock worth $236,919,000 after purchasing an additional 701,925 shares during the period. Institutional investors and hedge funds own 84.88% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on SNA shares. Tigress Financial upped their price target on Snap-On from $390.00 to $395.00 and gave the stock a "buy" rating in a report on Friday, August 29th. Bank of America increased their price target on Snap-On from $265.00 to $285.00 and gave the stock an "underperform" rating in a research note on Friday, July 18th. Robert W. Baird raised their target price on Snap-On from $329.00 to $347.00 and gave the stock a "neutral" rating in a research note on Friday, July 18th. Finally, Barrington Research reaffirmed an "outperform" rating and issued a $350.00 price target on shares of Snap-On in a report on Tuesday, July 15th. Four research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, Snap-On currently has an average rating of "Moderate Buy" and an average target price of $357.00.

Insider Activity at Snap-On

In other Snap-On news, CEO Nicholas T. Pinchuk sold 23,042 shares of the stock in a transaction that occurred on Monday, August 11th. The shares were sold at an average price of $320.88, for a total value of $7,393,716.96. Following the completion of the sale, the chief executive officer owned 815,219 shares in the company, valued at $261,587,472.72. This represents a 2.75% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Aldo John Pagliari sold 4,731 shares of the firm's stock in a transaction on Thursday, August 14th. The shares were sold at an average price of $327.38, for a total transaction of $1,548,834.78. Following the transaction, the chief financial officer owned 111,667 shares in the company, valued at $36,557,542.46. This represents a 4.06% decrease in their position. The disclosure for this sale can be found here. Insiders sold 27,898 shares of company stock valued at $8,983,203 over the last quarter. Insiders own 3.90% of the company's stock.

Snap-On Price Performance

Shares of SNA stock traded up $0.49 during midday trading on Monday, reaching $337.73. 244,395 shares of the company traded hands, compared to its average volume of 369,203. The company has a debt-to-equity ratio of 0.21, a current ratio of 4.48 and a quick ratio of 3.42. The firm's 50 day simple moving average is $326.79 and its two-hundred day simple moving average is $322.83. Snap-On Incorporated has a 1-year low of $282.71 and a 1-year high of $373.89. The firm has a market cap of $17.62 billion, a PE ratio of 18.01, a price-to-earnings-growth ratio of 2.35 and a beta of 0.77.

Snap-On (NYSE:SNA - Get Free Report) last announced its quarterly earnings results on Thursday, July 17th. The company reported $4.72 earnings per share for the quarter, beating analysts' consensus estimates of $4.61 by $0.11. The company had revenue of $1.18 billion for the quarter, compared to analyst estimates of $1.16 billion. Snap-On had a net margin of 20.98% and a return on equity of 18.02%. Snap-On's revenue for the quarter was up .0% on a year-over-year basis. During the same quarter last year, the business earned $5.07 EPS. On average, equities research analysts expect that Snap-On Incorporated will post 19.79 EPS for the current fiscal year.

Snap-On Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, September 10th. Shareholders of record on Tuesday, August 19th were given a $2.14 dividend. The ex-dividend date was Tuesday, August 19th. This represents a $8.56 annualized dividend and a yield of 2.5%. Snap-On's dividend payout ratio is 45.65%.

Snap-On Company Profile

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