4,262,831 Shares in Snap-On Incorporated $SNA Bought by BlackRock Inc.

Key Points

• BlackRock acquired 4.26 million Snap-On shares worth approximately $1.72 billion, giving it an 8.24% stake. Overall, institutional investors and hedge funds own 84.88% of the company.
• Analyst sentiment is broadly positive, with five Buy ratings and one Hold rating; the consensus is “Moderate Buy” with an average price target of $426.20.
• Snap-On reported quarterly revenue of $1.24 billion and EPS of $4.96, slightly exceeding estimates, while maintaining a $2.44 quarterly dividend and a $500 million share-repurchase authorization.

BlackRock Inc. purchased a new stake in shares of Snap-On Incorporated (NYSE:SNA - Free Report) during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 4,262,831 shares of the company's stock, valued at approximately $1,715,363,000. BlackRock Inc. owned approximately 8.24% of Snap-On as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in SNA. Pallas Capital Advisors LLC bought a new stake in shares of Snap-On in the 2nd quarter worth about $262,000. Deutsche Bank AG purchased a new stake in shares of Snap-On during the 2nd quarter valued at about $106,496,000. Perigon Wealth Management LLC bought a new position in shares of Snap-On in the 2nd quarter valued at about $1,040,000. Phillips Wealth Planners LLC purchased a new position in Snap-On in the second quarter worth about $328,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. purchased a new position in Snap-On in the second quarter worth about $51,527,000. 84.88% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of brokerages have issued reports on SNA. Roth Capital restated a "buy" rating and set a $461.00 price objective (up from $409.00) on shares of Snap-On in a research report on Friday, July 24th. Weiss Ratings reiterated a "buy (b)" rating on shares of Snap-On in a report on Friday, July 17th. Robert W. Baird set a $415.00 target price on Snap-On in a research report on Friday, July 24th. Tigress Financial increased their price target on Snap-On from $445.00 to $485.00 and gave the company a "buy" rating in a report on Friday, July 31st. Finally, Barclays assumed coverage on Snap-On in a research report on Thursday, May 28th. They issued an "overweight" rating and a $420.00 price target for the company. Five investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $426.20.

Insider Buying and Selling

In other news, CFO Aldo John Pagliari sold 5,531 shares of the business's stock in a transaction on Thursday, August 13th. The shares were sold at an average price of $404.25, for a total transaction of $2,235,906.75. Following the completion of the sale, the chief financial officer directly owned 120,644 shares of the company's stock, valued at approximately $48,770,337. The trade was a 4.38% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP Jesus Arregui sold 4,251 shares of the company's stock in a transaction dated Wednesday, June 10th. The stock was sold at an average price of $383.92, for a total transaction of $1,632,043.92. Following the completion of the transaction, the senior vice president owned 4,439 shares in the company, valued at approximately $1,704,220.88. The trade was a 48.92% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 45,928 shares of company stock worth $18,483,009 over the last ninety days. Corporate insiders own 3.80% of the company's stock.

Snap-On Stock Performance

Snap-On stock opened at $394.00 on Thursday. The company has a debt-to-equity ratio of 0.15, a current ratio of 3.43 and a quick ratio of 2.64. The firm has a market capitalization of $20.38 billion, a P/E ratio of 20.09, a price-to-earnings-growth ratio of 2.78 and a beta of 0.73. Snap-On Incorporated has a 1-year low of $319.20 and a 1-year high of $423.02. The company's 50-day moving average is $403.06 and its 200 day moving average is $384.33.

Snap-On (NYSE:SNA - Get Free Report) last released its earnings results on Thursday, July 23rd. The company reported $4.96 EPS for the quarter, beating analysts' consensus estimates of $4.95 by $0.01. Snap-On had a return on equity of 17.07% and a net margin of 21.25%.The firm had revenue of $1.24 billion for the quarter, compared to analysts' expectations of $1.22 billion. During the same quarter in the prior year, the firm posted $4.72 earnings per share. The company's quarterly revenue was up 4.7% on a year-over-year basis. Research analysts forecast that Snap-On Incorporated will post 19.7 EPS for the current year.

Snap-On Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 10th. Shareholders of record on Wednesday, August 19th will be given a $2.44 dividend. This represents a $9.76 annualized dividend and a yield of 2.5%. The ex-dividend date of this dividend is Wednesday, August 19th. Snap-On's dividend payout ratio is 49.77%.

Snap-On declared that its Board of Directors has approved a share buyback program on Thursday, April 30th that authorizes the company to repurchase $500.00 million in outstanding shares. This repurchase authorization authorizes the company to repurchase up to 2.5% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company's board of directors believes its shares are undervalued.

Snap-On Company Profile

Snap‑On Incorporated NYSE: SNA is a designer, manufacturer and marketer of tools, diagnostic equipment, repair information and shop equipment for professional users. The company's product range includes hand and power tools, tool storage and cabinets, diagnostic scan tools and software, shop equipment such as lifts and tire changers, and specialized specialty tools for automotive, aviation, marine and industrial applications. Snap‑On also offers information and workflow solutions that combine diagnostic data, repair procedures and parts information to support professional technicians.

Founded in 1920 and headquartered in Kenosha, Wisconsin, Snap‑On has established a long history in the professional tools market.

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