434,235 Shares in Snap-On Incorporated $SNA Acquired by Bank of New York Mellon Corp

Key Points

• Bank of New York Mellon acquired 434,235 Snap-On shares worth approximately $174.7 million, representing about 0.84% of the company. Institutional investors collectively own 84.88% of SNA.
• Analysts maintain a positive outlook, with five Buy ratings and one Hold rating; the average price target is $426.20, above the stock’s reported $393.11 opening price.
• Snap-On beat quarterly earnings and revenue estimates, while maintaining shareholder returns through a $2.44 quarterly dividend and a $500 million share-repurchase authorization. Insiders, however, sold 45,928 shares worth $18.5 million over the past three months.

Bank of New York Mellon Corp acquired a new stake in shares of Snap-On Incorporated (NYSE:SNA - Free Report) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 434,235 shares of the company's stock, valued at approximately $174,736,000. Bank of New York Mellon Corp owned about 0.84% of Snap-On as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also modified their holdings of the company. Miller Howard Investments Inc. NY acquired a new stake in Snap-On during the first quarter valued at $51,244,000. QRG Capital Management Inc. increased its position in Snap-On by 9.9% during the first quarter. QRG Capital Management Inc. now owns 86,849 shares of the company's stock worth $31,545,000 after acquiring an additional 7,798 shares during the period. Fisher Asset Management LLC raised its position in shares of Snap-On by 21.8% during the fourth quarter. Fisher Asset Management LLC now owns 66,017 shares of the company's stock valued at $22,750,000 after buying an additional 11,808 shares during the last quarter. Hsbc Holdings PLC increased its position in shares of Snap-On by 0.9% during the fourth quarter. Hsbc Holdings PLC now owns 374,236 shares of the company's stock valued at $128,974,000 after purchasing an additional 3,321 shares during the period. Finally, Sanctuary Advisors LLC boosted its stake in Snap-On by 8.0% during the first quarter. Sanctuary Advisors LLC now owns 36,690 shares of the company's stock worth $13,326,000 after buying an additional 2,714 shares in the last quarter. 84.88% of the stock is owned by institutional investors.

Analysts Set New Price Targets

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

Insider Transactions at Snap-On

In other Snap-On news, SVP Jesus Arregui sold 4,251 shares of the business's stock in a transaction on Wednesday, June 10th. The shares were sold at an average price of $383.92, for a total transaction of $1,632,043.92. Following the sale, the senior vice president owned 4,439 shares of the company's stock, valued at approximately $1,704,220.88. The trade was a 48.92% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Nicholas T. Pinchuk sold 22,889 shares of the firm's stock in a transaction on Tuesday, August 18th. The shares were sold at an average price of $399.69, for a total value of $9,148,504.41. Following the sale, the chief executive officer directly owned 867,779 shares in the company, valued at approximately $346,842,588.51. This trade represents a 2.57% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders have sold 45,928 shares of company stock valued at $18,483,009. Corporate insiders own 3.80% of the company's stock.

Snap-On Stock Up 0.5%

SNA stock opened at $393.11 on Friday. The company has a market cap of $20.34 billion, a price-to-earnings ratio of 20.05, a P/E/G ratio of 2.77 and a beta of 0.73. Snap-On Incorporated has a twelve month low of $319.20 and a twelve month high of $423.02. The business has a 50 day moving average price of $403.30 and a two-hundred day moving average price of $384.56. The company has a quick ratio of 2.64, a current ratio of 3.43 and a debt-to-equity ratio of 0.15.

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

Snap-On Dividend Announcement

The business also recently announced 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. The ex-dividend date is Wednesday, August 19th. This represents a $9.76 dividend on an annualized basis and a yield of 2.5%. Snap-On's dividend payout ratio (DPR) is currently 49.77%.

Snap-On announced that its Board of Directors has authorized a share buyback program on Thursday, April 30th that allows the company to buyback $500.00 million in shares. This buyback authorization allows the company to purchase up to 2.5% of its stock through open market purchases. Stock buyback programs are generally an indication that the company's management believes its stock is undervalued.

Snap-On 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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