6,498 Shares in Snap-On Incorporated $SNA Acquired by Bank of Nova Scotia

Key Points

• Bank of Nova Scotia acquired 6,498 Snap-On shares worth approximately $2.615 million in the second quarter. Institutional investors collectively own 84.88% of the company.
• Analysts maintain a favorable outlook, with five Buy ratings and one Hold rating producing a consensus “Moderate Buy” rating and an average price target of $426.20.
• Snap-On exceeded quarterly expectations with $4.96 EPS and $1.24 billion in revenue, while maintaining a $2.44 quarterly dividend and a $500 million share-repurchase authorization.

Bank of Nova Scotia purchased a new stake in shares of Snap-On Incorporated (NYSE:SNA - Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund purchased 6,498 shares of the company's stock, valued at approximately $2,615,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Annis Gardner Whiting Capital Advisors LLC raised its position in shares of Snap-On by 36.4% during the 4th quarter. Annis Gardner Whiting Capital Advisors LLC now owns 105 shares of the company's stock valued at $36,000 after purchasing an additional 28 shares during the period. Verition Fund Management LLC boosted its holdings in Snap-On by 1.5% in the 4th quarter. Verition Fund Management LLC now owns 1,844 shares of the company's stock worth $635,000 after buying an additional 28 shares during the period. Ritholtz Wealth Management increased its stake in Snap-On by 2.4% in the 1st quarter. Ritholtz Wealth Management now owns 1,435 shares of the company's stock worth $521,000 after buying an additional 34 shares in the last quarter. Oakworth Capital Inc. raised its holdings in Snap-On by 9.7% during the fourth quarter. Oakworth Capital Inc. now owns 406 shares of the company's stock valued at $140,000 after acquiring an additional 36 shares during the period. Finally, Pinnacle Associates Ltd. raised its holdings in Snap-On by 5.4% during the fourth quarter. Pinnacle Associates Ltd. now owns 758 shares of the company's stock valued at $261,000 after acquiring an additional 39 shares during the period. 84.88% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

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

Snap-On Stock Performance

NYSE SNA opened at $397.69 on Thursday. The stock has a market capitalization of $20.57 billion, a PE ratio of 20.28, a P/E/G ratio of 2.78 and a beta of 0.73. The business has a 50 day simple moving average of $403.90 and a two-hundred day simple moving average of $385.04. The company has a debt-to-equity ratio of 0.15, a current ratio of 3.43 and a quick ratio of 2.64. Snap-On Incorporated has a 1-year low of $319.20 and a 1-year high of $423.02.

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 (EPS) for the quarter, beating analysts' consensus estimates of $4.95 by $0.01. Snap-On had a net margin of 21.25% and a return on equity of 17.07%. The company had revenue of $1.24 billion for the quarter, compared to the consensus estimate of $1.22 billion. During the same quarter in the prior year, the firm earned $4.72 earnings per share. Snap-On's revenue was up 4.7% on a year-over-year basis. On average, research analysts predict that Snap-On Incorporated will post 19.7 EPS for the current fiscal year.

Snap-On Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 10th. Stockholders of record on Wednesday, August 19th will be issued a $2.44 dividend. This represents a $9.76 annualized dividend and a dividend yield of 2.5%. The ex-dividend date is Wednesday, August 19th. Snap-On's dividend payout ratio (DPR) is 49.77%.

Snap-On declared that its board has initiated a share buyback plan on Thursday, April 30th that allows the company to buyback $500.00 million in outstanding shares. This buyback authorization allows the company to purchase up to 2.5% of its stock through open market purchases. Stock buyback plans are typically an indication that the company's board believes its shares are undervalued.

Insiders Place Their Bets

In other news, SVP Jesus Arregui sold 4,251 shares of the stock in a transaction that occurred on Wednesday, June 10th. The stock was sold at an average price of $383.92, for a total value of $1,632,043.92. Following the sale, the senior vice president directly owned 4,439 shares in the company, valued at approximately $1,704,220.88. This represents a 48.92% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Aldo John Pagliari sold 5,531 shares of Snap-On stock in a transaction on Thursday, August 13th. The stock was sold at an average price of $404.25, for a total value of $2,235,906.75. Following the sale, the chief financial officer owned 120,644 shares of the company's stock, valued at approximately $48,770,337. This trade represents a 4.38% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 45,928 shares of company stock valued at $18,483,009 over the last quarter. Corporate insiders own 3.80% of the company's stock.

About Snap-On

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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