Amundi Raises Stock Holdings in Snap-On Incorporated $SNA

Key Points

• Amundi increased its stake in Snap-On Incorporated by 9.6% during the first quarter, bringing its total holdings to 220,423 shares valued at approximately $73 million.
• Snap-On reported quarterly earnings of $4.72 per share, exceeding analysts' estimates, with revenues reaching $1.18 billion, marking a year-over-year increase.
• The company recently announced a quarterly dividend of $2.14 per share, resulting in an annualized yield of 2.6% with a payout ratio of 45.65%.

Amundi boosted its holdings in Snap-On Incorporated (NYSE:SNA - Free Report) by 9.6% in the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 220,423 shares of the company's stock after buying an additional 19,216 shares during the quarter. Amundi owned 0.42% of Snap-On worth $73,034,000 at the end of the most recent quarter.

Other hedge funds have also bought and sold shares of the company. Alpine Bank Wealth Management purchased a new position in Snap-On in the 1st quarter worth about $25,000. Golden State Wealth Management LLC raised its position in Snap-On by 421.1% in the 1st quarter. Golden State Wealth Management LLC now owns 99 shares of the company's stock worth $33,000 after buying an additional 80 shares during the last quarter. Cullen Frost Bankers Inc. raised its position in Snap-On by 248.3% in the 1st quarter. Cullen Frost Bankers Inc. now owns 101 shares of the company's stock worth $34,000 after buying an additional 72 shares during the last quarter. Opal Wealth Advisors LLC purchased a new position in Snap-On in the 1st quarter worth about $35,000. Finally, ORG Partners LLC raised its position in Snap-On by 150.8% in the 1st quarter. ORG Partners LLC now owns 158 shares of the company's stock worth $54,000 after buying an additional 95 shares during the last quarter. Hedge funds and other institutional investors own 84.88% of the company's stock.

Snap-On Trading Down 0.0%

Shares of NYSE:SNA opened at $328.65 on Friday. The stock has a 50 day moving average of $323.96 and a 200 day moving average of $323.20. The company has a market cap of $17.14 billion, a PE ratio of 17.53, a price-to-earnings-growth ratio of 2.29 and a beta of 0.77. The company has a current ratio of 4.48, a quick ratio of 3.42 and a debt-to-equity ratio of 0.21. Snap-On Incorporated has a 12-month low of $268.90 and a 12-month high of $373.89.

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

Snap-On Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 10th. Investors of record on Tuesday, August 19th will be paid a dividend of $2.14 per share. The ex-dividend date is Tuesday, August 19th. This represents a $8.56 dividend on an annualized basis and a dividend yield of 2.6%. Snap-On's payout ratio is 45.65%.

Insider Buying and Selling

In related news, CEO Nicholas T. Pinchuk sold 23,042 shares of the stock in a transaction dated Monday, August 11th. The stock was sold at an average price of $320.88, for a total transaction of $7,393,716.96. Following the completion of the sale, the chief executive officer owned 815,219 shares in the company, valued at approximately $261,587,472.72. This trade represents a 2.75% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Aldo John Pagliari sold 4,731 shares of the stock in a transaction dated Thursday, August 14th. The stock was sold at an average price of $327.38, for a total value of $1,548,834.78. Following the sale, the chief financial officer owned 111,667 shares of the company's stock, valued at $36,557,542.46. This represents a 4.06% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 27,898 shares of company stock valued at $8,983,203. 3.90% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

SNA has been the subject of a number of research reports. Bank of America upped their price objective on Snap-On from $265.00 to $285.00 and gave the company an "underperform" rating in a research report on Friday, July 18th. Wall Street Zen upgraded Snap-On from a "hold" rating to a "buy" rating in a research report on Friday, May 16th. Barrington Research reiterated an "outperform" rating and set a $350.00 price objective on shares of Snap-On in a research report on Tuesday, July 15th. Robert W. Baird upped their price objective on Snap-On from $329.00 to $347.00 and gave the company a "neutral" rating in a research report on Friday, July 18th. Finally, Tigress Financial upped their price objective on Snap-On from $390.00 to $395.00 and gave the company a "buy" rating in a research report on Friday, August 29th. Four research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $357.00.

About Snap-On

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.

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