Amundi Raises Stock Position in Snap-On Incorporated $SNA

Key Points

• Amundi increased its Snap-On stake by 16.8% in the first quarter, holding 247,934 shares worth approximately $90.1 million. Institutional investors collectively own 84.88% of the company.
• Analysts maintain a favorable outlook, with five Buy ratings and one Hold rating; the consensus price target is $426.20, with recent targets ranging from $415 to $485.
• Snap-On exceeded quarterly expectations, reporting $4.96 in earnings per share and $1.24 billion in revenue, while revenue rose 4.7% year over year. The board also authorized a $500 million share buyback, although insiders have sold nearly $18 million of stock over the past 90 days.

Amundi grew its stake in Snap-On Incorporated (NYSE:SNA - Free Report) by 16.8% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 247,934 shares of the company's stock after buying an additional 35,691 shares during the quarter. Amundi owned 0.48% of Snap-On worth $90,054,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in Snap-On by 15.5% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 8,850 shares of the company's stock valued at $2,983,000 after purchasing an additional 1,185 shares during the period. Woodline Partners LP grew its stake in Snap-On by 40.4% in the 1st quarter. Woodline Partners LP now owns 4,426 shares of the company's stock valued at $1,492,000 after acquiring an additional 1,273 shares during the period. EverSource Wealth Advisors LLC increased its holdings in Snap-On by 100.9% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 464 shares of the company's stock worth $144,000 after acquiring an additional 233 shares in the last quarter. Gamco Investors INC. ET AL increased its holdings in Snap-On by 32.9% in the 2nd quarter. Gamco Investors INC. ET AL now owns 1,752 shares of the company's stock worth $545,000 after acquiring an additional 434 shares in the last quarter. Finally, Natixis raised its position in Snap-On by 136.8% during the second quarter. Natixis now owns 3,048 shares of the company's stock worth $948,000 after acquiring an additional 1,761 shares during the period. 84.88% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

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

Snap-On Price Performance

SNA stock opened at $410.78 on Friday. Snap-On Incorporated has a 1 year low of $312.78 and a 1 year high of $420.91. 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 $21.25 billion, a PE ratio of 20.95, a price-to-earnings-growth ratio of 2.89 and a beta of 0.73. The business has a 50 day simple moving average of $394.51 and a 200-day simple moving average of $380.32.

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

Snap-On announced that its board has approved a stock buyback plan on Thursday, April 30th that permits the company to buyback $500.00 million in outstanding shares. This buyback authorization permits the company to reacquire up to 2.5% of its shares through open market purchases. Shares buyback plans are generally an indication that the company's board believes its shares are undervalued.

Insider Buying and Selling at Snap-On

In related news, SVP Jesus Arregui sold 4,251 shares of the firm's stock in a transaction dated 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 completion of the sale, the senior vice president directly owned 4,439 shares in the company, valued at approximately $1,704,220.88. This trade represents a 48.92% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, VP Richard Thomas Miller sold 2,000 shares of Snap-On stock in a transaction dated Wednesday, July 1st. The stock was sold at an average price of $405.92, for a total transaction of $811,840.00. Following the transaction, the vice president directly owned 4,529 shares in the company, valued at $1,838,411.68. This trade represents a 30.63% 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. Over the last 90 days, insiders have sold 46,617 shares of company stock worth $17,987,869. Corporate insiders own 3.80% of the company's stock.

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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