Assenagon Asset Management S.A. Has $9.25 Million Stock Position in Snap-On Incorporated $SNA

Key Points

• Assenagon Asset Management increased its Snap-On stake by 26% in the first quarter, bringing its position to 25,477 shares worth about $9.25 million.
• Snap-On reported Q1 earnings of $4.69 per share, slightly below estimates, while revenue came in at $1.21 billion, above expectations and up 5.8% year over year.
• The company continues to return cash to shareholders through a $2.44 quarterly dividend and a newly authorized $500 million share repurchase program, while analysts maintain a consensus rating of Moderate Buy.

Assenagon Asset Management S.A. lifted its stake in Snap-On Incorporated (NYSE:SNA - Free Report) by 26.0% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 25,477 shares of the company's stock after purchasing an additional 5,263 shares during the period. Assenagon Asset Management S.A.'s holdings in Snap-On were worth $9,254,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of SNA. Auto Owners Insurance Co grew its stake in Snap-On by 34,360.0% in the fourth quarter. Auto Owners Insurance Co now owns 1,025,185 shares of the company's stock valued at $353,279,000 after acquiring an additional 1,022,210 shares during the period. Norges Bank acquired a new stake in shares of Snap-On during the fourth quarter worth $210,814,000. Victory Capital Management Inc. raised its holdings in shares of Snap-On by 346.0% during the third quarter. Victory Capital Management Inc. now owns 279,484 shares of the company's stock worth $96,850,000 after acquiring an additional 216,813 shares during the period. PFA Pension Forsikringsaktieselskab acquired a new position in Snap-On in the 4th quarter worth $69,751,000. Finally, UBS Group AG increased its holdings in Snap-On by 30.7% during the 4th quarter. UBS Group AG now owns 617,620 shares of the company's stock worth $212,832,000 after purchasing an additional 144,926 shares in the last quarter. 84.88% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on SNA. Weiss Ratings restated a "buy (b)" rating on shares of Snap-On in a report on Monday, April 20th. Roth Mkm reiterated a "buy" rating and set a $431.00 price objective on shares of Snap-On in a report on Friday, April 24th. Barclays began coverage on Snap-On in a research report on Thursday, May 28th. They issued an "overweight" rating and a $420.00 target price on the stock. Finally, Robert W. Baird boosted their price objective on shares of Snap-On from $380.00 to $395.00 and gave the stock a "neutral" rating in a research report on Friday, April 24th. Five analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $387.67.

Snap-On Stock Performance

SNA opened at $397.52 on Monday. Snap-On Incorporated has a 52-week low of $307.47 and a 52-week high of $403.35. The firm has a market capitalization of $20.59 billion, a PE ratio of 20.52, a PEG ratio of 2.79 and a beta of 0.73. The company has a debt-to-equity ratio of 0.15, a quick ratio of 2.74 and a current ratio of 3.53. The business's 50-day simple moving average is $378.13 and its 200 day simple moving average is $370.69.

Snap-On (NYSE:SNA - Get Free Report) last issued its quarterly earnings results on Thursday, April 23rd. The company reported $4.69 EPS for the quarter, missing the consensus estimate of $4.75 by ($0.06). The company had revenue of $1.21 billion for the quarter, compared to analyst estimates of $1.19 billion. Snap-On had a net margin of 21.28% and a return on equity of 17.13%. The business's revenue for the quarter was up 5.8% on a year-over-year basis. During the same period last year, the company posted $4.51 earnings per share. As a group, sell-side analysts expect that Snap-On Incorporated will post 19.7 earnings per share for the current fiscal year.

Snap-On Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, June 10th. Investors of record on Wednesday, May 20th were paid a $2.44 dividend. The ex-dividend date of this dividend was Wednesday, May 20th. This represents a $9.76 annualized dividend and a dividend yield of 2.5%. Snap-On's dividend payout ratio (DPR) is currently 50.39%.

Snap-On declared that its Board of Directors has authorized a share repurchase program on Thursday, April 30th that allows the company to buyback $500.00 million in outstanding shares. This buyback authorization allows the company to reacquire up to 2.5% of its shares through open market purchases. Shares buyback programs are usually an indication that the company's leadership believes its shares are undervalued.

Insider Activity

In related news, CEO Nicholas T. Pinchuk sold 23,396 shares of the business's stock in a transaction on Tuesday, May 5th. The shares were sold at an average price of $375.77, for a total transaction of $8,791,514.92. Following the transaction, the chief executive officer directly owned 856,918 shares in the company, valued at approximately $322,004,076.86. The trade was a 2.66% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Aldo John Pagliari sold 5,713 shares of the business's stock in a transaction dated Thursday, May 14th. The stock was sold at an average price of $367.19, for a total transaction of $2,097,756.47. Following the transaction, the chief financial officer owned 119,488 shares in the company, valued at $43,874,798.72. This represents a 4.56% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 35,117 shares of company stock valued at $13,192,082 over the last three months. 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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