Bank of America Corp DE Purchases New Shares in Snap-On Incorporated $SNA

Key Points

• Bank of America acquired a significant Snap-On position in the second quarter, purchasing 819,530 shares valued at approximately $329.8 million, representing about 1.58% of the company.
• Snap-On exceeded quarterly expectations with earnings of $4.96 per share and revenue of $1.24 billion, while revenue increased 4.7% year over year. The company also pays a $2.44 quarterly dividend, yielding about 2.6% annually.
• Analysts maintain a positive outlook, with a consensus “Moderate Buy” rating and an average price target of $426.20 versus the reported share price of $373.43; however, insiders sold roughly $16.5 million of stock over the prior three months.

Bank of America Corp DE purchased a new position in Snap-On Incorporated (NYSE:SNA - Free Report) in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 819,530 shares of the company's stock, valued at approximately $329,779,000. Bank of America Corp DE owned about 1.58% of Snap-On as of its most recent SEC filing.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Annis Gardner Whiting Capital Advisors LLC boosted its stake 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 worth $36,000 after purchasing an additional 28 shares during the period. Ritholtz Wealth Management grew its holdings in Snap-On by 2.4% during the 1st quarter. Ritholtz Wealth Management now owns 1,435 shares of the company's stock valued at $521,000 after purchasing an additional 34 shares during the last quarter. Pinnacle Associates Ltd. raised its position in Snap-On by 5.4% in the 4th quarter. Pinnacle Associates Ltd. now owns 758 shares of the company's stock worth $261,000 after purchasing an additional 39 shares during the period. CX Institutional raised its position in Snap-On by 10.6% in the 2nd quarter. CX Institutional now owns 447 shares of the company's stock worth $180,000 after purchasing an additional 43 shares during the period. Finally, IFM Investors Pty Ltd lifted its stake in Snap-On by 0.4% in the first quarter. IFM Investors Pty Ltd now owns 11,301 shares of the company's stock worth $4,105,000 after purchasing an additional 45 shares during the last quarter. 84.88% of the stock is owned by hedge funds and other institutional investors.

Snap-On Price Performance

Snap-On stock opened at $373.43 on Thursday. The stock has a market cap of $19.32 billion, a price-to-earnings ratio of 19.04, a price-to-earnings-growth ratio of 2.64 and a beta of 0.72. 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 $320.80 and a 1 year high of $423.02. The firm has a 50-day moving average of $398.41 and a two-hundred day moving average of $385.01.

Snap-On (NYSE:SNA - Get Free Report) last issued its earnings results on Thursday, July 23rd. The company reported $4.96 EPS for the quarter, topping 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 business had revenue of $1.24 billion for the quarter, compared to analyst estimates of $1.22 billion. During the same period last year, the company posted $4.72 earnings per share. The company's quarterly revenue was up 4.7% compared to the same quarter last year. On average, research analysts forecast that Snap-On Incorporated will post 19.7 earnings per share for the current year.

Snap-On Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 10th. Investors of record on Wednesday, August 19th were paid a $2.44 dividend. The ex-dividend date of this dividend was Wednesday, August 19th. This represents a $9.76 annualized dividend and a yield of 2.6%. Snap-On's dividend payout ratio is 49.77%.

Insider Activity at Snap-On

In other Snap-On news, CFO Aldo Pagliari sold 5,531 shares of the company's 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 completion of the sale, the chief financial officer directly owned 120,644 shares in the company, valued at approximately $48,770,337. This represents a 4.38% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, VP Richard Miller sold 2,000 shares of the stock in a transaction on Wednesday, July 1st. The stock was sold at an average price of $405.92, for a total value of $811,840.00. Following the transaction, the vice president directly owned 4,529 shares in the company, valued at $1,838,411.68. The trade was a 30.63% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 40,720 shares of company stock worth $16,500,198 over the last three months. Corporate insiders own 3.80% of the company's stock.

Wall Street Analysts Forecast Growth

SNA has been the subject of several recent analyst reports. Robert W. Baird set a $415.00 target price on Snap-On in a research report on Friday, July 24th. Weiss Ratings reiterated a "buy (b)" rating on shares of Snap-On in a report on Friday, July 17th. Roth Capital reissued a "buy" rating and set a $461.00 price target (up from $409.00) on shares of Snap-On in a research note on Friday, July 24th. Barclays assumed coverage on Snap-On in a report on Thursday, May 28th. They set an "overweight" rating and a $420.00 price objective for the company. Finally, Tigress Financial increased their target price on Snap-On from $445.00 to $485.00 and gave the stock a "buy" rating in a research note on Friday, July 31st. Five research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $426.20.

Snap-On Profile

Snap-on Incorporated is a manufacturer and distributor of professional tools, equipment, diagnostics and repair information. Its products include hand and power tools, tool storage, vehicle diagnostic systems, shop equipment, repair software and related services. The company serves professional technicians and customers in the automotive repair, commercial transportation, industrial, aviation, military, agriculture and other technical markets.

Snap-on sells products under the Snap-on brand and other brands, including Blue-Point, through a broad distribution network.

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