BNP Paribas Financial Markets Sells 40,663 Shares of Snap-On Incorporated $SNA

Key Points

• BNP Paribas Financial Markets cut its Snap-On stake by 42.2% in the fourth quarter, selling 40,663 shares and leaving it with 55,709 shares worth about $19.2 million.
• Snap-On’s latest earnings showed EPS of $4.69, missing estimates, while revenue came in at $1.21 billion and rose 5.8% year over year. Analysts still expect the company to post 19.7 EPS for the current year.
• The company announced a quarterly dividend of $2.44 per share and authorized a $500 million share buyback, signaling continued capital returns to shareholders.

BNP Paribas Financial Markets reduced its holdings in shares of Snap-On Incorporated (NYSE:SNA - Free Report) by 42.2% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 55,709 shares of the company's stock after selling 40,663 shares during the period. BNP Paribas Financial Markets owned approximately 0.11% of Snap-On worth $19,197,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently added to or reduced their stakes in the company. Thurston Springer Miller Herd & Titak Inc. acquired a new position in Snap-On during the 4th quarter valued at about $25,000. GoalVest Advisory LLC acquired a new position in Snap-On during the 4th quarter valued at about $28,000. Montag A & Associates Inc. increased its position in Snap-On by 331.8% during the 4th quarter. Montag A & Associates Inc. now owns 95 shares of the company's stock valued at $33,000 after buying an additional 73 shares in the last quarter. Annis Gardner Whiting Capital Advisors LLC increased its position in 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 buying an additional 28 shares in the last quarter. Finally, United Community Bank acquired a new position in Snap-On during the 4th quarter valued at about $43,000. 84.88% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research analysts recently issued reports on the company. Robert W. Baird upped their target price on Snap-On from $380.00 to $395.00 and gave the company a "neutral" rating in a research report on Friday, April 24th. Wall Street Zen lowered Snap-On from a "buy" rating to a "hold" rating in a research report on Saturday, February 7th. Barclays started coverage on Snap-On in a research report on Thursday, May 28th. They set an "overweight" rating and a $420.00 target price on the stock. Roth Mkm reiterated a "buy" rating and set a $431.00 price target on shares of Snap-On in a research note on Friday, April 24th. Finally, Tigress Financial boosted their price target on Snap-On from $405.00 to $445.00 and gave the company a "buy" rating in a research note on Friday, February 27th. Five investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Snap-On presently has a consensus rating of "Moderate Buy" and a consensus target price of $387.67.

Snap-On Stock Up 0.2%

Shares of SNA opened at $379.67 on Friday. Snap-On Incorporated has a 52 week low of $301.82 and a 52 week high of $400.88. The company has a quick ratio of 2.74, a current ratio of 3.53 and a debt-to-equity ratio of 0.15. The company has a market capitalization of $19.67 billion, a price-to-earnings ratio of 19.60, a PEG ratio of 2.67 and a beta of 0.73. The stock's 50-day moving average price is $372.58 and its 200-day moving average price is $365.28.

Snap-On (NYSE:SNA - Get Free Report) last issued its earnings results on Thursday, April 23rd. The company reported $4.69 EPS for the quarter, missing analysts' consensus estimates of $4.75 by ($0.06). Snap-On had a return on equity of 17.13% and a net margin of 21.28%.The company had revenue of $1.21 billion during the quarter, compared to analysts' expectations of $1.19 billion. During the same quarter in the previous year, the company earned $4.51 EPS. The firm's quarterly revenue was up 5.8% compared to the same quarter last year. On average, sell-side analysts predict that Snap-On Incorporated will post 19.7 EPS for the current year.

Snap-On Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, June 10th. Stockholders of record on Wednesday, May 20th will be paid a $2.44 dividend. The ex-dividend date is Wednesday, May 20th. This represents a $9.76 dividend on an annualized basis and a dividend yield of 2.6%. Snap-On's dividend payout ratio is presently 50.39%.

Snap-On declared that its Board of Directors has initiated 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 2.6% of its stock through open market purchases. Stock buyback programs are typically a sign that the company's management believes its stock is undervalued.

Insider Transactions at Snap-On

In other news, CEO Nicholas T. Pinchuk sold 23,396 shares of the company's stock in a transaction dated Tuesday, May 5th. The stock was sold at an average price of $375.77, for a total value of $8,791,514.92. Following the sale, the chief executive officer owned 856,918 shares in the company, valued at $322,004,076.86. This represents a 2.66% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Aldo John Pagliari sold 1,330 shares of the company's stock in a transaction dated Thursday, June 4th. The stock was sold at an average price of $379.27, for a total value of $504,429.10. Following the completion of the sale, the chief financial officer owned 118,158 shares in the company, valued at $44,813,784.66. The trade was a 1.11% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 30,439 shares of company stock worth $11,393,700 in the last 90 days. Company 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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