BTC Capital Management Inc. Increases Stake in Snap-On Incorporated $SNA

Key Points

• BTC Capital Management Inc. has increased its stake in Snap-On Incorporated by 20.3%, now holding 12,418 shares valued at approximately $3.81 million.
• Snap-On reported a Q2 EPS of $4.72, surpassing analysts' expectations, with a revenue of $1.18 billion, reflecting a year-over-year increase.
• The company has declared a quarterly dividend of $2.14 per share, resulting in an annualized dividend yield of 2.5%.

BTC Capital Management Inc. increased its position in Snap-On Incorporated (NYSE:SNA - Free Report) by 20.3% in the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 12,418 shares of the company's stock after acquiring an additional 2,098 shares during the quarter. BTC Capital Management Inc.'s holdings in Snap-On were worth $3,814,000 as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. Farther Finance Advisors LLC boosted its stake in Snap-On by 51.1% in the 2nd quarter. Farther Finance Advisors LLC now owns 2,867 shares of the company's stock worth $892,000 after purchasing an additional 969 shares during the period. Wedge Capital Management L L P NC boosted its stake in Snap-On by 3.4% in the 2nd quarter. Wedge Capital Management L L P NC now owns 32,050 shares of the company's stock worth $9,973,000 after purchasing an additional 1,063 shares during the period. Assenagon Asset Management S.A. boosted its stake in Snap-On by 13.6% in the 2nd quarter. Assenagon Asset Management S.A. now owns 8,454 shares of the company's stock worth $2,631,000 after purchasing an additional 1,013 shares during the period. Kingstone Capital Partners Texas LLC bought a new position in Snap-On in the 2nd quarter worth about $434,938,000. Finally, IFM Investors Pty Ltd boosted its stake in Snap-On by 16.6% in the 2nd quarter. IFM Investors Pty Ltd now owns 10,079 shares of the company's stock worth $3,136,000 after purchasing an additional 1,433 shares during the period. Hedge funds and other institutional investors own 84.88% of the company's stock.

Snap-On Price Performance

Shares of Snap-On stock opened at $337.72 on Friday. The company has a debt-to-equity ratio of 0.21, a current ratio of 4.48 and a quick ratio of 3.42. The business's 50 day simple moving average is $326.79 and its two-hundred day simple moving average is $322.90. The stock has a market capitalization of $17.62 billion, a P/E ratio of 18.01, a price-to-earnings-growth ratio of 2.35 and a beta of 0.77. Snap-On Incorporated has a one year low of $281.64 and a one year high of $373.89.

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

Snap-On Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, September 10th. Shareholders of record on Tuesday, August 19th were paid a $2.14 dividend. This represents a $8.56 dividend on an annualized basis and a yield of 2.5%. The ex-dividend date of this dividend was Tuesday, August 19th. Snap-On's payout ratio is 45.65%.

Insider Buying and Selling

In other news, CEO Nicholas T. Pinchuk sold 23,042 shares of the business's stock in a transaction that occurred on 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 transaction, the chief executive officer directly owned 815,219 shares of the company's stock, valued at approximately $261,587,472.72. The trade was a 2.75% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Aldo John Pagliari sold 4,731 shares of the business's stock in a transaction that occurred on Thursday, August 14th. The shares were sold at an average price of $327.38, for a total value of $1,548,834.78. Following the transaction, the chief financial officer directly owned 111,667 shares in the company, valued at $36,557,542.46. This trade represents a 4.06% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 27,898 shares of company stock worth $8,983,203 over the last ninety days. Insiders own 3.90% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts have commented on the company. Barrington Research restated an "outperform" rating and issued a $350.00 target price on shares of Snap-On in a research note on Tuesday, July 15th. Tigress Financial raised their target price on Snap-On from $390.00 to $395.00 and gave the stock a "buy" rating in a research note on Friday, August 29th. Bank of America raised their target price on Snap-On from $265.00 to $285.00 and gave the stock an "underperform" rating in a research note on Friday, July 18th. Finally, Robert W. Baird lifted their price target on Snap-On from $329.00 to $347.00 and gave the company a "neutral" rating in a research report on Friday, July 18th. Four equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $357.00.

Snap-On Profile

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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