Caisse de depot et placement du Quebec Purchases New Holdings in Snap-On Incorporated $SNA

Key Points

• Caisse de dépôt et placement du Québec acquired 452,210 Snap-On shares worth approximately $182 million, giving it a 0.87% stake. Institutional investors and hedge funds collectively own 84.88% of the company.
• Snap-On exceeded quarterly expectations, reporting EPS of $4.96 and revenue of $1.24 billion; revenue increased 4.7% year over year. Analysts maintain a “Moderate Buy” consensus with an average price target of $426.20.
• The company declared a quarterly dividend of $2.44 per share, representing a 2.5% yield, and approved a $500 million share-repurchase program covering up to 2.5% of outstanding shares.

Caisse de depot et placement du Quebec acquired a new stake in shares of Snap-On Incorporated (NYSE:SNA - Free Report) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 452,210 shares of the company's stock, valued at approximately $181,969,000. Caisse de depot et placement du Quebec owned about 0.87% of Snap-On as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in SNA. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in Snap-On by 15.5% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 8,850 shares of the company's stock valued at $2,983,000 after buying an additional 1,185 shares during the last quarter. Woodline Partners LP boosted its holdings in shares of Snap-On by 40.4% in the first 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 in the last quarter. EverSource Wealth Advisors LLC increased its stake in shares of Snap-On by 100.9% during the second quarter. EverSource Wealth Advisors LLC now owns 464 shares of the company's stock worth $144,000 after acquiring an additional 233 shares during the period. Gamco Investors INC. ET AL increased its stake in shares of Snap-On by 32.9% during the second 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 during the period. Finally, Natixis raised its holdings 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 purchasing an additional 1,761 shares in the last quarter. 84.88% of the stock is owned by institutional investors and hedge funds.

Snap-On Stock Performance

Shares of SNA opened at $397.69 on Thursday. Snap-On Incorporated has a 12-month low of $319.20 and a 12-month high of $423.02. The stock has a market cap of $20.57 billion, a P/E ratio of 20.28, a PEG ratio of 2.78 and a beta of 0.73. The company has a current ratio of 3.43, a quick ratio of 2.64 and a debt-to-equity ratio of 0.15. The company has a 50-day moving average of $403.90 and a two-hundred day moving average of $385.04.

Snap-On (NYSE:SNA - Get Free Report) last released its quarterly earnings results on Thursday, July 23rd. The company reported $4.96 EPS for the quarter, beating the consensus estimate 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 in the prior year, the business earned $4.72 earnings per share. The company's quarterly revenue was up 4.7% on a year-over-year basis. As a group, research analysts predict that Snap-On Incorporated will post 19.7 EPS for the current fiscal year.

Snap-On Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 10th. Shareholders of record on Wednesday, August 19th will be given a dividend of $2.44 per share. The ex-dividend date of this dividend is Wednesday, August 19th. This represents a $9.76 annualized dividend and a yield of 2.5%. Snap-On's dividend payout ratio (DPR) is presently 49.77%.

Snap-On announced that its Board of Directors has approved a share repurchase program on Thursday, April 30th that permits the company to buyback $500.00 million in shares. This buyback authorization permits the company to purchase up to 2.5% of its stock through open market purchases. Stock buyback programs are typically an indication that the company's board of directors believes its stock is undervalued.

Wall Street Analysts Forecast Growth

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

Insider Activity at Snap-On

In other news, SVP Timothy L. Chambers sold 9,111 shares of the business's stock in a transaction on Tuesday, July 28th. The stock was sold at an average price of $419.36, for a total value of $3,820,788.96. Following the completion of the transaction, the senior vice president directly owned 21,223 shares of the company's stock, valued at $8,900,077.28. The trade was a 30.04% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, 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 5,531 shares of the company's stock in a transaction on Thursday, August 13th. The shares were 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 owned 120,644 shares in the company, valued at $48,770,337. This represents a 4.38% decrease in their ownership of the stock. 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 have sold a total of 45,928 shares of company stock valued at $18,483,009 in the last ninety days. 3.80% of the stock is owned by insiders.

About Snap-On

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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