California Public Employees Retirement System Buys 2,923 Shares of Snap-On Incorporated $SNA

Key Points

• CalPERS increased its stake in Snap-On by 2.9% in the first quarter, buying 2,923 additional shares and bringing its total holding to 103,067 shares valued at about $37.4 million.
• Snap-On reported mixed quarterly results: earnings per share came in at $4.69, slightly below estimates, while revenue of $1.21 billion beat expectations and rose 5.8% year over year.
• The company announced a $500 million share buyback and continues to pay a sizable dividend of $2.44 per share quarterly, equal to a 2.4% yield.

California Public Employees Retirement System lifted its stake in shares of Snap-On Incorporated (NYSE:SNA - Free Report) by 2.9% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 103,067 shares of the company's stock after purchasing an additional 2,923 shares during the quarter. California Public Employees Retirement System owned 0.20% of Snap-On worth $37,436,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Thurston Springer Miller Herd & Titak Inc. bought a new stake in Snap-On during the fourth quarter worth about $25,000. DV Equities LLC bought a new position in Snap-On in the 4th quarter valued at about $25,000. Montag A & Associates Inc. raised its position in shares of Snap-On by 331.8% in 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. Quattro Advisors LLC bought a new stake in shares of Snap-On during the 4th quarter worth approximately $35,000. Finally, Annis Gardner Whiting Capital Advisors LLC boosted its position 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 acquiring an additional 28 shares in the last quarter. Institutional investors own 84.88% of the company's stock.

Snap-On Price Performance

SNA stock opened at $407.07 on Tuesday. The stock has a market cap of $21.09 billion, a price-to-earnings ratio of 21.02, a P/E/G ratio of 2.89 and a beta of 0.73. The company has a debt-to-equity ratio of 0.15, a current ratio of 3.53 and a quick ratio of 2.74. The company has a 50 day simple moving average of $386.57 and a 200 day simple moving average of $377.03. Snap-On Incorporated has a 1 year low of $312.78 and a 1 year high of $419.68.

Snap-On (NYSE:SNA - Get Free Report) last issued its earnings results on Thursday, April 23rd. The company reported $4.69 earnings per share for the quarter, missing analysts' consensus estimates of $4.75 by ($0.06). The company had revenue of $1.21 billion during 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 quarterly revenue was up 5.8% on a year-over-year basis. During the same quarter in the prior year, the business earned $4.51 EPS. Research analysts anticipate that Snap-On Incorporated will post 19.7 EPS for the current fiscal year.

Snap-On announced that its board has authorized a share buyback program on Thursday, April 30th that allows the company to buyback $500.00 million in outstanding shares. This buyback authorization allows the company to purchase up to 2.5% of its shares through open market purchases. Shares buyback programs are generally a sign that the company's board of directors believes its stock is undervalued.

Snap-On Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, June 10th. Investors of record on Wednesday, May 20th were issued a dividend of $2.44 per share. The ex-dividend date of this dividend was Wednesday, May 20th. This represents a $9.76 annualized dividend and a dividend yield of 2.4%. Snap-On's dividend payout ratio (DPR) is 50.39%.

Insider Transactions at Snap-On

In other Snap-On news, VP Richard Thomas Miller sold 2,000 shares of the stock in a transaction dated Wednesday, July 1st. The stock was sold at an average price of $405.92, for a total value of $811,840.00. Following the completion of the transaction, the vice president directly owned 4,529 shares in the company, valued at approximately $1,838,411.68. This trade represents a 30.63% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Nicholas T. Pinchuk sold 23,396 shares of Snap-On stock in a transaction dated Tuesday, May 5th. The shares were sold at an average price of $375.77, for a total value of $8,791,514.92. Following the sale, the chief executive officer directly owned 856,918 shares in the company, valued at $322,004,076.86. The trade was a 2.66% 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. Over the last quarter, insiders have sold 37,117 shares of company stock worth $14,003,922. 3.80% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the stock. Robert W. Baird lifted their price objective on shares of Snap-On from $380.00 to $395.00 and gave the company a "neutral" rating in a research note on Friday, April 24th. Barclays began coverage on Snap-On in a research note on Thursday, May 28th. They set an "overweight" rating and a $420.00 target price for the company. Weiss Ratings reiterated a "buy (b)" rating on shares of Snap-On in a research note on Friday. Finally, Roth Capital reissued a "buy" rating and set a $431.00 price target on shares of Snap-On in a report on Friday, April 24th. Five research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $408.20.

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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