California State Teachers Retirement System Has $13.69 Billion Stock Holdings in Snap-On Incorporated $SNA

Key Points

• California State Teachers Retirement System dramatically increased its Snap-On stake by 37,771.8% in the second quarter, reaching 34.0 million shares valued at approximately $13.69 billion, or 65.76% of the company.
• Analysts remain broadly positive, with five Buy ratings and one Hold rating producing a “Moderate Buy” consensus and an average price target of $426.20; individual targets range as high as $485.
• Snap-On exceeded quarterly earnings and revenue estimates, reporting $4.96 EPS and $1.24 billion in revenue, while announcing a quarterly dividend of $2.44 per share. Insiders sold $16.5 million of stock over the past 90 days.

California State Teachers Retirement System grew its stake in Snap-On Incorporated (NYSE:SNA - Free Report) by 37,771.8% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 34,015,677 shares of the company's stock after purchasing an additional 33,925,859 shares during the quarter. California State Teachers Retirement System owned approximately 65.76% of Snap-On worth $13,687,908,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in shares of Snap-On by 15.5% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 8,850 shares of the company's stock worth $2,983,000 after acquiring an additional 1,185 shares during the period. Woodline Partners LP lifted its holdings in Snap-On by 40.4% during the 1st quarter. Woodline Partners LP now owns 4,426 shares of the company's stock worth $1,492,000 after purchasing an additional 1,273 shares during the last quarter. EverSource Wealth Advisors LLC boosted its stake in Snap-On by 100.9% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 464 shares of the company's stock valued at $144,000 after purchasing an additional 233 shares during the period. Gamco Investors INC. ET AL grew its holdings in Snap-On by 32.9% in the 2nd quarter. Gamco Investors INC. ET AL now owns 1,752 shares of the company's stock valued at $545,000 after buying an additional 434 shares in the last quarter. Finally, Natixis grew its holdings in Snap-On by 136.8% in the 2nd quarter. Natixis now owns 3,048 shares of the company's stock valued at $948,000 after buying an additional 1,761 shares in the last quarter. Institutional investors own 84.88% of the company's stock.

Analysts Set New Price Targets

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

Insiders Place Their Bets

In other news, CFO Aldo Pagliari sold 5,531 shares of the firm's stock in a transaction that occurred on Thursday, August 13th. The shares were sold at an average price of $404.25, for a total transaction of $2,235,906.75. Following the completion of the sale, the chief financial officer owned 120,644 shares of the company's stock, valued at $48,770,337. This trade represents a 4.38% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP Timothy L. Chambers sold 9,111 shares of the firm's stock in a transaction that occurred on Tuesday, July 28th. The stock was sold at an average price of $419.36, for a total transaction of $3,820,788.96. Following the sale, the senior vice president directly owned 21,223 shares of the company's stock, valued at approximately $8,900,077.28. This trade represents a 30.04% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 40,720 shares of company stock valued at $16,500,198 in the last 90 days. Company insiders own 3.80% of the company's stock.

Snap-On Stock Performance

Shares of SNA opened at $379.97 on Wednesday. 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 firm's fifty day simple moving average is $402.36 and its two-hundred day simple moving average is $385.44. Snap-On Incorporated has a 12 month low of $320.80 and a 12 month high of $423.02. The stock has a market capitalization of $19.66 billion, a P/E ratio of 19.38, a price-to-earnings-growth ratio of 2.69 and a beta of 0.72.

Snap-On (NYSE:SNA - Get Free Report) last posted its quarterly earnings data on Thursday, July 23rd. The company reported $4.96 earnings per share for the quarter, topping the consensus estimate of $4.95 by $0.01. The firm had revenue of $1.24 billion during the quarter, compared to analyst estimates of $1.22 billion. Snap-On had a return on equity of 17.07% and a net margin of 21.25%.The business's quarterly revenue was up 4.7% on a year-over-year basis. During the same period last year, the company posted $4.72 EPS. As a group, analysts predict that Snap-On Incorporated will post 19.7 EPS for the current year.

Snap-On Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 10th. Shareholders of record on Wednesday, August 19th will be issued a $2.44 dividend. This represents a $9.76 dividend on an annualized basis and a yield of 2.6%. The ex-dividend date is Wednesday, August 19th. Snap-On's payout ratio is presently 49.77%.

Snap-On Company 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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