Castlefield Investment Partners LLP Acquires New Stake in Snap-On Incorporated $SNA

Key Points

• Castlefield Investment Partners acquired 9,571 Snap-On shares worth approximately $3.85 million in the second quarter, making SNA 2.6% of its portfolio. Institutional investors collectively own 84.88% of the company.
• Analyst sentiment remains favorable, with five Buy ratings and one Hold rating and a consensus price target of $426.20. Snap-On recently exceeded quarterly earnings and revenue estimates, reporting $4.96 in EPS and $1.24 billion in revenue.
• Snap-On authorized a $500 million share-repurchase program and declared a quarterly dividend of $2.44 per share, equal to a 2.5% annualized yield. Meanwhile, company insiders sold 45,928 shares worth $18.5 million over the past 90 days.

Castlefield Investment Partners LLP acquired a new stake in Snap-On Incorporated (NYSE:SNA - Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 9,571 shares of the company's stock, valued at approximately $3,851,000. Snap-On comprises approximately 2.6% of Castlefield Investment Partners LLP's portfolio, making the stock its 17th biggest position.

Several other institutional investors and hedge funds have also made changes to their positions in SNA. OMERS ADMINISTRATION Corp purchased a new position in shares of Snap-On during the second quarter worth approximately $4,173,000. Sanctuary Advisors LLC bought a new stake in shares of Snap-On in the 2nd quarter valued at about $15,028,000. Meiji Yasuda Asset Management Co Ltd. purchased a new stake in shares of Snap-On in the 2nd quarter worth approximately $442,000. Bank of Nova Scotia bought a new position in shares of Snap-On during the second quarter valued at approximately $2,615,000. Finally, Elevation Point Wealth Partners LLC bought a new position in shares of Snap-On during the second quarter valued at approximately $236,000. 84.88% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other Snap-On news, CEO Nicholas T. Pinchuk sold 22,889 shares of the company's stock in a transaction dated Tuesday, August 18th. The shares were sold at an average price of $399.69, for a total value of $9,148,504.41. Following the completion of the transaction, the chief executive officer owned 867,779 shares in the company, valued at approximately $346,842,588.51. This represents a 2.57% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible 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 stock in a transaction dated 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 in the company, valued at approximately $8,900,077.28. The trade was a 30.04% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 45,928 shares of company stock valued at $18,483,009 in the last ninety days. Company insiders own 3.80% of the company's stock.

Analyst Ratings Changes

A number of research analysts have recently issued reports on SNA shares. Tigress Financial lifted 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. Robert W. Baird set a $415.00 price objective on Snap-On in a research note on Friday, July 24th. Roth Capital reaffirmed 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. Weiss Ratings reiterated a "buy (b)" rating on shares of Snap-On in a research note on Friday, July 17th. Finally, Barclays assumed 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. Five research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $426.20.

Snap-On Stock Performance

Shares of Snap-On stock opened at $393.11 on Monday. The company has a 50 day moving average price of $403.30 and a 200 day moving average price of $384.66. The firm has a market capitalization of $20.34 billion, a P/E ratio of 20.05, a PEG ratio of 2.77 and a beta of 0.73. The company has a quick ratio of 2.64, a current ratio of 3.43 and a debt-to-equity ratio of 0.15. Snap-On Incorporated has a 52 week low of $319.20 and a 52 week high of $423.02.

Snap-On (NYSE:SNA - Get Free Report) last posted its quarterly earnings results on Thursday, July 23rd. The company reported $4.96 earnings per share for the quarter, beating the consensus estimate of $4.95 by $0.01. The business had revenue of $1.24 billion for the quarter, compared to the consensus estimate of $1.22 billion. Snap-On had a return on equity of 17.07% and a net margin of 21.25%.The company's quarterly revenue was up 4.7% compared to the same quarter last year. During the same quarter in the previous year, the business earned $4.72 EPS. Sell-side analysts expect that Snap-On Incorporated will post 19.7 EPS for the current year.

Snap-On announced that its board has initiated a share repurchase plan on Thursday, April 30th that authorizes the company to repurchase $500.00 million in outstanding shares. This repurchase authorization authorizes the company to buy up to 2.5% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company's board believes its shares are undervalued.

Snap-On Announces Dividend

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