CCM Investment Group LLC Buys New Stake in Snap-On Incorporated (NYSE:SNA)

Key Points

• CCM Investment Group LLC acquired a new position in Snap-On Incorporated, purchasing 2,725 shares worth approximately $897,000 during the first quarter.
• Snap-On reported a quarterly earnings per share (EPS) of $4.72, exceeding analysts' expectations, with quarterly revenue of $1.18 billion.
• The company has announced a quarterly dividend of $2.14 per share, which will be paid to stockholders of record on August 19, reflecting a dividend yield of 2.7%.

CCM Investment Group LLC purchased a new stake in Snap-On Incorporated (NYSE:SNA - Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 2,725 shares of the company's stock, valued at approximately $897,000.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Charles Schwab Investment Management Inc. boosted its holdings in shares of Snap-On by 6.4% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 1,921,584 shares of the company's stock worth $647,593,000 after buying an additional 115,306 shares during the period. First Trust Advisors LP increased its position in Snap-On by 29.2% in the 4th quarter. First Trust Advisors LP now owns 1,819,403 shares of the company's stock valued at $617,651,000 after acquiring an additional 411,317 shares during the period. Auto Owners Insurance Co boosted its stake in Snap-On by 35,967.2% during the first quarter. Auto Owners Insurance Co now owns 1,073,000 shares of the company's stock worth $361,612,000 after acquiring an additional 1,070,025 shares in the last quarter. Earnest Partners LLC boosted its stake in Snap-On by 1.9% during the fourth quarter. Earnest Partners LLC now owns 963,866 shares of the company's stock worth $327,213,000 after acquiring an additional 18,209 shares in the last quarter. Finally, Dimensional Fund Advisors LP lifted its stake in shares of Snap-On by 5.7% in the fourth quarter. Dimensional Fund Advisors LP now owns 927,564 shares of the company's stock valued at $314,896,000 after buying an additional 50,187 shares in the last quarter. 84.88% of the stock is owned by institutional investors.

Analysts Set New Price Targets

SNA has been the subject of several analyst reports. Barrington Research reiterated an "outperform" rating and issued a $350.00 target price on shares of Snap-On in a report on Tuesday, July 15th. Wall Street Zen upgraded shares of Snap-On from a "hold" rating to a "buy" rating in a research report on Friday, May 16th. Bank of America lifted their target price on shares of Snap-On from $265.00 to $285.00 and gave the company an "underperform" rating in a research report on Friday, July 18th. Finally, Robert W. Baird lifted their target price on shares of Snap-On from $329.00 to $347.00 and gave the company a "neutral" rating in a research report on Friday, July 18th. One analyst has rated the stock with a sell rating, one has given a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, Snap-On has an average rating of "Moderate Buy" and an average price target of $356.17.

Insider Activity

In other news, CEO Nicholas T. Pinchuk sold 23,042 shares of the company's stock in a transaction dated Monday, August 11th. The shares were sold at an average price of $320.88, for a total transaction of $7,393,716.96. Following the completion of the sale, the chief executive officer owned 815,219 shares of the company's stock, valued at $261,587,472.72. This represents a 2.75% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Karen L. Daniel sold 1,090 shares of the stock in a transaction that occurred on Thursday, June 5th. The stock was sold at an average price of $319.92, for a total transaction of $348,712.80. Following the completion of the sale, the director directly owned 8,030 shares of the company's stock, valued at $2,568,957.60. This represents a 11.95% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 52,857 shares of company stock valued at $16,876,248 in the last quarter. 3.90% of the stock is currently owned by insiders.

Snap-On Trading Up 2.6%

Snap-On stock traded up $8.34 during mid-day trading on Wednesday, reaching $333.90. 236,247 shares of the company traded hands, compared to its average volume of 338,202. Snap-On Incorporated has a 52-week low of $268.90 and a 52-week high of $373.89. The firm has a market capitalization of $17.42 billion, a price-to-earnings ratio of 17.81, a P/E/G ratio of 2.27 and a beta of 0.76. 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 firm's 50 day moving average price is $319.37 and its 200 day moving average price is $325.69.

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

Snap-On Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 10th. Stockholders of record on Tuesday, August 19th will be given a dividend of $2.14 per share. The ex-dividend date of this dividend is Tuesday, August 19th. This represents a $8.56 annualized dividend and a dividend yield of 2.6%. Snap-On's dividend payout ratio is presently 45.65%.

Snap-On Company 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.