CIBC Asset Management Inc Purchases 5,044 Shares of Snap-On Incorporated $SNA

Key Points

• CIBC Asset Management increased its stake in Snap-On by 57.6% in the fourth quarter, buying 5,044 additional shares and bringing its total holding to 13,794 shares valued at about $4.75 million.
• Snap-On reported quarterly EPS of $4.69, slightly below estimates, while revenue came in at $1.21 billion, ahead of expectations and up 5.8% year over year.
• The company authorized a $500 million share buyback and declared a quarterly dividend of $2.44 per share, equal to an annualized yield of 2.6%.

CIBC Asset Management Inc raised its position in shares of Snap-On Incorporated (NYSE:SNA - Free Report) by 57.6% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 13,794 shares of the company's stock after acquiring an additional 5,044 shares during the quarter. CIBC Asset Management Inc's holdings in Snap-On were worth $4,753,000 at the end of the most recent quarter.

Several other large investors have also bought and sold shares of SNA. Thurston Springer Miller Herd & Titak Inc. bought a new stake in Snap-On during the 4th quarter valued at approximately $25,000. GoalVest Advisory LLC bought a new stake in Snap-On during the 4th quarter valued at approximately $28,000. Montag A & Associates Inc. boosted its position in Snap-On by 331.8% during the 4th quarter. Montag A & Associates Inc. now owns 95 shares of the company's stock valued at $33,000 after acquiring an additional 73 shares in the last quarter. Annis Gardner Whiting Capital Advisors LLC boosted its position in Snap-On by 36.4% during the 4th quarter. Annis Gardner Whiting Capital Advisors LLC now owns 105 shares of the company's stock valued at $36,000 after acquiring an additional 28 shares in the last quarter. Finally, United Community Bank bought a new stake in Snap-On during the 4th quarter valued at approximately $43,000. 84.88% of the stock is owned by institutional investors.

Snap-On Stock Up 0.2%

Shares of NYSE SNA opened at $379.67 on Friday. The firm's 50-day moving average price is $372.58 and its 200-day moving average price is $365.28. The company has a current ratio of 3.53, a quick ratio of 2.74 and a debt-to-equity ratio of 0.15. The stock has a market capitalization of $19.67 billion, a price-to-earnings ratio of 19.60, a P/E/G ratio of 2.67 and a beta of 0.73. Snap-On Incorporated has a 12-month low of $301.82 and a 12-month high of $400.88.

Snap-On (NYSE:SNA - Get Free Report) last announced its earnings results on Thursday, April 23rd. The company reported $4.69 earnings per share (EPS) for the quarter, missing the consensus estimate of $4.75 by ($0.06). The business had revenue of $1.21 billion for the quarter, compared to analysts' expectations of $1.19 billion. Snap-On had a net margin of 21.28% and a return on equity of 17.13%. The firm's quarterly revenue was up 5.8% compared to the same quarter last year. During the same quarter in the prior year, the company posted $4.51 earnings per share. On average, equities research analysts anticipate that Snap-On Incorporated will post 19.7 EPS for the current fiscal year.

Snap-On declared that its board has initiated a share buyback plan 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 2.6% of its stock through open market purchases. Stock buyback plans are typically an indication that the company's board believes its shares are undervalued.

Snap-On Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 10th. Investors of record on Wednesday, May 20th will be given a $2.44 dividend. This represents a $9.76 dividend on an annualized basis and a yield of 2.6%. The ex-dividend date of this dividend is Wednesday, May 20th. Snap-On's dividend payout ratio is 50.39%.

Insider Transactions at Snap-On

In other Snap-On news, CFO Aldo John Pagliari sold 1,330 shares of the company's stock in a transaction dated Thursday, June 4th. The shares were sold at an average price of $379.27, for a total value of $504,429.10. Following the transaction, the chief financial officer directly owned 118,158 shares in the company, valued at $44,813,784.66. This represents a 1.11% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Nicholas T. Pinchuk sold 23,396 shares of the company's stock in a transaction dated Tuesday, May 5th. The stock was sold at an average price of $375.77, for a total transaction of $8,791,514.92. Following the completion of the transaction, the chief executive officer owned 856,918 shares in the company, valued at $322,004,076.86. This represents a 2.66% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 30,439 shares of company stock worth $11,393,700 over the last three months. 3.80% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on SNA shares. Tigress Financial lifted their target price on shares of Snap-On from $405.00 to $445.00 and gave the company a "buy" rating in a report on Friday, February 27th. Roth Mkm restated a "buy" rating and issued a $431.00 price objective on shares of Snap-On in a report on Friday, April 24th. Robert W. Baird lifted their target price on shares of Snap-On from $380.00 to $395.00 and gave the stock a "neutral" rating in a research report on Friday, April 24th. Wall Street Zen downgraded shares of Snap-On from a "buy" rating to a "hold" rating in a research report on Saturday, February 7th. Finally, Weiss Ratings reissued a "buy (b)" rating on shares of Snap-On in a research report on Monday, April 20th. Five equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, Snap-On has a consensus rating of "Moderate Buy" and a consensus price target of $387.67.

Snap-On 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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