Dearborn Partners LLC Takes $25.06 Million Position in Snap-On Incorporated $SNA

Key Points

• Dearborn Partners initiated a $25.06 million position in Snap-On, purchasing 62,282 shares and owning approximately 0.12% of the company. Institutional investors collectively hold 84.88% of Snap-On’s stock.
• Snap-On exceeded quarterly expectations, reporting $4.96 in EPS and $1.24 billion in revenue, with revenue up 4.7% year over year. The company also authorized a $500 million share-buyback program and declared a quarterly dividend of $2.44 per share.
• Analyst sentiment remains favorable, with five Buy ratings and one Hold rating, producing a “Moderate Buy” consensus and an average price target of $426.20. Meanwhile, Snap-On’s CEO and CFO sold shares under pre-arranged Rule 10b5-1 trading plans.

Dearborn Partners LLC purchased a new stake in shares of Snap-On Incorporated (NYSE:SNA - Free Report) in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 62,282 shares of the company's stock, valued at approximately $25,062,000. Dearborn Partners LLC owned about 0.12% of Snap-On as of its most recent SEC filing.

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

Insider Transactions at Snap-On

In related news, CEO Nicholas T. Pinchuk sold 22,889 shares of the business's stock in a transaction that occurred on 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 directly owned 867,779 shares in the company, valued at $346,842,588.51. The trade was a 2.57% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Aldo John Pagliari sold 5,531 shares of the company'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 value of $2,235,906.75. Following the completion of the transaction, the chief financial officer directly owned 120,644 shares in the company, valued at $48,770,337. This trade represents a 4.38% 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. In the last quarter, insiders have sold 46,728 shares of company stock valued at $18,803,009. 3.80% of the stock is currently owned by insiders.

Snap-On Price Performance

Shares of NYSE:SNA opened at $395.94 on Friday. The business has a fifty day moving average price of $404.06 and a 200-day moving average price of $385.23. The company has a debt-to-equity ratio of 0.15, a current ratio of 3.43 and a quick ratio of 2.64. The company has a market capitalization of $20.48 billion, a PE ratio of 20.19, a PEG ratio of 2.80 and a beta of 0.73. Snap-On Incorporated has a 1-year low of $319.20 and a 1-year high of $423.02.

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

Snap-On declared that its board has authorized a stock buyback program on Thursday, April 30th that allows the company to repurchase $500.00 million in shares. This repurchase authorization allows the company to buy up to 2.5% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company's board of directors believes its shares are undervalued.

Snap-On Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 10th. Stockholders of record on Wednesday, August 19th will be paid a $2.44 dividend. This represents a $9.76 annualized dividend and a dividend yield of 2.5%. The ex-dividend date is Wednesday, August 19th. Snap-On's dividend payout ratio is currently 49.77%.

Wall Street Analyst Weigh In

SNA has been the subject of several research reports. Robert W. Baird set a $415.00 target price on Snap-On in a research report on Friday, July 24th. Weiss Ratings restated a "buy (b)" rating on shares of Snap-On in a research report on Friday, July 17th. Barclays started coverage on Snap-On in a research note on Thursday, May 28th. They issued an "overweight" rating and a $420.00 price target on the stock. Roth Capital reiterated a "buy" rating and issued a $461.00 price objective (up from $409.00) on shares of Snap-On in a report on Friday, July 24th. Finally, Tigress Financial raised their price objective on Snap-On from $445.00 to $485.00 and gave the company a "buy" rating in a research report on Friday, July 31st. 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, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $426.20.

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.

Want to see what other hedge funds are holding SNA? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Snap-On Incorporated (NYSE:SNA - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source