Denali Advisors LLC Invests $1.17 Million in Snap-On Incorporated $SNA

Key Points

• Denali Advisors purchased a new $1.17 million stake in Snap-On during the second quarter, while institutional investors collectively own 84.88% of the company.
• Analysts maintain a positive outlook, with five Buy ratings and one Hold rating; Snap-On has a consensus “Moderate Buy” rating and a $426.20 price target.
• Snap-On exceeded quarterly earnings and revenue expectations, reported 4.7% year-over-year revenue growth, announced a $2.44 quarterly dividend, and authorized a $500 million share-repurchase program.

Denali Advisors LLC purchased a new stake in Snap-On Incorporated (NYSE:SNA - Free Report) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 2,906 shares of the company's stock, valued at approximately $1,169,000.

Several other large investors have also recently bought and sold shares of SNA. BlackRock Inc. bought a new position in Snap-On during the 2nd quarter worth $1,715,363,000. Auto Owners Insurance Co boosted its position in shares of Snap-On by 34,360.0% in the fourth quarter. Auto Owners Insurance Co now owns 1,025,185 shares of the company's stock valued at $353,279,000 after acquiring an additional 1,022,210 shares during the period. Norges Bank bought a new stake in shares of Snap-On in the fourth quarter valued at about $210,814,000. Bank of New York Mellon Corp acquired a new position in shares of Snap-On in the second quarter valued at about $174,736,000. Finally, Deutsche Bank AG acquired a new stake in Snap-On in the 2nd quarter worth about $106,496,000. 84.88% of the stock is owned by institutional investors.

Analysts Set New Price Targets

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

Insider Activity

In other news, SVP Timothy L. Chambers sold 9,111 shares of the firm's stock in a transaction that occurred on Tuesday, July 28th. The shares were sold at an average price of $419.36, for a total value 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. This trade represents a 30.04% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, VP Richard Thomas Miller sold 2,000 shares of Snap-On stock in a transaction that occurred on Wednesday, July 1st. The shares were sold at an average price of $405.92, for a total transaction of $811,840.00. Following the sale, the vice president directly owned 4,529 shares in the company, valued at $1,838,411.68. This trade represents a 30.63% 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. In the last 90 days, insiders have sold 45,928 shares of company stock valued at $18,483,009. Corporate insiders own 3.80% of the company's stock.

Snap-On Trading Down 0.4%

Shares of SNA stock opened at $394.00 on Thursday. The stock's fifty day moving average price is $403.06 and its two-hundred day moving average price is $384.33. The company has a market cap of $20.38 billion, a PE ratio of 20.09, a P/E/G ratio of 2.78 and a beta of 0.73. Snap-On Incorporated has a fifty-two week low of $319.20 and a fifty-two week high of $423.02. The company has a debt-to-equity ratio of 0.15, a quick ratio of 2.64 and a current ratio of 3.43.

Snap-On (NYSE:SNA - Get Free Report) last posted its quarterly earnings results on Thursday, July 23rd. The company reported $4.96 EPS for the quarter, topping analysts' consensus estimates of $4.95 by $0.01. Snap-On had a return on equity of 17.07% and a net margin of 21.25%.The company had revenue of $1.24 billion during the quarter, compared to analysts' expectations of $1.22 billion. During the same quarter in the previous year, the firm earned $4.72 EPS. Snap-On's revenue was up 4.7% on a year-over-year basis. Equities analysts predict that Snap-On Incorporated will post 19.7 EPS for the current fiscal 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 given a $2.44 dividend. This represents a $9.76 dividend on an annualized basis and a yield of 2.5%. The ex-dividend date is Wednesday, August 19th. Snap-On's payout ratio is currently 49.77%.

Snap-On announced that its Board of Directors has authorized 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 stock through open market purchases. Stock repurchase plans are usually a sign that the company's board of directors believes its stock is undervalued.

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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