Deutsche Bank AG Invests $106.50 Million in Snap-On Incorporated $SNA

Key Points

• Deutsche Bank acquired 264,652 Snap-On shares worth approximately $106.5 million, giving it a 0.51% stake. Institutional investors collectively own 84.88% of the company.
• Analysts remain broadly positive, with five Buy ratings and one Hold rating producing a consensus “Moderate Buy” recommendation and an average price target of $426.20.
• Snap-On exceeded quarterly expectations with $4.96 earnings per share and $1.24 billion in revenue, while maintaining a $2.44 quarterly dividend and a $500 million share-repurchase authorization.

Deutsche Bank AG purchased a new stake in Snap-On Incorporated (NYSE:SNA - Free Report) in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund purchased 264,652 shares of the company's stock, valued at approximately $106,496,000. Deutsche Bank AG owned approximately 0.51% of Snap-On as of its most recent SEC filing.

Several other institutional investors and hedge funds have also bought and sold shares of SNA. Auto Owners Insurance Co increased its holdings in Snap-On by 34,360.0% in the 4th quarter. Auto Owners Insurance Co now owns 1,025,185 shares of the company's stock valued at $353,279,000 after buying an additional 1,022,210 shares during the period. Norges Bank bought a new stake in shares of Snap-On during the 4th quarter worth approximately $210,814,000. Bank of New York Mellon Corp bought a new stake in shares of Snap-On during the 2nd quarter worth approximately $174,736,000. PFA Pension Forsikringsaktieselskab acquired a new stake in shares of Snap-On during the 4th quarter worth approximately $69,751,000. Finally, UBS Group AG boosted its position in shares of Snap-On by 30.7% during the 4th quarter. UBS Group AG now owns 617,620 shares of the company's stock worth $212,832,000 after acquiring an additional 144,926 shares in the last quarter. Institutional investors own 84.88% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts have commented on SNA shares. Robert W. Baird set a $415.00 price objective on shares of Snap-On in a research report on Friday, July 24th. Tigress Financial raised their target price on Snap-On from $445.00 to $485.00 and gave the company a "buy" rating in a report on Friday, July 31st. Roth Capital reaffirmed a "buy" rating and issued a $461.00 target price (up from $409.00) on shares of Snap-On in a 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 initiated coverage on Snap-On in a report on Thursday, May 28th. They set an "overweight" rating and a $420.00 price target for the company. Five equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $426.20.

Snap-On Price Performance

Snap-On stock opened at $394.00 on Thursday. The company has a current ratio of 3.43, a quick ratio of 2.64 and a debt-to-equity ratio of 0.15. The company has a market capitalization 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 12 month low of $319.20 and a 12 month high of $423.02. The stock has a 50-day moving average price of $403.06 and a two-hundred day moving average price of $384.33.

Snap-On (NYSE:SNA - Get Free Report) last released its quarterly earnings results on Thursday, July 23rd. The company reported $4.96 earnings per share for the quarter, topping the consensus estimate 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 for the quarter, compared to analysts' expectations of $1.22 billion. During the same period in the previous year, the business posted $4.72 earnings per share. The business's quarterly revenue was up 4.7% compared to the same quarter last year. Analysts expect that Snap-On Incorporated will post 19.7 EPS for the current year.

Snap-On Dividend Announcement

The firm also recently announced 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. The ex-dividend date is Wednesday, August 19th. This represents a $9.76 annualized dividend and a yield of 2.5%. Snap-On's dividend payout ratio (DPR) is currently 49.77%.

Snap-On declared that its Board of Directors has initiated a stock buyback program on Thursday, April 30th that authorizes the company to buyback $500.00 million in shares. This buyback authorization authorizes the company to repurchase up to 2.5% of its shares through open market purchases. Shares buyback programs are often an indication that the company's leadership believes its shares are undervalued.

Insider Activity

In other news, VP Richard Thomas Miller sold 2,000 shares of the firm's stock in a transaction 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 completion of the transaction, the vice president owned 4,529 shares of the company's stock, valued at approximately $1,838,411.68. This trade represents a 30.63% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Nicholas T. Pinchuk sold 22,889 shares of Snap-On stock in a transaction on Tuesday, August 18th. The stock was sold at an average price of $399.69, for a total transaction of $9,148,504.41. Following the transaction, the chief executive officer owned 867,779 shares in the company, valued at approximately $346,842,588.51. This trade represents a 2.57% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders sold 45,928 shares of company stock worth $18,483,009. Company insiders own 3.80% of the company's stock.

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.

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