Empowered Funds LLC Buys Shares of 64,471 Snap-On Incorporated $SNA

Key Points

• Empowered Funds LLC purchased 64,471 Snap-On shares worth approximately $25.9 million, joining other institutional investors that increased their holdings; institutions now own 84.88% of the company.
• Analysts maintain a favorable outlook, with five Buy ratings and one Hold, an overall “Moderate Buy” rating, and an average price target of $426.20 versus the stock’s $395.94 opening price.
• Snap-On slightly exceeded quarterly earnings and revenue estimates, while its board authorized a $500 million share buyback and the company declared a quarterly dividend of $2.44 per share, yielding about 2.5% annually.

Empowered Funds LLC bought a new stake in shares of Snap-On Incorporated (NYSE:SNA - Free Report) in the 2nd quarter, according to its most recent filing with the SEC. The institutional investor bought 64,471 shares of the company's stock, valued at approximately $25,943,000. Empowered Funds LLC owned about 0.12% of Snap-On at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in SNA. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in 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 acquiring an additional 1,185 shares during the last quarter. Woodline Partners LP increased its position in shares of Snap-On by 40.4% in the 1st quarter. Woodline Partners LP now owns 4,426 shares of the company's stock worth $1,492,000 after purchasing an additional 1,273 shares during the last quarter. EverSource Wealth Advisors LLC raised its stake in shares of Snap-On by 100.9% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 464 shares of the company's stock valued at $144,000 after purchasing an additional 233 shares in the last quarter. Gamco Investors INC. ET AL lifted its position in shares of Snap-On by 32.9% during the second quarter. Gamco Investors INC. ET AL now owns 1,752 shares of the company's stock worth $545,000 after purchasing an additional 434 shares during the last quarter. Finally, Natixis lifted its position in shares of Snap-On by 136.8% during the second quarter. Natixis now owns 3,048 shares of the company's stock worth $948,000 after purchasing an additional 1,761 shares during the last quarter. Institutional investors and hedge funds own 84.88% of the company's stock.

Insider Activity

In other news, VP Richard Thomas Miller sold 2,000 shares of the business's stock in a transaction that occurred on Wednesday, July 1st. The stock was 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 directly owned 4,529 shares in the company, valued at approximately $1,838,411.68. The trade was a 30.63% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP Jesus Arregui sold 4,251 shares of the firm's stock in a transaction that occurred on Wednesday, June 10th. The shares were sold at an average price of $383.92, for a total value of $1,632,043.92. Following the completion of the sale, the senior vice president owned 4,439 shares in the company, valued at approximately $1,704,220.88. This represents a 48.92% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 46,728 shares of company stock worth $18,803,009 over the last three months. Insiders own 3.80% of the company's stock.

Wall Street Analyst Weigh In

Several analysts recently weighed in on the company. Weiss Ratings reissued a "buy (b)" rating on shares of Snap-On in a report on Friday, July 17th. Tigress Financial lifted their target price on Snap-On from $445.00 to $485.00 and gave the stock a "buy" rating in a research report on Friday, July 31st. Roth Capital reiterated a "buy" rating and issued a $461.00 price target (up from $409.00) on shares of Snap-On in a report on Friday, July 24th. Barclays started coverage on Snap-On in a research report on Thursday, May 28th. They set an "overweight" rating and a $420.00 price target on the stock. Finally, Robert W. Baird set a $415.00 target price on shares of Snap-On in a research note on Friday, July 24th. Five equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $426.20.

Snap-On Price Performance

Shares of SNA opened at $395.94 on Friday. Snap-On Incorporated has a 12 month low of $319.20 and a 12 month high of $423.02. 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 stock has a fifty day moving average price of $404.06 and a 200 day moving average price of $385.23. The company has a market cap of $20.48 billion, a P/E ratio of 20.19, a PEG ratio of 2.80 and a beta of 0.73.

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

Snap-On declared that its board has initiated 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 shares through open market purchases. Shares repurchase programs are typically an indication that the company's board believes its stock is undervalued.

Snap-On Dividend Announcement

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

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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