Engineers Gate Manager LP Makes New $2.78 Million Investment in Snap-On Incorporated $SNA

Key Points

• Engineers Gate Manager LP acquired 6,904 Snap-On shares worth approximately $2.78 million in the second quarter. Institutional investors collectively own 84.88% of the company.
• Snap-On reported quarterly EPS of $4.96, slightly above estimates, while revenue rose 4.7% year over year to $1.24 billion. The company also declared a quarterly dividend of $2.44, representing a 2.6% annualized yield.
• Analysts maintain a generally positive outlook, with five Buy ratings and one Hold rating and a consensus price target of $426.20. Meanwhile, insiders sold about $16.5 million of shares during the latest quarter.

Engineers Gate Manager LP bought a new stake in Snap-On Incorporated (NYSE:SNA - Free Report) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 6,904 shares of the company's stock, valued at approximately $2,778,000.

Several other hedge funds also recently modified their holdings of SNA. Annis Gardner Whiting Capital Advisors LLC raised its position in Snap-On by 36.4% in the 4th quarter. Annis Gardner Whiting Capital Advisors LLC now owns 105 shares of the company's stock valued at $36,000 after buying an additional 28 shares during the last quarter. Ritholtz Wealth Management boosted its holdings in Snap-On by 2.4% during the 1st quarter. Ritholtz Wealth Management now owns 1,435 shares of the company's stock worth $521,000 after acquiring an additional 34 shares during the last quarter. Pinnacle Associates Ltd. boosted its holdings in Snap-On by 5.4% during the 4th quarter. Pinnacle Associates Ltd. now owns 758 shares of the company's stock worth $261,000 after acquiring an additional 39 shares during the last quarter. CX Institutional grew its stake in shares of Snap-On by 10.6% in the 2nd quarter. CX Institutional now owns 447 shares of the company's stock worth $180,000 after acquiring an additional 43 shares in the last quarter. Finally, IFM Investors Pty Ltd grew its stake in shares of Snap-On by 0.4% in the 1st quarter. IFM Investors Pty Ltd now owns 11,301 shares of the company's stock worth $4,105,000 after acquiring an additional 45 shares in the last quarter. Hedge funds and other institutional investors own 84.88% of the company's stock.

Snap-On Trading Up 0.7%

Shares of Snap-On stock opened at $378.11 on Tuesday. The firm has a market cap of $19.56 billion, a PE ratio of 19.28, a P/E/G ratio of 2.64 and a beta of 0.72. Snap-On Incorporated has a 1 year low of $320.80 and a 1 year 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 $399.64 and a 200-day moving average price of $385.19.

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

Snap-On Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, September 10th. Shareholders of record on Wednesday, August 19th were paid a $2.44 dividend. This represents a $9.76 dividend on an annualized basis and a yield of 2.6%. The ex-dividend date was Wednesday, August 19th. Snap-On's payout ratio is presently 49.77%.

Insider Transactions at Snap-On

In other news, SVP Timothy Chambers sold 9,111 shares of the stock in a transaction that occurred on Tuesday, July 28th. The shares were sold at an average price of $419.36, for a total transaction of $3,820,788.96. Following the completion of the transaction, the senior vice president directly owned 21,223 shares of the company's stock, valued at $8,900,077.28. This represents a 30.04% decrease in their position. The transaction 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, VP Marty V. Ozolins sold 800 shares of the firm's stock in a transaction that occurred on Wednesday, August 26th. The stock was sold at an average price of $400.00, for a total transaction of $320,000.00. Following the sale, the vice president owned 1,526 shares of the company's stock, valued at approximately $610,400. The trade was a 34.39% 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 quarter, insiders sold 40,720 shares of company stock valued at $16,500,198. Corporate insiders own 3.80% of the company's stock.

Wall Street Analyst Weigh In

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

About Snap-On

Snap-on Incorporated is a manufacturer and distributor of professional tools, equipment, diagnostics and repair information. Its products include hand and power tools, tool storage, vehicle diagnostic systems, shop equipment, repair software and related services. The company serves professional technicians and customers in the automotive repair, commercial transportation, industrial, aviation, military, agriculture and other technical markets.

Snap-on sells products under the Snap-on brand and other brands, including Blue-Point, through a broad distribution network.

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