Eurizon Capital SGR S.p.A. Makes New Investment in Snap-On Incorporated $SNA

Key Points

• Eurizon Capital SGR S.p.A. opened a new position in Snap-On during the fourth quarter, buying 86,863 shares worth about $29.9 million. The stake represented roughly 0.17% of the company.
• Snap-On’s latest quarterly results showed revenue of $1.21 billion, up 5.8% year over year, but EPS of $4.69 missed Wall Street estimates by $0.06. The company also announced a $500 million share repurchase plan and a quarterly dividend of $2.44 per share.
• Insider selling was notable, with CFO Aldo John Pagliari and CEO Nicholas T. Pinchuk both selling shares under pre-arranged trading plans. Analysts remain cautiously positive overall, with an average rating of Moderate Buy and an average price target of $387.67.

Eurizon Capital SGR S.p.A. acquired a new position in shares of Snap-On Incorporated (NYSE:SNA - Free Report) during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 86,863 shares of the company's stock, valued at approximately $29,939,000. Eurizon Capital SGR S.p.A. owned about 0.17% of Snap-On as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently made changes to their positions in the company. Thurston Springer Miller Herd & Titak Inc. purchased a new position in shares of Snap-On during the fourth quarter worth about $25,000. GoalVest Advisory LLC purchased a new position in shares of Snap-On during the fourth quarter worth about $28,000. Montag A & Associates Inc. grew its holdings in shares of Snap-On by 331.8% during the fourth quarter. Montag A & Associates Inc. now owns 95 shares of the company's stock worth $33,000 after buying an additional 73 shares during the last quarter. Annis Gardner Whiting Capital Advisors LLC grew its holdings in shares of Snap-On by 36.4% during the fourth quarter. Annis Gardner Whiting Capital Advisors LLC now owns 105 shares of the company's stock worth $36,000 after buying an additional 28 shares during the last quarter. Finally, United Community Bank purchased a new position in shares of Snap-On during the fourth quarter worth about $43,000. Hedge funds and other institutional investors own 84.88% of the company's stock.

Insider Transactions at Snap-On

In related news, CFO Aldo John Pagliari sold 5,713 shares of the firm's stock in a transaction dated Thursday, May 14th. The shares were sold at an average price of $367.19, for a total value of $2,097,756.47. Following the completion of the sale, the chief financial officer owned 119,488 shares in the company, valued at $43,874,798.72. This trade represents a 4.56% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Nicholas T. Pinchuk sold 23,396 shares of the firm's stock in a transaction dated Tuesday, May 5th. The shares were sold at an average price of $375.77, for a total transaction of $8,791,514.92. Following the completion of the sale, the chief executive officer owned 856,918 shares of the company's stock, valued at approximately $322,004,076.86. The trade was a 2.66% 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. 3.80% of the stock is owned by company insiders.

Snap-On Price Performance

Shares of NYSE:SNA opened at $371.75 on Friday. The company has a quick ratio of 2.74, a current ratio of 3.53 and a debt-to-equity ratio of 0.15. The company has a market cap of $19.26 billion, a P/E ratio of 19.19, a PEG ratio of 2.61 and a beta of 0.75. Snap-On Incorporated has a 52 week low of $301.82 and a 52 week high of $400.88. The company has a 50-day moving average price of $371.30 and a 200 day moving average price of $364.00.

Snap-On (NYSE:SNA - Get Free Report) last announced its quarterly earnings data on Thursday, April 23rd. The company reported $4.69 EPS for the quarter, missing analysts' consensus estimates of $4.75 by ($0.06). The firm had revenue of $1.21 billion during the quarter, compared to analyst estimates of $1.19 billion. Snap-On had a net margin of 21.28% and a return on equity of 17.13%. Snap-On's revenue for the quarter was up 5.8% on a year-over-year basis. During the same quarter in the previous year, the business earned $4.51 EPS. Research analysts predict that Snap-On Incorporated will post 19.7 earnings per share for the current year.

Snap-On announced that its Board of Directors has approved a share buyback plan on Thursday, April 30th that permits the company to repurchase $500.00 million in shares. This repurchase authorization permits the company to reacquire up to 2.6% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company's leadership believes its shares are undervalued.

Snap-On Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 10th. Investors of record on Wednesday, May 20th will be given a $2.44 dividend. The ex-dividend date is Wednesday, May 20th. This represents a $9.76 dividend on an annualized basis and a yield of 2.6%. Snap-On's dividend payout ratio (DPR) is presently 50.39%.

Analysts Set New Price Targets

SNA has been the topic of a number of research reports. Tigress Financial raised their price target on Snap-On from $405.00 to $445.00 and gave the stock a "buy" rating in a report on Friday, February 27th. Roth Mkm reissued a "buy" rating and set a $431.00 price target on shares of Snap-On in a report on Friday, April 24th. Barclays initiated coverage on Snap-On in a report on Thursday. They set an "overweight" rating and a $420.00 price target on the stock. Robert W. Baird raised their price target on Snap-On from $380.00 to $395.00 and gave the stock a "neutral" rating in a report on Friday, April 24th. Finally, Wall Street Zen lowered Snap-On from a "buy" rating to a "hold" rating in a report on Saturday, February 7th. Five analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $387.67.

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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