Fideuram Asset Management Ireland dac Acquires Shares of 6,047 Snap-On Incorporated $SNA

Key Points

• Fideuram Asset Management Ireland dac opened a new position in Snap-On, buying 6,047 shares valued at about $2.05 million in the fourth quarter.
• Snap-On’s latest quarterly results showed EPS of $4.69, missing estimates, while revenue came in at $1.21 billion, topping expectations and rising 5.8% year over year.
• The company announced a $2.44 per share quarterly dividend and a $500 million stock buyback, even as executives recently sold shares under pre-arranged trading plans.

Fideuram Asset Management Ireland dac acquired a new stake in Snap-On Incorporated (NYSE:SNA - Free Report) in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 6,047 shares of the company's stock, valued at approximately $2,051,000.

A number of other institutional investors and hedge funds have also modified their holdings of the stock. Vanguard Group Inc. increased its stake in shares of Snap-On by 0.5% during the fourth quarter. Vanguard Group Inc. now owns 6,525,488 shares of the company's stock worth $2,248,683,000 after purchasing an additional 31,073 shares in the last quarter. State Street Corp increased its stake in shares of Snap-On by 1.6% during the third quarter. State Street Corp now owns 2,243,970 shares of the company's stock worth $777,603,000 after purchasing an additional 36,130 shares in the last quarter. First Trust Advisors LP increased its stake in shares of Snap-On by 1.3% during the third quarter. First Trust Advisors LP now owns 1,916,571 shares of the company's stock worth $664,149,000 after purchasing an additional 23,863 shares in the last quarter. Nordea Investment Management AB increased its stake in shares of Snap-On by 4.1% during the fourth quarter. Nordea Investment Management AB now owns 1,310,198 shares of the company's stock worth $454,206,000 after purchasing an additional 51,486 shares in the last quarter. Finally, Bank of America Corp DE increased its stake in shares of Snap-On by 2.0% during the third quarter. Bank of America Corp DE now owns 933,495 shares of the company's stock worth $323,484,000 after purchasing an additional 18,549 shares in the last quarter. Hedge funds and other institutional investors own 84.88% of the company's stock.

Snap-On Stock Down 0.7%

Shares of NYSE SNA opened at $371.75 on Friday. Snap-On Incorporated has a 12-month low of $301.82 and a 12-month high of $400.88. The stock has a market cap of $19.26 billion, a PE ratio of 19.19, a P/E/G ratio of 2.63 and a beta of 0.75. The company has a current ratio of 3.53, a quick ratio of 2.74 and a debt-to-equity ratio of 0.15. The company has a 50-day moving average of $371.30 and a 200 day moving average 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 earnings per share (EPS) for the quarter, missing the consensus estimate of $4.75 by ($0.06). Snap-On had a net margin of 21.28% and a return on equity of 17.13%. The business had revenue of $1.21 billion for the quarter, compared to analysts' expectations of $1.19 billion. During the same period in the prior year, the company posted $4.51 EPS. The firm's revenue was up 5.8% on a year-over-year basis. As a group, sell-side analysts predict that Snap-On Incorporated will post 19.7 EPS for the current fiscal year.

Snap-On Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 10th. Investors of record on Wednesday, May 20th will be paid a dividend of $2.44 per share. This represents a $9.76 annualized dividend and a yield of 2.6%. The ex-dividend date of this dividend is Wednesday, May 20th. Snap-On's dividend payout ratio is currently 50.39%.

Snap-On declared that its board has authorized a stock repurchase plan on Thursday, April 30th that permits the company to repurchase $500.00 million in outstanding shares. This repurchase authorization permits the company to purchase up to 2.6% of its stock through open market purchases. Stock repurchase plans are often a sign that the company's board of directors believes its stock is undervalued.

Analysts Set New Price Targets

A number of analysts have recently commented on the stock. Roth Mkm reissued a "buy" rating and set a $431.00 target price on shares of Snap-On in a research note on Friday, April 24th. Barclays assumed coverage on shares of Snap-On in a research note on Thursday. They set an "overweight" rating and a $420.00 target price for the company. Wall Street Zen cut shares of Snap-On from a "buy" rating to a "hold" rating in a research note on Saturday, February 7th. Weiss Ratings reissued a "buy (b)" rating on shares of Snap-On in a research note on Monday, April 20th. Finally, Tigress Financial boosted their target price on shares of Snap-On from $405.00 to $445.00 and gave the stock a "buy" rating in a research note on Friday, February 27th. Five investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $387.67.

Insider Activity

In other Snap-On news, CEO Nicholas T. Pinchuk sold 23,396 shares of the business's stock in a transaction dated Tuesday, May 5th. The shares were sold at an average price of $375.77, for a total value of $8,791,514.92. Following the transaction, the chief executive officer directly owned 856,918 shares in the company, valued at $322,004,076.86. The trade was a 2.66% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Aldo John Pagliari sold 5,713 shares of the business's stock in a transaction dated Thursday, May 14th. The shares were sold at an average price of $367.19, for a total transaction of $2,097,756.47. Following the completion of the transaction, the chief financial officer owned 119,488 shares in the company, valued at $43,874,798.72. The trade was a 4.56% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 3.80% of the stock is currently owned by corporate insiders.

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.

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