First Horizon Corp Increases Stake in Snap-On Incorporated $SNA

Key Points

• First Horizon Corp increased its Snap-On stake by 67% in the first quarter, buying 7,914 additional shares and bringing its position to 19,719 shares worth about $7.16 million.
• Snap-On recently reported mixed quarterly results: earnings per share of $4.69 missed estimates, while revenue of $1.21 billion came in slightly ahead of expectations and rose 5.8% year over year.
• The company also announced a $500 million stock buyback and paid a quarterly dividend of $2.44 per share, reflecting ongoing shareholder returns despite recent insider selling.

First Horizon Corp raised its stake in Snap-On Incorporated (NYSE:SNA - Free Report) by 67.0% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 19,719 shares of the company's stock after purchasing an additional 7,914 shares during the quarter. First Horizon Corp's holdings in Snap-On were worth $7,162,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in SNA. Vanguard Group Inc. increased its stake in shares of Snap-On by 0.5% in the fourth quarter. Vanguard Group Inc. now owns 6,525,488 shares of the company's stock worth $2,248,683,000 after buying an additional 31,073 shares during the period. State Street Corp boosted its position in Snap-On by 1.3% during the 4th quarter. State Street Corp now owns 2,272,041 shares of the company's stock valued at $782,945,000 after buying an additional 28,071 shares during the period. Charles Schwab Investment Management Inc. grew its holdings in Snap-On by 2.0% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,011,914 shares of the company's stock worth $693,306,000 after acquiring an additional 39,765 shares during the last quarter. First Trust Advisors LP grew its holdings in Snap-On by 2.7% in the 4th quarter. First Trust Advisors LP now owns 1,967,608 shares of the company's stock worth $678,038,000 after acquiring an additional 51,037 shares during the last quarter. Finally, Nordea Investment Management AB increased its position in shares of Snap-On by 4.1% in the fourth quarter. Nordea Investment Management AB now owns 1,310,198 shares of the company's stock valued at $454,206,000 after acquiring an additional 51,486 shares during the period. Hedge funds and other institutional investors own 84.88% of the company's stock.

Insider Buying and Selling

In other Snap-On news, SVP Jesus Arregui sold 4,251 shares of the business's stock in a transaction on Wednesday, June 10th. The stock was sold at an average price of $383.92, for a total value of $1,632,043.92. Following the sale, the senior vice president directly owned 4,439 shares of the company's stock, valued at approximately $1,704,220.88. The trade was a 48.92% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Aldo John Pagliari sold 1,330 shares of the company's stock in a transaction dated Thursday, June 4th. The stock was sold at an average price of $379.27, for a total transaction of $504,429.10. Following the completion of the transaction, the chief financial officer owned 118,158 shares in the company, valued at approximately $44,813,784.66. The trade was a 1.11% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 37,117 shares of company stock valued at $14,003,922. 3.80% of the stock is owned by insiders.

Snap-On Trading Down 0.4%

NYSE SNA opened at $399.59 on Friday. The firm has a market capitalization of $20.70 billion, a PE ratio of 20.63, a P/E/G ratio of 2.82 and a beta of 0.73. The stock's 50 day moving average is $382.50 and its 200 day moving average is $374.34. Snap-On Incorporated has a twelve month low of $310.23 and a twelve month high of $414.62. The company has a quick ratio of 2.74, a current ratio of 3.53 and a debt-to-equity ratio of 0.15.

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 the consensus estimate of $4.75 by ($0.06). The firm had revenue of $1.21 billion for the quarter, compared to analysts' expectations of $1.19 billion. Snap-On had a net margin of 21.28% and a return on equity of 17.13%. The business's quarterly revenue was up 5.8% compared to the same quarter last year. During the same period in the prior year, the business posted $4.51 EPS. Research analysts forecast that Snap-On Incorporated will post 19.7 earnings per share for the current fiscal year.

Snap-On announced that its Board of Directors has initiated a stock buyback program on Thursday, April 30th that authorizes the company to repurchase $500.00 million in outstanding shares. This repurchase authorization authorizes the company to buy up to 2.5% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company's management believes its stock is undervalued.

Snap-On Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, June 10th. Stockholders of record on Wednesday, May 20th were issued a dividend of $2.44 per share. This represents a $9.76 annualized dividend and a dividend yield of 2.4%. The ex-dividend date was Wednesday, May 20th. Snap-On's dividend payout ratio (DPR) is presently 50.39%.

Wall Street Analysts Forecast Growth

SNA has been the subject of several recent analyst reports. Roth Capital reaffirmed a "buy" rating and set a $431.00 price objective on shares of Snap-On in a research note on Friday, April 24th. Weiss Ratings reissued a "buy (b)" rating on shares of Snap-On in a research note on Monday, April 20th. Barclays assumed coverage on Snap-On in a report on Thursday, May 28th. They set an "overweight" rating and a $420.00 price target on the stock. Finally, Robert W. Baird increased their price objective on Snap-On from $380.00 to $395.00 and gave the stock a "neutral" rating in a report on Friday, April 24th. Five investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, Snap-On has a consensus rating of "Moderate Buy" and an average price target of $387.67.

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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