Fisher Asset Management LLC Boosts Stock Position in Snap-On Incorporated $SNA

Key Points

• Fisher Asset Management increased its Snap-On stake by 21.8% in Q4, buying 11,808 more shares and bringing its position to 66,017 shares worth about $22.75 million.
• Snap-On reported quarterly EPS of $4.69, narrowly missing estimates, while revenue of $1.21 billion came in above expectations and rose 5.8% year over year.
• The company authorized a $500 million share buyback and announced a quarterly dividend of $2.44 per share, implying a 2.6% yield.

Fisher Asset Management LLC raised its holdings in Snap-On Incorporated (NYSE:SNA - Free Report) by 21.8% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 66,017 shares of the company's stock after buying an additional 11,808 shares during the period. Fisher Asset Management LLC owned about 0.13% of Snap-On worth $22,750,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in SNA. Kennebec Savings Bank increased its holdings in shares of Snap-On by 3.6% in the 4th quarter. Kennebec Savings Bank now owns 783 shares of the company's stock valued at $270,000 after acquiring an additional 27 shares during the last quarter. CWM LLC boosted its holdings in Snap-On by 0.6% in the fourth quarter. CWM LLC now owns 5,517 shares of the company's stock valued at $1,901,000 after purchasing an additional 31 shares in the last quarter. Ritholtz Wealth Management boosted its holdings in Snap-On by 2.5% in the fourth quarter. Ritholtz Wealth Management now owns 1,401 shares of the company's stock valued at $483,000 after purchasing an additional 34 shares in the last quarter. MFA Wealth Services increased its stake in Snap-On by 2.9% in the third quarter. MFA Wealth Services now owns 1,236 shares of the company's stock valued at $428,000 after purchasing an additional 35 shares during the last quarter. Finally, Oakworth Capital Inc. increased its stake in Snap-On by 9.7% in the fourth quarter. Oakworth Capital Inc. now owns 406 shares of the company's stock valued at $140,000 after purchasing an additional 36 shares during the last quarter. 84.88% of the stock is owned by institutional investors and hedge funds.

Snap-On Stock Up 1.6%

SNA stock opened at $372.68 on Wednesday. The company has a market cap of $19.30 billion, a price-to-earnings ratio of 19.24, a price-to-earnings-growth ratio of 2.58 and a beta of 0.75. The company has a fifty day moving average price of $370.90 and a 200 day moving average price of $363.51. The company has a debt-to-equity ratio of 0.15, a current ratio of 3.53 and a quick ratio of 2.74. Snap-On Incorporated has a 12 month low of $301.82 and a 12 month high of $400.88.

Snap-On (NYSE:SNA - Get Free Report) last issued 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 return on equity of 17.13% and a net margin of 21.28%.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 previous year, the business posted $4.51 earnings per share. The company's revenue for the quarter was up 5.8% on a year-over-year basis. Sell-side analysts expect that Snap-On Incorporated will post 19.7 earnings per share for the current year.

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

Snap-On Announces Dividend

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

Insider Buying and Selling

In related news, CEO Nicholas T. Pinchuk sold 23,396 shares of Snap-On stock in a transaction that occurred on Tuesday, May 5th. The stock was sold at an average price of $375.77, for a total value of $8,791,514.92. Following the sale, 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 ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Aldo John Pagliari sold 5,713 shares of the company's stock in a transaction on Thursday, May 14th. The stock was sold at an average price of $367.19, for a total value of $2,097,756.47. Following the transaction, the chief financial officer directly owned 119,488 shares in the company, valued at $43,874,798.72. This represents a 4.56% 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. Insiders own 3.80% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on the stock. Robert W. Baird boosted their price objective on shares of Snap-On from $380.00 to $395.00 and gave the stock a "neutral" rating in a research report on Friday, April 24th. Wall Street Zen lowered shares of Snap-On from a "buy" rating to a "hold" rating in a research note on Saturday, February 7th. Tigress Financial upped their price objective on shares of Snap-On from $405.00 to $445.00 and gave the company a "buy" rating in a research note on Friday, February 27th. Weiss Ratings reiterated a "buy (b)" rating on shares of Snap-On in a research report on Monday, April 20th. Finally, Roth Mkm reissued a "buy" rating and issued a $431.00 target price on shares of Snap-On in a report on Friday, April 24th. Four 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.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $381.20.

About Snap-On

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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