Flputnam Investment Management Co. Buys 3,669 Shares of Snap-On Incorporated $SNA

Key Points

• Flputnam Investment Management increased its Snap-On stake by 32.4% in the fourth quarter, buying 3,669 additional shares and bringing its total holding to 14,996 shares worth about $5.17 million.
• Institutional ownership remains heavy, with 84.88% of Snap-On shares held by institutions, and several other funds also added to or initiated positions recently.
• Insiders sold shares in recent transactions: CEO Nicholas T. Pinchuk sold 23,396 shares and CFO Aldo John Pagliari sold 5,713 shares, both under pre-arranged Rule 10b5-1 plans.

Flputnam Investment Management Co. raised its stake in shares of Snap-On Incorporated (NYSE:SNA - Free Report) by 32.4% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 14,996 shares of the company's stock after acquiring an additional 3,669 shares during the quarter. Flputnam Investment Management Co.'s holdings in Snap-On were worth $5,168,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. DNB Asset Management AS lifted its holdings in shares of Snap-On by 65.5% during the third quarter. DNB Asset Management AS now owns 23,702 shares of the company's stock valued at $8,213,000 after acquiring an additional 9,377 shares during the period. First Horizon Corp bought a new position in shares of Snap-On during the fourth quarter valued at $4,068,000. Pensionfund Sabic bought a new position in shares of Snap-On during the fourth quarter valued at $1,206,000. Bahl & Gaynor Inc. lifted its holdings in shares of Snap-On by 1.3% during the third quarter. Bahl & Gaynor Inc. now owns 381,283 shares of the company's stock valued at $132,126,000 after acquiring an additional 4,932 shares during the period. Finally, Nordea Investment Management AB lifted its holdings 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 valued at $454,206,000 after acquiring an additional 51,486 shares during the period. 84.88% of the stock is owned by institutional investors.

Insider Activity

In other news, CEO Nicholas T. Pinchuk sold 23,396 shares of Snap-On stock in a transaction dated Tuesday, May 5th. The stock was sold at an average price of $375.77, for a total transaction of $8,791,514.92. Following the transaction, the chief executive officer 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 at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Aldo John Pagliari sold 5,713 shares of Snap-On 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 transaction, 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 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.

Snap-On Price Performance

Shares of SNA opened at $372.39 on Thursday. The company has a current ratio of 3.53, a quick ratio of 2.74 and a debt-to-equity ratio of 0.15. Snap-On Incorporated has a 1 year low of $301.82 and a 1 year high of $400.88. The stock has a market cap of $19.29 billion, a P/E ratio of 19.23, a price-to-earnings-growth ratio of 2.62 and a beta of 0.75. The stock's 50-day moving average price is $370.95 and its two-hundred day moving average price is $363.73.

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

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

Snap-On Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 10th. Stockholders of record on Wednesday, May 20th will be issued a dividend of $2.44 per share. 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 payout ratio is 50.39%.

Wall Street Analysts Forecast Growth

SNA has been the subject of a number of analyst reports. Wall Street Zen cut Snap-On from a "buy" rating to a "hold" rating in a report on Saturday, February 7th. Roth Mkm restated a "buy" rating and issued a $431.00 target price on shares of Snap-On in a research note on Friday, April 24th. Robert W. Baird raised their target price on Snap-On from $380.00 to $395.00 and gave the company a "neutral" rating in a research note on Friday, April 24th. Tigress Financial raised their target price on Snap-On from $405.00 to $445.00 and gave the company a "buy" rating in a research note on Friday, February 27th. Finally, Weiss Ratings restated a "buy (b)" rating on shares of Snap-On in a research note on Monday, April 20th. Four investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price 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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