Johnson Financial Group Inc. Makes New Investment in Snap-On Incorporated $SNA

Key Points

• Johnson Financial Group acquired 26,002 Snap-On shares worth approximately $10.5 million in the second quarter, making SNA its 26th-largest portfolio holding; institutional investors collectively own 84.88% of the stock.
• Snap-On reported quarterly revenue of $1.24 billion and EPS of $4.96, slightly exceeding analyst expectations, while revenue increased 4.7% year over year. The company also authorized a $500 million share-buyback program.
• Snap-On shares opened at $394, while analysts maintain a “Moderate Buy” consensus with an average price target of $426.20. The company pays a quarterly dividend of $2.44, representing a 2.5% annualized yield.

Johnson Financial Group Inc. bought a new position in shares of Snap-On Incorporated (NYSE:SNA - Free Report) during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm bought 26,002 shares of the company's stock, valued at approximately $10,463,000. Snap-On accounts for about 0.3% of Johnson Financial Group Inc.'s investment portfolio, making the stock its 26th biggest position. Johnson Financial Group Inc. owned 0.05% of Snap-On as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. DV Equities LLC bought a new position in Snap-On during the 4th quarter worth $25,000. Western Wealth Management LLC acquired a new position in Snap-On in the 1st quarter valued at $29,000. Montag A & Associates Inc. lifted its position in shares of Snap-On by 331.8% during the 4th quarter. Montag A & Associates Inc. now owns 95 shares of the company's stock valued at $33,000 after acquiring an additional 73 shares during the period. Quattro Advisors LLC bought a new stake in shares of Snap-On during the 4th quarter valued at $35,000. Finally, Annis Gardner Whiting Capital Advisors LLC grew its holdings in shares of Snap-On by 36.4% during the 4th quarter. Annis Gardner Whiting Capital Advisors LLC now owns 105 shares of the company's stock worth $36,000 after purchasing an additional 28 shares in the last quarter. 84.88% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other Snap-On news, CEO Nicholas T. Pinchuk sold 22,889 shares of the company's stock in a transaction that occurred on Tuesday, August 18th. The shares were sold at an average price of $399.69, for a total value of $9,148,504.41. Following the completion of the transaction, the chief executive officer directly owned 867,779 shares in the company, valued at approximately $346,842,588.51. This represents a 2.57% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, VP Richard Thomas Miller sold 2,000 shares of the firm's stock in a transaction on Wednesday, July 1st. The shares were sold at an average price of $405.92, for a total transaction of $811,840.00. Following the transaction, the vice president directly owned 4,529 shares of the company's stock, valued at $1,838,411.68. The trade was a 30.63% decrease in their position. 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. Over the last ninety days, insiders sold 45,928 shares of company stock worth $18,483,009. Company insiders own 3.80% of the company's stock.

Snap-On Stock Down 0.4%

SNA stock opened at $394.00 on Thursday. The firm has a 50-day moving average price of $403.06 and a 200-day moving average price of $384.33. Snap-On Incorporated has a 12 month low of $319.20 and a 12 month high of $423.02. The company has a current ratio of 3.43, a quick ratio of 2.64 and a debt-to-equity ratio of 0.15. The stock has a market capitalization of $20.38 billion, a P/E ratio of 20.09, a price-to-earnings-growth ratio of 2.78 and a beta of 0.73.

Snap-On (NYSE:SNA - Get Free Report) last released its quarterly earnings data on Thursday, July 23rd. The company reported $4.96 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $4.95 by $0.01. Snap-On had a net margin of 21.25% and a return on equity of 17.07%. The business had revenue of $1.24 billion during the quarter, compared to analysts' expectations of $1.22 billion. During the same period in the prior year, the company earned $4.72 EPS. The firm's quarterly revenue was up 4.7% compared to the same quarter last year. As a group, equities research analysts anticipate that Snap-On Incorporated will post 19.7 EPS for the current fiscal year.

Snap-On declared that its Board of Directors has initiated a share buyback program on Thursday, April 30th that authorizes the company to buyback $500.00 million in shares. This buyback authorization authorizes the company to purchase up to 2.5% of its stock through open market purchases. Stock buyback programs are usually a sign that the company's board of directors believes its shares are undervalued.

Snap-On Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 10th. Investors of record on Wednesday, August 19th will be given a dividend of $2.44 per share. The ex-dividend date is Wednesday, August 19th. This represents a $9.76 annualized dividend and a yield of 2.5%. Snap-On's dividend payout ratio (DPR) is currently 49.77%.

Wall Street Analyst Weigh In

A number of research analysts recently commented on the company. Roth Capital restated a "buy" rating and issued a $461.00 price target (up from $409.00) on shares of Snap-On in a research report on Friday, July 24th. Robert W. Baird set a $415.00 price objective on shares of Snap-On in a research note on Friday, July 24th. Weiss Ratings restated a "buy (b)" rating on shares of Snap-On in a research report on Friday, July 17th. Barclays assumed coverage on shares of Snap-On in a report on Thursday, May 28th. They set an "overweight" rating and a $420.00 price target for the company. Finally, Tigress Financial increased their price target on shares of Snap-On from $445.00 to $485.00 and gave the stock a "buy" rating in a research report on Friday, July 31st. Five analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company's stock. According to data from MarketBeat.com, Snap-On presently has an average rating of "Moderate Buy" and an average price target of $426.20.

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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