Jupiter Topco LLC Acquires New Stake in Snap-On Incorporated $SNA

Key Points

• Jupiter Topco LLC acquired 5,316 Snap-On shares worth approximately $2.14 million during the second quarter. Institutional investors collectively own 84.88% of the company.
• Snap-On exceeded quarterly expectations, reporting $4.96 EPS and $1.24 billion in revenue, with revenue up 4.7% year over year. Analysts maintain a “Moderate Buy” consensus rating and an average price target of $426.20.
• The company declared a quarterly dividend of $2.44 per share, or $9.76 annually, representing a 2.5% yield. Meanwhile, insiders sold about $18.3 million of shares over the past 90 days.

Jupiter Topco LLC bought a new position in shares of Snap-On Incorporated (NYSE:SNA - Free Report) during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor bought 5,316 shares of the company's stock, valued at approximately $2,138,000.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Annis Gardner Whiting Capital Advisors LLC increased its stake in Snap-On by 36.4% during the fourth 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 during the period. Verition Fund Management LLC boosted its stake in shares of Snap-On by 1.5% in the fourth quarter. Verition Fund Management LLC now owns 1,844 shares of the company's stock valued at $635,000 after purchasing an additional 28 shares during the period. Ritholtz Wealth Management boosted its stake in shares of Snap-On by 2.4% in the first quarter. Ritholtz Wealth Management now owns 1,435 shares of the company's stock valued at $521,000 after purchasing an additional 34 shares during the period. Pinnacle Associates Ltd. grew its holdings in shares of Snap-On by 5.4% in the fourth quarter. Pinnacle Associates Ltd. now owns 758 shares of the company's stock valued at $261,000 after purchasing an additional 39 shares in the last quarter. Finally, CX Institutional grew its holdings in shares of Snap-On by 10.6% in the second quarter. CX Institutional now owns 447 shares of the company's stock valued at $180,000 after purchasing an additional 43 shares in the last quarter. 84.88% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Snap-On

In other Snap-On news, CEO Nicholas Pinchuk sold 22,889 shares of the business's stock in a transaction that occurred on Tuesday, August 18th. The stock was sold at an average price of $399.69, for a total value of $9,148,504.41. Following the completion of the sale, the chief executive officer owned 867,779 shares in the company, valued at approximately $346,842,588.51. The trade was a 2.57% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP Jesus Arregui sold 4,251 shares of the business's stock in a transaction that occurred on Wednesday, June 10th. The shares were sold at an average price of $383.92, for a total value of $1,632,043.92. Following the completion of the sale, the senior vice president owned 4,439 shares of the company's stock, valued at approximately $1,704,220.88. This represents a 48.92% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 45,398 shares of company stock valued at $18,298,580 over the last 90 days. 3.80% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

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

Snap-On Price Performance

Shares of SNA opened at $383.98 on Friday. The company has a debt-to-equity ratio of 0.15, a current ratio of 3.43 and a quick ratio of 2.64. Snap-On Incorporated has a 1-year low of $320.80 and a 1-year high of $423.02. The stock has a market cap of $19.86 billion, a PE ratio of 19.58, a price-to-earnings-growth ratio of 2.68 and a beta of 0.72. The firm has a fifty day moving average price of $403.39 and a 200 day moving average price of $385.47.

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

Snap-On Announces Dividend

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

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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