Legal & General Group Plc Buys New Shares in Snap-On Incorporated $SNA

Key Points

• Legal & General Group Plc acquired 358,399 Snap-On shares worth approximately $144.2 million, giving it a 0.69% stake. Institutional investors collectively own 84.88% of the company.
• Analysts remain broadly positive, with five Buy ratings and one Hold rating. Snap-On has a “Moderate Buy” consensus and an average price target of $426.20, above its reported $395.94 share price.
• Snap-On exceeded quarterly earnings and revenue expectations, while reporting 4.7% year-over-year revenue growth. The company also announced a quarterly dividend of $2.44 per share and authorized a $500 million share repurchase plan.

Legal & General Group Plc bought a new position in Snap-On Incorporated (NYSE:SNA - Free Report) in the second quarter, according to the company in its most recent 13F filing with the SEC. The firm bought 358,399 shares of the company's stock, valued at approximately $144,220,000. Legal & General Group Plc owned about 0.69% of Snap-On at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its holdings in shares of Snap-On by 0.5% during the fourth quarter. Vanguard Group Inc. now owns 6,525,488 shares of the company's stock worth $2,248,683,000 after purchasing an additional 31,073 shares during the period. BlackRock Inc. acquired a new position in Snap-On in the 2nd quarter worth approximately $1,715,363,000. State Street Corp raised 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 worth $782,945,000 after buying an additional 28,071 shares during the last quarter. First Trust Advisors LP raised its position in Snap-On by 3.3% during the 1st quarter. First Trust Advisors LP now owns 2,033,129 shares of the company's stock worth $738,473,000 after buying an additional 65,521 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its stake in Snap-On by 2.0% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,011,914 shares of the company's stock valued at $693,306,000 after acquiring an additional 39,765 shares during the period. Institutional investors and hedge funds own 84.88% of the company's stock.

Analysts Set New Price Targets

Several research firms have recently commented on SNA. Barclays initiated coverage on shares of Snap-On in a report on Thursday, May 28th. They issued an "overweight" rating and a $420.00 price objective on the stock. Weiss Ratings restated a "buy (b)" rating on shares of Snap-On in a research report on Friday, July 17th. Roth Capital reaffirmed a "buy" rating and issued a $461.00 price target (up from $409.00) on shares of Snap-On in a report on Friday, July 24th. Robert W. Baird set a $415.00 price target on Snap-On in a research report on Friday, July 24th. Finally, Tigress Financial lifted 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. Five investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat, Snap-On presently has an average rating of "Moderate Buy" and an average target price of $426.20.

Insider Buying and Selling at Snap-On

In related news, CFO Aldo John Pagliari sold 5,531 shares of Snap-On stock in a transaction dated Thursday, August 13th. The stock was sold at an average price of $404.25, for a total value of $2,235,906.75. Following the completion of the transaction, the chief financial officer owned 120,644 shares in the company, valued at $48,770,337. The trade was a 4.38% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, VP Richard Thomas Miller sold 2,000 shares of the company's stock in a transaction dated Wednesday, July 1st. The stock was sold at an average price of $405.92, for a total value of $811,840.00. Following the completion of 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. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders sold 46,728 shares of company stock worth $18,803,009. 3.80% of the stock is currently owned by company insiders.

Snap-On Trading Down 0.4%

Snap-On stock opened at $395.94 on Friday. The firm has a market cap of $20.48 billion, a PE ratio of 20.19, a P/E/G ratio of 2.80 and a beta of 0.73. Snap-On Incorporated has a 12 month low of $319.20 and a 12 month high of $423.02. The stock's 50 day simple moving average is $404.06 and its two-hundred day simple moving average is $385.23. The company has a current ratio of 3.43, a quick ratio of 2.64 and a debt-to-equity ratio of 0.15.

Snap-On (NYSE:SNA - Get Free Report) last posted its earnings results on Thursday, July 23rd. The company reported $4.96 earnings per share for the quarter, beating the consensus estimate of $4.95 by $0.01. Snap-On had a net margin of 21.25% and a return on equity of 17.07%. The firm had revenue of $1.24 billion during the quarter, compared to analyst estimates of $1.22 billion. During the same period in the previous year, the firm earned $4.72 EPS. The business's quarterly revenue was up 4.7% on a year-over-year basis. Analysts anticipate that Snap-On Incorporated will post 19.7 earnings per share for the current year.

Snap-On Dividend Announcement

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

Snap-On announced that its board has approved a share buyback plan on Thursday, April 30th that allows the company to repurchase $500.00 million in shares. This repurchase authorization allows the company to repurchase up to 2.5% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company's board of directors believes its shares are undervalued.

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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