Leith Wheeler Investment Counsel Ltd. Grows Position in Snap-On Incorporated $SNA

Key Points

• Leith Wheeler Investment Counsel Ltd. significantly increased its stake in Snap-On by 346.7%, now holding 142,981 shares valued at approximately $44.5 million.
• Snap-On announced a quarterly dividend of $2.14 per share, reflecting an annualized dividend yield of 2.6%.
• Recent earnings results showed Snap-On exceeding expectations with $4.72 EPS for the quarter, beating the consensus estimate of $4.61.

Leith Wheeler Investment Counsel Ltd. lifted its position in shares of Snap-On Incorporated (NYSE:SNA - Free Report) by 346.7% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 142,981 shares of the company's stock after buying an additional 110,976 shares during the period. Snap-On comprises 2.6% of Leith Wheeler Investment Counsel Ltd.'s investment portfolio, making the stock its 14th largest position. Leith Wheeler Investment Counsel Ltd. owned 0.27% of Snap-On worth $44,493,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Choreo LLC raised its holdings in shares of Snap-On by 78.3% during the 1st quarter. Choreo LLC now owns 7,218 shares of the company's stock valued at $2,432,000 after buying an additional 3,170 shares in the last quarter. Advisors Capital Management LLC raised its holdings in shares of Snap-On by 5.3% during the 1st quarter. Advisors Capital Management LLC now owns 1,241 shares of the company's stock valued at $418,000 after buying an additional 63 shares in the last quarter. Jump Financial LLC raised its holdings in shares of Snap-On by 367.7% during the 1st quarter. Jump Financial LLC now owns 5,523 shares of the company's stock valued at $1,861,000 after buying an additional 4,342 shares in the last quarter. Jacobs Levy Equity Management Inc. purchased a new position in shares of Snap-On during the 1st quarter valued at about $1,986,000. Finally, Ascent Group LLC purchased a new position in shares of Snap-On during the 1st quarter valued at about $421,000. 84.88% of the stock is owned by hedge funds and other institutional investors.

Snap-On Price Performance

SNA opened at $327.21 on Monday. The company has a debt-to-equity ratio of 0.21, a quick ratio of 3.42 and a current ratio of 4.48. Snap-On Incorporated has a 52-week low of $287.44 and a 52-week high of $373.89. The stock has a market capitalization of $17.07 billion, a PE ratio of 17.45, a price-to-earnings-growth ratio of 2.27 and a beta of 0.78. The stock's 50 day moving average price is $331.20 and its 200-day moving average price is $323.62.

Snap-On (NYSE:SNA - Get Free Report) last posted its earnings results on Thursday, July 17th. The company reported $4.72 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.61 by $0.11. Snap-On had a return on equity of 18.02% and a net margin of 20.98%.The firm had revenue of $1.18 billion for the quarter, compared to analysts' expectations of $1.16 billion. During the same period in the previous year, the firm earned $5.07 earnings per share. The business's revenue was up .0% compared to the same quarter last year. On average, equities research analysts predict that Snap-On Incorporated will post 19.79 EPS for the current year.

Snap-On Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, September 10th. Stockholders of record on Tuesday, August 19th were paid a dividend of $2.14 per share. The ex-dividend date of this dividend was Tuesday, August 19th. This represents a $8.56 annualized dividend and a dividend yield of 2.6%. Snap-On's payout ratio is 45.65%.

Insider Activity at Snap-On

In other news, CFO Aldo John Pagliari sold 4,731 shares of the business's stock in a transaction that occurred on Thursday, August 14th. The stock was sold at an average price of $327.38, for a total transaction of $1,548,834.78. Following the transaction, the chief financial officer directly owned 111,667 shares of the company's stock, valued at approximately $36,557,542.46. The trade was a 4.06% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Nicholas T. Pinchuk sold 23,042 shares of Snap-On stock in a transaction that occurred on Monday, August 11th. The shares were sold at an average price of $320.88, for a total value of $7,393,716.96. Following the sale, the chief executive officer owned 815,219 shares in the company, valued at $261,587,472.72. This represents a 2.75% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 27,898 shares of company stock worth $8,983,203 over the last three months. Insiders own 3.90% of the company's stock.

Wall Street Analyst Weigh In

SNA has been the topic of a number of research reports. Bank of America raised their price objective on Snap-On from $265.00 to $285.00 and gave the company an "underperform" rating in a report on Friday, July 18th. Tigress Financial lifted their price target on Snap-On from $390.00 to $395.00 and gave the stock a "buy" rating in a research note on Friday, August 29th. Barrington Research reaffirmed an "outperform" rating and issued a $350.00 price target on shares of Snap-On in a research note on Tuesday, September 23rd. Robert W. Baird lifted their price target on Snap-On from $329.00 to $347.00 and gave the stock a "neutral" rating in a research note on Friday, July 18th. Finally, Weiss Ratings reaffirmed a "buy (b)" rating on shares of Snap-On in a research note on Wednesday, October 8th. Five investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $357.00.

About Snap-On

Snap-on Incorporated manufactures and markets tools, equipment, diagnostics, and repair information and systems solutions for professional users worldwide. It operates through Commercial & Industrial Group, Snap-on Tools Group, Repair Systems & Information Group, and Financial Services segments.

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