Louisiana State Employees Retirement System Makes New Investment in Snap-On Incorporated $SNA

Key Points

• Louisiana State Employees Retirement System disclosed a new first-quarter position in Snap-On, buying 2,600 shares worth about $944,000. Several other institutional investors also increased their stakes, and institutions now own 84.88% of the stock.
• Snap-On reported quarterly earnings of $4.69 per share, missing expectations by $0.06, while revenue of $1.21 billion slightly beat estimates and rose 5.8% year over year. Analysts still expect full-year EPS of 19.7.
• The company continued rewarding shareholders with a $2.44 quarterly dividend and also authorized a $500 million share repurchase program. Analysts currently rate the stock a “Moderate Buy,” with a consensus price target of $387.67.

Louisiana State Employees Retirement System purchased a new position in shares of Snap-On Incorporated (NYSE:SNA - Free Report) in the first quarter, according to its most recent disclosure with the SEC. The firm purchased 2,600 shares of the company's stock, valued at approximately $944,000.

Several other large investors have also made changes to their positions in SNA. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in Snap-On by 15.5% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 8,850 shares of the company's stock worth $2,983,000 after acquiring an additional 1,185 shares in the last quarter. Woodline Partners LP raised its holdings in shares of Snap-On by 40.4% during the 1st quarter. Woodline Partners LP now owns 4,426 shares of the company's stock valued at $1,492,000 after purchasing an additional 1,273 shares in the last quarter. EverSource Wealth Advisors LLC lifted its stake in shares of Snap-On by 100.9% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 464 shares of the company's stock valued at $144,000 after purchasing an additional 233 shares during the last quarter. Gamco Investors INC. ET AL lifted its stake in shares of Snap-On by 32.9% in the 2nd quarter. Gamco Investors INC. ET AL now owns 1,752 shares of the company's stock valued at $545,000 after purchasing an additional 434 shares during the last quarter. Finally, Natixis boosted its holdings in Snap-On by 136.8% in the second quarter. Natixis now owns 3,048 shares of the company's stock worth $948,000 after purchasing an additional 1,761 shares in the last quarter. Institutional investors own 84.88% of the company's stock.

Snap-On Price Performance

Shares of Snap-On stock opened at $412.09 on Monday. The company has a debt-to-equity ratio of 0.15, a current ratio of 3.53 and a quick ratio of 2.74. Snap-On Incorporated has a fifty-two week low of $310.23 and a fifty-two week high of $412.33. The firm has a fifty day moving average price of $380.65 and a two-hundred day moving average price of $372.67. The company has a market cap of $21.35 billion, a PE ratio of 21.27, a price-to-earnings-growth ratio of 2.90 and a beta of 0.73.

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

Snap-On Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, June 10th. Investors of record on Wednesday, May 20th were given a $2.44 dividend. This represents a $9.76 annualized dividend and a yield of 2.4%. The ex-dividend date of this dividend was Wednesday, May 20th. Snap-On's dividend payout ratio (DPR) is 50.39%.

Snap-On declared that its Board of Directors has approved a share repurchase program on Thursday, April 30th that allows the company to buyback $500.00 million in shares. This buyback authorization allows the company to buy up to 2.5% of its stock through open market purchases. Stock buyback programs are usually an indication that the company's leadership believes its shares are undervalued.

Analyst Upgrades and Downgrades

Several research firms have commented on SNA. Barclays started coverage on shares of Snap-On in a research report on Thursday, May 28th. They set an "overweight" rating and a $420.00 target price on the stock. Roth Mkm reiterated a "buy" rating and set a $431.00 price target on shares of Snap-On in a research note on Friday, April 24th. Robert W. Baird increased their price objective on Snap-On from $380.00 to $395.00 and gave the company a "neutral" rating in a report on Friday, April 24th. Finally, Weiss Ratings reissued a "buy (b)" rating on shares of Snap-On in a research note on Monday, April 20th. Five research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat, Snap-On has a consensus rating of "Moderate Buy" and an average price target of $387.67.

Insider Transactions at Snap-On

In other Snap-On news, CEO Nicholas T. Pinchuk sold 23,396 shares of Snap-On stock in a transaction on Tuesday, May 5th. The shares were sold at an average price of $375.77, for a total transaction of $8,791,514.92. Following the sale, 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 ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 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 on Wednesday, June 10th. The shares were sold at an average price of $383.92, for a total transaction of $1,632,043.92. Following the completion of the sale, the senior vice president directly owned 4,439 shares in the company, valued at $1,704,220.88. This trade represents a 48.92% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 37,117 shares of company stock valued at $14,003,922 in the last ninety days. 3.80% of the stock is owned by company insiders.

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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