LSV Asset Management Has $91.47 Million Stake in Snap-On Incorporated $SNA

Key Points

• LSV Asset Management cut its Snap-On stake by 14.7% in the fourth quarter, selling 45,639 shares and ending with 265,434 shares valued at about $91.47 million.
• Snap-On reported quarterly EPS of $4.69, slightly below analyst expectations, while revenue came in at $1.21 billion, above estimates and up 5.8% year over year.
• The company announced a $500 million share repurchase program and a quarterly dividend of $2.44 per share, implying a 2.7% yield. Meanwhile, executives sold shares and analysts currently rate the stock a Moderate Buy with a consensus target of $381.20.

LSV Asset Management decreased its position in Snap-On Incorporated (NYSE:SNA - Free Report) by 14.7% in the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 265,434 shares of the company's stock after selling 45,639 shares during the period. LSV Asset Management owned about 0.51% of Snap-On worth $91,469,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Thurston Springer Miller Herd & Titak Inc. acquired a new position in Snap-On in the 4th quarter worth approximately $25,000. GoalVest Advisory LLC acquired a new position in Snap-On in the 4th quarter worth approximately $28,000. Montag A & Associates Inc. boosted its stake in Snap-On by 331.8% in the 4th quarter. Montag A & Associates Inc. now owns 95 shares of the company's stock worth $33,000 after purchasing an additional 73 shares during the period. United Community Bank acquired a new position in Snap-On in the 4th quarter worth approximately $43,000. Finally, MUFG Securities EMEA plc acquired a new position in Snap-On in the 2nd quarter worth approximately $48,000. Institutional investors and hedge funds own 84.88% of the company's stock.

Snap-On Trading Up 1.3%

Shares of NYSE:SNA opened at $367.10 on Friday. The firm has a fifty day moving average of $370.73 and a two-hundred day moving average of $362.92. The firm has a market capitalization of $19.02 billion, a P/E ratio of 18.95, a price-to-earnings-growth ratio of 2.58 and a beta of 0.75. Snap-On Incorporated has a 12-month low of $301.82 and a 12-month high of $400.88. The company has a quick ratio of 2.74, a current ratio of 3.53 and a debt-to-equity ratio of 0.15.

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

Snap-On announced that its board has initiated a stock repurchase plan on Thursday, April 30th that allows the company to repurchase $500.00 million in shares. This repurchase authorization allows the company to reacquire up to 2.6% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company's management believes its shares are undervalued.

Snap-On Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 10th. Investors of record on Wednesday, May 20th will be paid a $2.44 dividend. This represents a $9.76 annualized dividend and a dividend yield of 2.7%. The ex-dividend date of this dividend is Wednesday, May 20th. Snap-On's payout ratio is presently 50.39%.

Insider Activity at Snap-On

In related 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 value of $8,791,514.92. Following the completion of the sale, the chief executive officer owned 856,918 shares of the company's stock, valued at approximately $322,004,076.86. The trade was a 2.66% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Aldo John Pagliari sold 5,713 shares of Snap-On stock in a transaction on Thursday, May 14th. The shares were sold at an average price of $367.19, for a total transaction of $2,097,756.47. Following the completion of the sale, the chief financial officer directly owned 119,488 shares of the company's stock, valued at approximately $43,874,798.72. The trade was a 4.56% 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. In the last 90 days, insiders sold 53,716 shares of company stock valued at $20,328,412. Insiders own 3.80% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts recently commented on SNA shares. Wall Street Zen lowered shares of Snap-On from a "buy" rating to a "hold" rating in a research note on Saturday, February 7th. Tigress Financial raised their price objective on shares of Snap-On from $405.00 to $445.00 and gave the stock a "buy" rating in a research note on Friday, February 27th. Roth Mkm reissued a "buy" rating and set a $431.00 target price on shares of Snap-On in a research note on Friday, April 24th. Weiss Ratings reissued a "buy (b)" rating on shares of Snap-On in a research note on Monday, April 20th. Finally, Robert W. Baird lifted their target price on shares of Snap-On from $380.00 to $395.00 and gave the company a "neutral" rating in a research note on Friday, April 24th. Four equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $381.20.

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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