Miller Howard Investments Inc. NY Buys Shares of 141,082 Snap-On Incorporated $SNA

Key Points

• Miller Howard Investments bought a new stake in Snap-On during the first quarter, purchasing 141,082 shares valued at about $51.2 million.
• Snap-On reported quarterly EPS of $4.69, which missed estimates, while revenue of $1.21 billion came in slightly above expectations and rose 5.8% year over year.
• The company also announced a $500 million share buyback and paid a quarterly dividend of $2.44 per share, equal to a 2.5% yield annualized.

Miller Howard Investments Inc. NY purchased a new stake in Snap-On Incorporated (NYSE:SNA - Free Report) during the first quarter, according to its most recent filing with the SEC. The firm purchased 141,082 shares of the company's stock, valued at approximately $51,244,000. Miller Howard Investments Inc. NY owned 0.27% of Snap-On at the end of the most recent quarter.

Several other large investors have also recently made changes to their positions in the stock. Vanguard Group Inc. grew its stake in Snap-On by 0.5% in the fourth quarter. Vanguard Group Inc. now owns 6,525,488 shares of the company's stock valued at $2,248,683,000 after purchasing an additional 31,073 shares during the last quarter. State Street Corp lifted its position in shares of Snap-On by 1.3% during the fourth quarter. State Street Corp now owns 2,272,041 shares of the company's stock valued at $782,945,000 after buying an additional 28,071 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its position in shares of Snap-On by 2.0% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,011,914 shares of the company's stock valued at $693,306,000 after buying an additional 39,765 shares during the last quarter. First Trust Advisors LP boosted its holdings in shares of Snap-On by 2.7% in the 4th quarter. First Trust Advisors LP now owns 1,967,608 shares of the company's stock valued at $678,038,000 after buying an additional 51,037 shares in the last quarter. Finally, Nordea Investment Management AB grew its position in shares of Snap-On by 4.1% in the 4th quarter. Nordea Investment Management AB now owns 1,310,198 shares of the company's stock worth $454,206,000 after buying an additional 51,486 shares during the last quarter. 84.88% of the stock is owned by institutional investors.

Snap-On Stock Performance

Shares of Snap-On stock opened at $386.56 on Wednesday. The company has a 50 day moving average price of $376.87 and a 200 day moving average price of $369.63. The firm has a market capitalization of $20.02 billion, a P/E ratio of 19.96, a PEG ratio of 2.75 and a beta of 0.73. 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 Incorporated has a 52 week low of $305.19 and a 52 week high of $400.88.

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

Snap-On announced that its board has approved a share buyback program on Thursday, April 30th that permits the company to buyback $500.00 million in shares. This buyback authorization permits the company to buy up to 2.5% of its shares through open market purchases. Shares buyback programs are usually a sign that the company's leadership believes its stock is undervalued.

Snap-On Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, June 10th. Stockholders of record on Wednesday, May 20th were issued a dividend of $2.44 per share. The ex-dividend date of this dividend was Wednesday, May 20th. This represents a $9.76 dividend on an annualized basis and a dividend yield of 2.5%. Snap-On's payout ratio is 50.39%.

Insider Activity at Snap-On

In related news, VP Richard Thomas Miller sold 427 shares of the company's stock in a transaction on Wednesday, June 10th. The stock was sold at an average price of $389.55, for a total value of $166,337.85. Following the transaction, the vice president directly owned 4,527 shares of the company's stock, valued at $1,763,492.85. This represents a 8.62% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at 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 firm's stock in a transaction on Wednesday, June 10th. The stock was sold at an average price of $383.92, for a total value of $1,632,043.92. Following the completion of the transaction, the senior vice president owned 4,439 shares of the company's stock, 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 35,117 shares of company stock valued at $13,192,082 over the last three months. 3.80% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

SNA has been the subject of several recent analyst reports. Barclays assumed coverage on shares of Snap-On in a research note on Thursday, May 28th. They set an "overweight" rating and a $420.00 price objective for the company. Tigress Financial lifted their price target on shares of Snap-On from $405.00 to $445.00 and gave the stock a "buy" rating in a report on Friday, February 27th. Robert W. Baird upped their price target on Snap-On from $380.00 to $395.00 and gave the stock a "neutral" rating in a research report on Friday, April 24th. Weiss Ratings reiterated a "buy (b)" rating on shares of Snap-On in a report on Monday, April 20th. Finally, Roth Mkm reissued a "buy" rating and issued a $431.00 price objective on shares of Snap-On in a research report on Friday, April 24th. Five analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $387.67.

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.

Want to see what other hedge funds are holding SNA? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Snap-On Incorporated (NYSE:SNA - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.