Mitsubishi UFJ Asset Management Co. Ltd. Invests $51.53 Million in Snap-On Incorporated $SNA

Key Points

• Mitsubishi UFJ Asset Management acquired 128,048 Snap-On shares worth approximately $51.5 million, giving it a 0.25% stake. Institutional investors collectively own 84.88% of the company.
• Snap-On exceeded quarterly expectations with adjusted EPS of $4.96 and revenue of $1.24 billion, while revenue increased 4.7% year over year. Analysts maintain a “Moderate Buy” consensus with an average price target of $426.20.
• The company declared a quarterly dividend of $2.44 per share, representing a 2.5% yield, and authorized a $500 million share-repurchase program covering up to 2.5% of outstanding shares.

Mitsubishi UFJ Asset Management Co. Ltd. acquired a new position in shares of Snap-On Incorporated (NYSE:SNA - Free Report) in the second quarter, according to its most recent 13F filing with the SEC. The institutional investor acquired 128,048 shares of the company's stock, valued at approximately $51,527,000. Mitsubishi UFJ Asset Management Co. Ltd. owned about 0.25% of Snap-On at the end of the most recent reporting period.

Other institutional investors also recently added to or reduced their stakes in the company. Annis Gardner Whiting Capital Advisors LLC grew its stake in Snap-On by 36.4% in the fourth quarter. Annis Gardner Whiting Capital Advisors LLC now owns 105 shares of the company's stock valued at $36,000 after purchasing an additional 28 shares during the last quarter. Verition Fund Management LLC raised its holdings in Snap-On by 1.5% in the fourth quarter. Verition Fund Management LLC now owns 1,844 shares of the company's stock worth $635,000 after purchasing an additional 28 shares in the last quarter. CWM LLC lifted its position in shares of Snap-On by 0.6% during the fourth quarter. CWM LLC now owns 5,517 shares of the company's stock valued at $1,901,000 after buying an additional 31 shares during the last quarter. Ritholtz Wealth Management boosted its holdings in shares of Snap-On by 2.4% in the 1st quarter. Ritholtz Wealth Management now owns 1,435 shares of the company's stock valued at $521,000 after buying an additional 34 shares in the last quarter. Finally, Oakworth Capital Inc. boosted its holdings in shares of Snap-On by 9.7% in the 4th quarter. Oakworth Capital Inc. now owns 406 shares of the company's stock valued at $140,000 after buying an additional 36 shares in the last quarter. Institutional investors own 84.88% of the company's stock.

Snap-On Price Performance

Shares of SNA stock opened at $394.00 on Thursday. Snap-On Incorporated has a fifty-two week low of $319.20 and a fifty-two week high of $423.02. The company has a debt-to-equity ratio of 0.15, a quick ratio of 2.64 and a current ratio of 3.43. The firm has a market capitalization of $20.38 billion, a price-to-earnings ratio of 20.09, a PEG ratio of 2.78 and a beta of 0.73. The stock's 50-day simple moving average is $403.06 and its 200-day simple moving average is $384.33.

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

Snap-On Announces Dividend

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

Snap-On declared that its Board of Directors has authorized a share repurchase plan on Thursday, April 30th that permits the company to repurchase $500.00 million in outstanding shares. This repurchase authorization permits the company to repurchase up to 2.5% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company's board believes its shares are undervalued.

Analyst Upgrades and Downgrades

Several research analysts recently commented on SNA shares. Robert W. Baird set a $415.00 price objective on shares of Snap-On in a research note on Friday, July 24th. Roth Capital restated a "buy" rating and issued a $461.00 target price (up from $409.00) on shares of Snap-On in a research note on Friday, July 24th. 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 target on the stock. Weiss Ratings reaffirmed a "buy (b)" rating on shares of Snap-On in a research report on Friday, July 17th. Finally, Tigress Financial increased their price objective on Snap-On from $445.00 to $485.00 and gave the company a "buy" rating in a report on Friday, July 31st. Five equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to MarketBeat, Snap-On has a consensus rating of "Moderate Buy" and an average target price of $426.20.

Insiders Place Their Bets

In other news, CFO Aldo John Pagliari sold 5,531 shares of Snap-On stock in a transaction on Thursday, August 13th. The shares were sold at an average price of $404.25, for a total transaction of $2,235,906.75. Following the completion of the sale, the chief financial officer directly owned 120,644 shares in the company, valued at approximately $48,770,337. The trade was a 4.38% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through 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 Snap-On stock in a transaction on Wednesday, July 1st. The stock was sold at an average price of $405.92, for a total transaction of $811,840.00. Following the sale, the vice president owned 4,529 shares of the company's stock, valued at $1,838,411.68. The trade was a 30.63% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders have sold 45,928 shares of company stock valued at $18,483,009. Corporate insiders own 3.80% of the company's stock.

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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