Mitsubishi UFJ Trust & Banking Corp Trims Stock Position in Snap-On Incorporated $SNA

Key Points

• Mitsubishi UFJ Trust & Banking Corp reduced its stake in Snap‑On by 33.8%, selling 30,262 shares and leaving 59,363 shares worth about $20.46 million.
• Snap‑On's board approved a $500 million share repurchase program (about 2.6% of shares) and declared a quarterly dividend of $2.44 per share (annualized yield 2.5%, ex‑dividend May 20).
• Analysts have a consensus rating of Moderate Buy with an average target of $381.20; the company reported Q EPS of $4.69 (missed est. $4.75) while revenue beat at $1.21 billion.

Mitsubishi UFJ Trust & Banking Corp lessened its holdings in Snap-On Incorporated (NYSE:SNA - Free Report) by 33.8% during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 59,363 shares of the company's stock after selling 30,262 shares during the period. Mitsubishi UFJ Trust & Banking Corp owned about 0.11% of Snap-On worth $20,456,000 at the end of the most recent reporting period.

Other large investors also recently added to or reduced their stakes in the company. Thurston Springer Miller Herd & Titak Inc. purchased a new stake in Snap-On during the fourth quarter valued at approximately $25,000. GoalVest Advisory LLC bought a new stake in shares of Snap-On during the 4th quarter valued at $28,000. SJS Investment Consulting Inc. increased its stake in shares of Snap-On by 1,880.0% in the 3rd quarter. SJS Investment Consulting Inc. now owns 99 shares of the company's stock worth $34,000 after purchasing an additional 94 shares in the last quarter. Quent Capital LLC purchased a new stake in shares of Snap-On in the 3rd quarter worth $36,000. Finally, MUFG Securities EMEA plc bought a new position in Snap-On in the 2nd quarter worth $48,000. 84.88% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several research firms have issued reports on SNA. Weiss Ratings reissued a "buy (b)" rating on shares of Snap-On in a report on Monday, April 20th. Roth Mkm reiterated a "buy" rating and set a $431.00 price objective on shares of Snap-On in a research note on Friday, April 24th. Tigress Financial increased their target price 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 raised their target price on shares of Snap-On from $380.00 to $395.00 and gave the stock a "neutral" rating in a research note on Friday, April 24th. Finally, Wall Street Zen lowered shares of Snap-On from a "buy" rating to a "hold" rating in a research report on Saturday, February 7th. Four research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $381.20.

Snap-On Stock Performance

NYSE SNA opened at $384.00 on Friday. 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 twelve month low of $301.82 and a twelve month high of $400.88. The business has a 50-day moving average price of $374.37 and a 200-day moving average price of $360.04. The firm has a market cap of $19.89 billion, a price-to-earnings ratio of 19.82, a price-to-earnings-growth ratio of 2.66 and a beta of 0.77.

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 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 business had revenue of $1.21 billion for the quarter, compared to the consensus estimate of $1.19 billion. During the same period last year, the business posted $4.51 EPS. The firm's revenue for the quarter was up 5.8% compared to the same quarter last year. As a group, equities research analysts predict that Snap-On Incorporated will post 19.75 EPS for the current fiscal year.

Snap-On Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 10th. Stockholders of record on Wednesday, May 20th will be given a dividend of $2.44 per share. The ex-dividend date is Wednesday, May 20th. This represents a $9.76 annualized dividend and a dividend yield of 2.5%. Snap-On's dividend payout ratio (DPR) is presently 50.39%.

Snap-On declared that its Board of Directors has approved a share repurchase plan on Thursday, April 30th that permits the company to buyback $500.00 million in shares. This buyback authorization permits the company to repurchase up to 2.6% of its shares through open market purchases. Shares buyback plans are typically an indication that the company's management believes its shares are undervalued.

Insider Activity at Snap-On

In other Snap-On news, CFO Aldo John Pagliari sold 7,043 shares of Snap-On stock in a transaction on Thursday, February 19th. The shares were sold at an average price of $382.05, for a total value of $2,690,778.15. Following the sale, the chief financial officer directly owned 117,183 shares in the company, valued at approximately $44,769,765.15. The trade was a 5.67% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Nicholas T. Pinchuk sold 23,229 shares of the stock in a transaction dated Monday, February 23rd. The shares were sold at an average price of $383.36, for a total transaction of $8,905,069.44. Following the transaction, the chief executive officer directly owned 846,562 shares of the company's stock, valued at $324,538,008.32. This trade represents a 2.67% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 39,650 shares of company stock worth $15,210,959 over the last ninety days. 3.80% of the stock is owned by corporate insiders.

About Snap-On

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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