Morningstar Investment Management LLC Acquires New Position in Snap-On Incorporated $SNA

Key Points

• Morningstar Investment Management LLC has acquired a new position in Snap-On Incorporated, purchasing 759 shares valued at approximately $236,000. This marks a significant entry from the investment management firm.
• Institutional investors and hedge funds collectively own about 84.88% of Snap-On's stock, indicating a strong interest from large investment entities.
• Snap-On recently announced a quarterly dividend of $2.14 per share, corresponding to an annualized yield of 2.5%, with a payout ratio of 45.65%.

Morningstar Investment Management LLC acquired a new stake in Snap-On Incorporated (NYSE:SNA - Free Report) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 759 shares of the company's stock, valued at approximately $236,000.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Charles Schwab Investment Management Inc. lifted its stake in shares of Snap-On by 6.4% in the first quarter. Charles Schwab Investment Management Inc. now owns 1,921,584 shares of the company's stock valued at $647,593,000 after purchasing an additional 115,306 shares during the period. Kingstone Capital Partners Texas LLC purchased a new position in Snap-On during the 2nd quarter valued at about $434,938,000. Auto Owners Insurance Co increased its holdings in Snap-On by 35,967.2% during the 1st quarter. Auto Owners Insurance Co now owns 1,073,000 shares of the company's stock valued at $361,612,000 after acquiring an additional 1,070,025 shares in the last quarter. Northern Trust Corp increased its holdings in Snap-On by 5.4% during the 1st quarter. Northern Trust Corp now owns 841,721 shares of the company's stock valued at $283,668,000 after acquiring an additional 43,467 shares in the last quarter. Finally, Envestnet Asset Management Inc. increased its holdings in Snap-On by 2.0% during the 1st quarter. Envestnet Asset Management Inc. now owns 774,526 shares of the company's stock valued at $261,023,000 after acquiring an additional 15,097 shares in the last quarter. Institutional investors and hedge funds own 84.88% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms have weighed in on SNA. Barrington Research restated an "outperform" rating and set a $350.00 target price on shares of Snap-On in a report on Tuesday, September 23rd. Robert W. Baird raised their target price on shares of Snap-On from $329.00 to $347.00 and gave the company a "neutral" rating in a report on Friday, July 18th. Weiss Ratings restated a "buy (b)" rating on shares of Snap-On in a report on Wednesday, October 8th. Bank of America raised their target price on shares of Snap-On from $265.00 to $285.00 and gave the company an "underperform" rating in a report on Friday, July 18th. Finally, Tigress Financial raised their target price on shares of Snap-On from $390.00 to $395.00 and gave the company a "buy" rating in a report on Friday, August 29th. Five equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $357.00.

Snap-On Stock Performance

Shares of NYSE SNA opened at $337.00 on Wednesday. The company has a market cap of $17.58 billion, a PE ratio of 17.97, a price-to-earnings-growth ratio of 2.31 and a beta of 0.78. Snap-On Incorporated has a 12 month low of $289.81 and a 12 month high of $373.89. The company has a debt-to-equity ratio of 0.21, a current ratio of 4.48 and a quick ratio of 3.42. The company has a 50-day simple moving average of $331.78 and a 200-day simple moving average of $323.73.

Snap-On (NYSE:SNA - Get Free Report) last issued its quarterly earnings results on Thursday, July 17th. The company reported $4.72 EPS for the quarter, topping analysts' consensus estimates of $4.61 by $0.11. Snap-On had a net margin of 20.98% and a return on equity of 18.02%. The business had revenue of $1.18 billion during the quarter, compared to the consensus estimate of $1.16 billion. During the same period in the previous year, the firm posted $5.07 earnings per share. The company's quarterly revenue was up .0% compared to the same quarter last year. On average, equities analysts anticipate that Snap-On Incorporated will post 19.79 earnings per share for the current year.

Snap-On Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, September 10th. Investors of record on Tuesday, August 19th were issued a $2.14 dividend. This represents a $8.56 dividend on an annualized basis and a yield of 2.5%. The ex-dividend date was Tuesday, August 19th. Snap-On's payout ratio is presently 45.65%.

Insider Buying and Selling

In related news, CFO Aldo John Pagliari sold 125 shares of the business's stock in a transaction that occurred on Friday, August 15th. The shares were sold at an average price of $325.21, for a total value of $40,651.25. Following the completion of the sale, the chief financial officer directly owned 111,721 shares in the company, valued at approximately $36,332,786.41. The trade was a 0.11% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Nicholas T. Pinchuk sold 23,042 shares of the business's stock in a transaction that occurred on Monday, August 11th. The shares were sold at an average price of $320.88, for a total transaction of $7,393,716.96. Following the completion of the sale, the chief executive officer owned 815,219 shares of the company's stock, valued at approximately $261,587,472.72. The trade was a 2.75% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 27,898 shares of company stock valued at $8,983,203. 3.90% of the stock is owned by insiders.

About Snap-On

Snap-on Incorporated manufactures and markets tools, equipment, diagnostics, and repair information and systems solutions for professional users worldwide. It operates through Commercial & Industrial Group, Snap-on Tools Group, Repair Systems & Information Group, and Financial Services segments.

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