National Pension Service Raises Holdings in Snap-On Incorporated $SNA

Key Points

• National Pension Service increased its stake in Snap-On by 20.3% in the fourth quarter, adding 6,206 shares to bring its total to 36,763 shares worth about $12.67 million.
• Snap-On executives sold shares recently, with CEO Nicholas T. Pinchuk selling 23,396 shares and CFO Aldo John Pagliari selling 5,713 shares under pre-arranged trading plans.
• The company reported mixed quarterly results and announced a buyback and dividend: EPS missed estimates slightly, revenue topped expectations, and Snap-On authorized a $500 million share repurchase while also declaring a $2.44 quarterly dividend.

National Pension Service lifted its holdings in shares of Snap-On Incorporated (NYSE:SNA - Free Report) by 20.3% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The firm owned 36,763 shares of the company's stock after buying an additional 6,206 shares during the period. National Pension Service owned approximately 0.07% of Snap-On worth $12,669,000 at the end of the most recent quarter.

Several other hedge funds have also made changes to their positions in the business. SBI Okasan Asset Management Co.Ltd. acquired a new stake in shares of Snap-On during the fourth quarter worth about $702,000. United Super Pty Ltd in its capacity as Trustee for the Construction & Building Unions Superannuation Fund acquired a new stake in shares of Snap-On during the fourth quarter worth about $11,216,000. Northwestern Mutual Wealth Management Co. boosted its stake in shares of Snap-On by 9.3% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 2,324 shares of the company's stock worth $801,000 after buying an additional 198 shares during the period. Baker Avenue Asset Management LP boosted its stake in shares of Snap-On by 118.0% during the fourth quarter. Baker Avenue Asset Management LP now owns 1,539 shares of the company's stock worth $530,000 after buying an additional 833 shares during the period. Finally, IFG Advisory LLC boosted its stake in shares of Snap-On by 1.1% during the fourth quarter. IFG Advisory LLC now owns 19,664 shares of the company's stock worth $6,776,000 after buying an additional 223 shares during the period. Institutional investors and hedge funds own 84.88% of the company's stock.

Insider Transactions at Snap-On

In related news, CEO Nicholas T. Pinchuk sold 23,396 shares of the firm's stock in a transaction dated 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 in the company, valued at $322,004,076.86. This trade represents a 2.66% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at 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 the firm's stock in a transaction dated 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 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. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 3.80% of the stock is owned by company insiders.

Snap-On Price Performance

Shares of NYSE:SNA opened at $371.75 on Monday. The company has a quick ratio of 2.74, a current ratio of 3.53 and a debt-to-equity ratio of 0.15. The company has a market cap of $19.26 billion, a P/E ratio of 19.19, a PEG ratio of 2.61 and a beta of 0.73. Snap-On Incorporated has a 52 week low of $301.82 and a 52 week high of $400.88. The company has a 50-day moving average price of $371.30 and a 200 day moving average price of $364.15.

Snap-On (NYSE:SNA - Get Free Report) last announced its quarterly earnings data on Thursday, April 23rd. The company reported $4.69 EPS for the quarter, missing analysts' consensus estimates of $4.75 by ($0.06). The firm had revenue of $1.21 billion during 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%. Snap-On's revenue for the quarter was up 5.8% on a year-over-year basis. During the same quarter in the previous year, the business earned $4.51 EPS. Research analysts predict that Snap-On Incorporated will post 19.7 earnings per share for the current year.

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

Snap-On Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 10th. Investors of record on Wednesday, May 20th will be given a $2.44 dividend. The ex-dividend date is Wednesday, May 20th. This represents a $9.76 dividend on an annualized basis and a yield of 2.6%. Snap-On's dividend payout ratio (DPR) is presently 50.39%.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on SNA. Weiss Ratings reiterated a "buy (b)" rating on shares of Snap-On in a research note on Monday, April 20th. Robert W. Baird increased 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. 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 research note on Friday, February 27th. Barclays began coverage on shares of Snap-On in a research note on Thursday. They set an "overweight" rating and a $420.00 target price for the company. Finally, Roth Mkm restated 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 assigned a Sell rating to the company's stock. According to MarketBeat.com, Snap-On currently has a consensus rating of "Moderate Buy" and a consensus target price of $387.67.

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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