Nordea Investment Management AB Raises Stock Holdings in Snap-On Incorporated $SNA

Key Points

• Nordea Investment Management AB increased its holdings in Snap-On Incorporated by 3.7% during the second quarter, owning a total of 1,221,748 shares valued at approximately $376.8 million.
• Snap-On reported $5.02 earnings per share in its latest quarterly results, surpassing the consensus estimate of $4.59, with revenues up 3.8% year-over-year.
• The company recently declared a quarterly dividend of $2.14 per share, with an annualized yield of 2.5% and a payout ratio of 45.65%.

Nordea Investment Management AB boosted its holdings in Snap-On Incorporated (NYSE:SNA - Free Report) by 3.7% in the second quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 1,221,748 shares of the company's stock after buying an additional 43,430 shares during the quarter. Nordea Investment Management AB owned 2.34% of Snap-On worth $376,775,000 at the end of the most recent quarter.

A number of other hedge funds have also bought and sold shares of the business. Charles Schwab Investment Management Inc. raised its position in Snap-On by 6.4% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 1,921,584 shares of the company's stock worth $647,593,000 after buying an additional 115,306 shares during the last quarter. Kingstone Capital Partners Texas LLC purchased a new position in Snap-On in the 2nd quarter worth about $434,938,000. Auto Owners Insurance Co raised its position in Snap-On by 35,967.2% in the 1st quarter. Auto Owners Insurance Co now owns 1,073,000 shares of the company's stock worth $361,612,000 after buying an additional 1,070,025 shares during the last quarter. Northern Trust Corp raised its position in Snap-On by 5.4% in the 1st quarter. Northern Trust Corp now owns 841,721 shares of the company's stock worth $283,668,000 after buying an additional 43,467 shares during the last quarter. Finally, Envestnet Asset Management Inc. raised its position in Snap-On by 2.0% in the 1st quarter. Envestnet Asset Management Inc. now owns 774,526 shares of the company's stock worth $261,023,000 after buying an additional 15,097 shares during the last quarter. Hedge funds and other institutional investors own 84.88% of the company's stock.

Snap-On Price Performance

Shares of NYSE:SNA opened at $343.12 on Friday. The company has a debt-to-equity ratio of 0.21, a current ratio of 4.48 and a quick ratio of 3.42. Snap-On Incorporated has a 1-year low of $289.81 and a 1-year high of $373.89. The company has a market capitalization of $17.90 billion, a P/E ratio of 18.30, a P/E/G ratio of 2.31 and a beta of 0.78. The firm's 50 day simple moving average is $332.41 and its two-hundred day simple moving average is $323.83.

Snap-On (NYSE:SNA - Get Free Report) last issued its quarterly earnings results on Thursday, October 16th. The company reported $5.02 earnings per share for the quarter, beating the consensus estimate of $4.59 by $0.43. Snap-On had a net margin of 20.98% and a return on equity of 18.02%. The business had revenue of $1.19 billion for the quarter, compared to the consensus estimate of $1.16 billion. During the same quarter in the previous year, the firm earned $4.70 earnings per share. The company's revenue for the quarter was up 3.8% on a year-over-year basis. Research analysts expect that Snap-On Incorporated will post 19.79 EPS for the current fiscal year.

Snap-On Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, September 10th. Shareholders of record on Tuesday, August 19th were issued a dividend of $2.14 per share. The ex-dividend date of this dividend was Tuesday, August 19th. This represents a $8.56 annualized dividend and a yield of 2.5%. Snap-On's payout ratio is currently 45.65%.

Insider Activity at Snap-On

In other Snap-On news, CFO Aldo John Pagliari sold 4,731 shares of Snap-On stock in a transaction that occurred on Thursday, August 14th. The shares were sold at an average price of $327.38, for a total transaction of $1,548,834.78. Following the transaction, the chief financial officer owned 111,667 shares of the company's stock, valued at $36,557,542.46. The trade was a 4.06% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Nicholas T. Pinchuk sold 23,042 shares of the 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 sale, the chief executive officer directly owned 815,219 shares of the company's stock, valued at approximately $261,587,472.72. This trade represents a 2.75% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 27,898 shares of company stock worth $8,983,203 in the last ninety days. Insiders own 3.90% of the company's stock.

Analyst Ratings Changes

Several equities research analysts have recently commented on SNA shares. Barrington Research reaffirmed an "outperform" rating and set a $350.00 price target on shares of Snap-On in a research report on Wednesday. Bank of America upped their price target on shares of Snap-On from $265.00 to $285.00 and gave the company an "underperform" rating in a research report on Friday, July 18th. Weiss Ratings reaffirmed a "buy (b)" rating on shares of Snap-On in a research report on Wednesday, October 8th. Tigress Financial upped their price target on shares of Snap-On from $390.00 to $395.00 and gave the company a "buy" rating in a research report on Friday, August 29th. Finally, Robert W. Baird upped their price target on shares of Snap-On from $329.00 to $347.00 and gave the company a "neutral" rating in a research report on Friday, July 18th. Five equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, Snap-On has an average rating of "Moderate Buy" and an average price target of $357.00.

Snap-On Profile

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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