Pictet Asset Management Holding SA Decreases Position in Snap-On Incorporated $SNA

Key Points

• Pictet Asset Management cut its stake in Snap‑On by 6.4% in Q4, holding 69,550 shares valued at about $23.97 million after selling 4,791 shares.
• Snap‑On authorized a $500 million share buyback (up to ~2.6% of shares) and declared a $2.44 quarterly dividend (annualized $9.76, ~2.5% yield).
• The company slightly missed EPS estimates ($4.69 vs. $4.75) while topping revenue forecasts ($1.21B), and analysts maintain a consensus of "Moderate Buy" with a $381.20 target.

Pictet Asset Management Holding SA decreased its holdings in Snap-On Incorporated (NYSE:SNA - Free Report) by 6.4% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 69,550 shares of the company's stock after selling 4,791 shares during the period. Pictet Asset Management Holding SA owned about 0.13% of Snap-On worth $23,969,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also modified their holdings of SNA. Generali Asset Management SPA SGR bought a new position in Snap-On during the 3rd quarter valued at $2,068,000. DNB Asset Management AS lifted its holdings in shares of Snap-On by 65.5% in the third quarter. DNB Asset Management AS now owns 23,702 shares of the company's stock valued at $8,213,000 after buying an additional 9,377 shares during the period. Pensionfund Sabic acquired a new position in Snap-On during the fourth quarter worth about $1,206,000. Bahl & Gaynor Inc. raised its position in Snap-On by 1.3% in the third quarter. Bahl & Gaynor Inc. now owns 381,283 shares of the company's stock worth $132,126,000 after acquiring an additional 4,932 shares in the last quarter. Finally, Nordea Investment Management AB boosted its position in shares of Snap-On by 4.1% during the 4th quarter. Nordea Investment Management AB now owns 1,310,198 shares of the company's stock valued at $454,206,000 after purchasing an additional 51,486 shares in the last quarter. 84.88% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research firms recently commented on SNA. Wall Street Zen downgraded shares of Snap-On from a "buy" rating to a "hold" rating in a report on Saturday, February 7th. Roth Mkm reissued a "buy" rating and set a $431.00 price objective on shares of Snap-On in a research note on Friday, April 24th. Robert W. Baird boosted their target price on Snap-On from $380.00 to $395.00 and gave the stock a "neutral" rating in a research report on Friday, April 24th. Weiss Ratings reiterated a "buy (b)" rating on shares of Snap-On in a report on Monday, April 20th. Finally, Tigress Financial boosted their price target on shares of Snap-On from $405.00 to $445.00 and gave the company a "buy" rating in a report on Friday, February 27th. Four investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $381.20.

Snap-On Trading Up 1.5%

NYSE:SNA opened at $384.00 on Friday. The stock has a market cap of $19.89 billion, a PE ratio of 19.82, a price-to-earnings-growth ratio of 2.66 and a beta of 0.77. Snap-On Incorporated has a fifty-two week low of $301.82 and a fifty-two week high of $400.88. The company has a debt-to-equity ratio of 0.15, a current ratio of 3.53 and a quick ratio of 2.74. The stock's 50-day moving average is $374.37 and its two-hundred day moving average is $360.04.

Snap-On (NYSE:SNA - Get Free Report) last posted its quarterly earnings results on Thursday, April 23rd. The company reported $4.69 EPS for the quarter, missing the consensus estimate of $4.75 by ($0.06). The company had revenue of $1.21 billion for the quarter, compared to analyst estimates of $1.19 billion. Snap-On had a return on equity of 17.13% and a net margin of 21.28%.The business's revenue for the quarter was up 5.8% compared to the same quarter last year. During the same quarter in the prior year, the business posted $4.51 earnings per share. As a group, equities research analysts forecast that Snap-On Incorporated will post 19.75 earnings per share for the current fiscal year.

Snap-On Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, June 10th. Shareholders of record on Wednesday, May 20th will be paid 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 2.5%. Snap-On's payout ratio is 50.39%.

Snap-On declared that its Board of Directors has approved a stock buyback program on Thursday, April 30th that allows the company to buyback $500.00 million in outstanding shares. This buyback authorization allows the company to reacquire up to 2.6% of its stock through open market purchases. Stock buyback programs are generally an indication that the company's leadership believes its stock is undervalued.

Insider Transactions at Snap-On

In other news, SVP Timothy L. Chambers sold 8,000 shares of the firm's stock in a transaction dated Wednesday, February 4th. The stock was sold at an average price of $385.13, for a total transaction of $3,081,040.00. Following the completion of the sale, the senior vice president directly owned 19,480 shares of the company's stock, valued at $7,502,332.40. This trade represents a 29.11% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Nicholas T. Pinchuk sold 23,229 shares of Snap-On stock in a transaction dated Monday, February 23rd. The shares were sold at an average price of $383.36, for a total value of $8,905,069.44. Following the sale, the chief executive officer owned 846,562 shares of the company's stock, valued at approximately $324,538,008.32. This represents a 2.67% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 39,650 shares of company stock valued at $15,210,959. 3.80% of the stock is currently owned by company insiders.

Snap-On 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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