Regents Gate Capital LLP Sells 17,108 Shares of Snap-On Incorporated $SNA

Key Points

• Regents Gate Capital LLP sharply reduced its Snap-On stake by 87.3% in the fourth quarter, selling 17,108 shares and leaving it with 2,499 shares worth about $861,000.
• Snap-On posted mixed quarterly results: EPS of $4.69 missed estimates by $0.06, while revenue of $1.21 billion topped expectations and rose 5.8% year over year.
• The company continues to return capital to shareholders through a $2.44 quarterly dividend and a new $500 million share repurchase program, while analysts maintain a generally positive stance with a “Moderate Buy” consensus.

Regents Gate Capital LLP lessened its holdings in shares of Snap-On Incorporated (NYSE:SNA - Free Report) by 87.3% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 2,499 shares of the company's stock after selling 17,108 shares during the quarter. Regents Gate Capital LLP's holdings in Snap-On were worth $861,000 at the end of the most recent reporting period.

Other large investors have also recently modified their holdings of the company. Vanguard Group Inc. boosted its holdings in Snap-On by 0.5% in the 4th quarter. Vanguard Group Inc. now owns 6,525,488 shares of the company's stock worth $2,248,683,000 after buying an additional 31,073 shares during the period. State Street Corp grew its holdings in Snap-On by 1.6% during the 3rd quarter. State Street Corp now owns 2,243,970 shares of the company's stock valued at $777,603,000 after buying an additional 36,130 shares in the last quarter. First Trust Advisors LP increased its position in shares of Snap-On by 1.3% during the third quarter. First Trust Advisors LP now owns 1,916,571 shares of the company's stock valued at $664,149,000 after buying an additional 23,863 shares during the period. Nordea Investment Management AB lifted its holdings in shares of Snap-On by 4.1% in the fourth quarter. Nordea Investment Management AB now owns 1,310,198 shares of the company's stock worth $454,206,000 after buying an additional 51,486 shares in the last quarter. Finally, Bank of America Corp DE lifted its holdings in shares of Snap-On by 2.0% in the third quarter. Bank of America Corp DE now owns 933,495 shares of the company's stock worth $323,484,000 after buying an additional 18,549 shares in the last quarter. Hedge funds and other institutional investors own 84.88% of the company's stock.

Snap-On Stock Up 1.8%

Shares of NYSE SNA opened at $385.10 on Friday. The firm's fifty day moving average is $374.44 and its 200 day moving average is $366.97. Snap-On Incorporated has a 52 week low of $301.82 and a 52 week high of $400.88. 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 $19.95 billion, a price-to-earnings ratio of 19.88, a PEG ratio of 2.66 and a beta of 0.73.

Snap-On (NYSE:SNA - Get Free Report) last announced its quarterly earnings results on Thursday, April 23rd. The company reported $4.69 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $4.75 by ($0.06). Snap-On had a return on equity of 17.13% and a net margin of 21.28%.The firm had revenue of $1.21 billion during the quarter, compared to the consensus estimate of $1.19 billion. During the same period last year, the business earned $4.51 EPS. Snap-On's revenue was up 5.8% on a year-over-year basis. On average, equities research analysts expect that Snap-On Incorporated will post 19.7 earnings per share for the current year.

Snap-On Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, June 10th. Investors of record on Wednesday, May 20th were paid a $2.44 dividend. The ex-dividend date of this dividend was 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 announced that its board has approved a stock repurchase program on Thursday, April 30th that allows the company to repurchase $500.00 million in shares. This repurchase authorization allows the company to purchase up to 2.6% of its stock through open market purchases. Stock repurchase programs are often a sign that the company's board believes its shares are undervalued.

Analyst Ratings Changes

Several brokerages recently commented on SNA. Robert W. Baird boosted their price objective on shares of Snap-On from $380.00 to $395.00 and gave the company a "neutral" rating in a research note on Friday, April 24th. Tigress Financial lifted their price target 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 started coverage on shares of Snap-On in a report on Thursday, May 28th. They set an "overweight" rating and a $420.00 target price on the stock. Roth Mkm reiterated a "buy" rating and issued a $431.00 target price on shares of Snap-On in a research report on Friday, April 24th. Finally, Weiss Ratings restated a "buy (b)" rating on shares of Snap-On in a research report on Monday, April 20th. Five investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $387.67.

Insiders Place Their Bets

In other Snap-On news, CEO Nicholas T. Pinchuk sold 23,396 shares of the company's stock in a transaction that occurred on Tuesday, May 5th. The stock was sold at an average price of $375.77, for a total transaction of $8,791,514.92. Following the completion of the transaction, the chief executive officer owned 856,918 shares of the company's stock, valued at $322,004,076.86. This represents a 2.66% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Aldo John Pagliari sold 5,713 shares of the stock in a transaction that occurred on Thursday, May 14th. The stock was sold at an average price of $367.19, for a total value 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. This trade represents a 4.56% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 35,117 shares of company stock worth $13,192,082 in the last quarter. 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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