Sanctuary Advisors LLC Boosts Holdings in Snap-On Incorporated $SNA

Key Points

• Sanctuary Advisors LLC increased its Snap-On stake by 8.0% in the first quarter, buying 2,714 more shares and bringing its holdings to 36,690 shares worth about $13.3 million.
• Institutional interest remains strong, with 84.88% of Snap-On shares held by institutional investors, while several other funds also added new positions or increased existing ones.
• Snap-On announced a $500 million share repurchase program and recently paid a quarterly dividend of $2.44 per share, reflecting continued capital returns to shareholders.

Sanctuary Advisors LLC boosted its holdings in shares of Snap-On Incorporated (NYSE:SNA - Free Report) by 8.0% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 36,690 shares of the company's stock after buying an additional 2,714 shares during the quarter. Sanctuary Advisors LLC owned approximately 0.07% of Snap-On worth $13,326,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Pensionfund Sabic purchased a new position in shares of Snap-On during the 4th quarter valued at about $1,206,000. Miller Howard Investments Inc. NY bought a new position in shares of Snap-On during the 1st quarter valued at approximately $51,244,000. First Horizon Corp purchased a new stake in Snap-On in the 4th quarter worth approximately $4,068,000. Nordea Investment Management AB raised its stake in Snap-On by 4.1% during the 4th quarter. Nordea Investment Management AB now owns 1,310,198 shares of the company's stock worth $454,206,000 after acquiring an additional 51,486 shares during the period. Finally, QRG Capital Management Inc. raised its stake in Snap-On by 9.9% during the 1st quarter. QRG Capital Management Inc. now owns 86,849 shares of the company's stock worth $31,545,000 after acquiring an additional 7,798 shares during the period. 84.88% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

SNA has been the topic of a number of analyst reports. Robert W. Baird lifted their target price 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. Weiss Ratings reiterated a "buy (b)" rating on shares of Snap-On in a research report on Monday, April 20th. Barclays started coverage on Snap-On in a report on Thursday, May 28th. They issued an "overweight" rating and a $420.00 price target on the stock. Finally, Roth Capital restated a "buy" rating and issued a $431.00 price target on shares of Snap-On in a research note on Friday, April 24th. Five investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, Snap-On has an average rating of "Moderate Buy" and an average price target of $387.67.

Insider Buying and Selling at Snap-On

In related news, CFO Aldo John Pagliari sold 1,330 shares of the stock in a transaction dated Thursday, June 4th. The shares were sold at an average price of $379.27, for a total value of $504,429.10. Following the completion of the transaction, the chief financial officer owned 118,158 shares of the company's stock, valued at approximately $44,813,784.66. This trade represents a 1.11% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Jesus Arregui sold 4,251 shares of Snap-On stock in a transaction dated Wednesday, June 10th. The stock was sold at an average price of $383.92, for a total value of $1,632,043.92. Following the completion of the transaction, the senior vice president owned 4,439 shares of the company's stock, valued at approximately $1,704,220.88. This represents a 48.92% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 37,117 shares of company stock valued at $14,003,922 over the last quarter. 3.80% of the stock is owned by corporate insiders.

Snap-On Stock Up 2.8%

Shares of SNA opened at $415.17 on Friday. 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 has a market capitalization of $21.51 billion, a price-to-earnings ratio of 21.43, a price-to-earnings-growth ratio of 2.84 and a beta of 0.73. Snap-On Incorporated has a 1 year low of $312.78 and a 1 year high of $415.40. The business's 50 day simple moving average is $385.08 and its 200-day simple moving average is $376.20.

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

Snap-On Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, June 10th. Stockholders of record on Wednesday, May 20th were issued a $2.44 dividend. The ex-dividend date was Wednesday, May 20th. This represents a $9.76 dividend on an annualized basis and a dividend yield of 2.4%. Snap-On's payout ratio is 50.39%.

Snap-On announced that its Board of Directors has initiated a share repurchase program 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 2.5% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company's leadership believes its shares are undervalued.

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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