SEB Asset Management AB Purchases Shares of 41,659 Snap-On Incorporated $SNA

Key Points

• SEB Asset Management AB opened a new position in Snap-On, buying 41,659 shares valued at about $15.1 million in the first quarter and ending with roughly 0.08% ownership.
• Analysts remain generally positive on the stock: five rate it a Buy, one rates it Hold, and the consensus view is Moderate Buy with an average price target of $408.20.
• Snap-On reported quarterly EPS of $4.69, slightly below estimates, while revenue came in above expectations at $1.21 billion. The company also pays a $2.44 quarterly dividend and recently authorized a $500 million share buyback.

SEB Asset Management AB acquired a new position in Snap-On Incorporated (NYSE:SNA - Free Report) in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 41,659 shares of the company's stock, valued at approximately $15,131,000. SEB Asset Management AB owned approximately 0.08% of Snap-On at the end of the most recent quarter.

Other institutional investors have also recently modified their holdings of the company. Thurston Springer Miller Herd & Titak Inc. bought a new stake in Snap-On in the 4th quarter worth approximately $25,000. DV Equities LLC bought a new position in Snap-On during the fourth quarter valued at approximately $25,000. Montag A & Associates Inc. grew its position in Snap-On by 331.8% during the fourth quarter. Montag A & Associates Inc. now owns 95 shares of the company's stock valued at $33,000 after acquiring an additional 73 shares during the last quarter. Quattro Advisors LLC purchased a new position in shares of Snap-On during the fourth quarter worth approximately $35,000. Finally, Annis Gardner Whiting Capital Advisors LLC lifted its holdings in shares of Snap-On by 36.4% in the 4th quarter. Annis Gardner Whiting Capital Advisors LLC now owns 105 shares of the company's stock worth $36,000 after acquiring an additional 28 shares during the last quarter. 84.88% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on SNA shares. Weiss Ratings reaffirmed a "buy (b)" rating on shares of Snap-On in a research note on Friday. Barclays initiated coverage on shares of Snap-On in a research note on Thursday, May 28th. They issued an "overweight" rating and a $420.00 price target for the company. Robert W. Baird raised their price objective on Snap-On from $380.00 to $395.00 and gave the company a "neutral" rating in a research note on Friday, April 24th. Finally, Roth Capital reiterated a "buy" rating and issued a $431.00 price objective on shares of Snap-On in a report on Friday, April 24th. Five analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $408.20.

Insider Activity at Snap-On

In related news, CEO Nicholas T. Pinchuk sold 23,396 shares of the 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 transaction, the chief executive officer directly owned 856,918 shares of the company's stock, valued at $322,004,076.86. This represents a 2.66% decrease in their ownership of the stock. The transaction was disclosed in a filing 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 stock was 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 $43,874,798.72. This trade represents a 4.56% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 37,117 shares of company stock worth $14,003,922 over the last ninety days. Corporate insiders own 3.80% of the company's stock.

Snap-On Price Performance

SNA opened at $407.07 on Tuesday. The stock's 50 day moving average price is $386.57 and its 200-day moving average price is $377.03. Snap-On Incorporated has a 52-week low of $312.78 and a 52-week high of $419.68. The stock has a market capitalization of $21.09 billion, a PE ratio of 21.02, a price-to-earnings-growth ratio of 2.89 and a beta of 0.73. The company has a debt-to-equity ratio of 0.15, a quick ratio of 2.74 and a current ratio of 3.53.

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

Snap-On Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, June 10th. Investors of record on Wednesday, May 20th were given a dividend of $2.44 per share. The ex-dividend date was Wednesday, May 20th. This represents a $9.76 annualized dividend and a dividend yield of 2.4%. Snap-On's payout ratio is currently 50.39%.

Snap-On announced that its board has authorized a stock buyback plan on Thursday, April 30th that permits the company to buyback $500.00 million in outstanding shares. This buyback authorization permits the company to purchase up to 2.5% of its stock through open market purchases. Stock buyback plans are typically a sign that the company's leadership believes its stock is 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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