Snap-On Incorporated $SNA Shares Acquired by Fjarde AP Fonden Fourth Swedish National Pension Fund

Key Points

• Fjarde AP Fonden increased its Snap-On stake by 63.4% in the first quarter, buying 9,290 additional shares and bringing its total holdings to 23,940 shares worth about $8.7 million.
• Institutional interest remains strong, with hedge funds and other investors continuing to add to Snap-On positions; institutions now own 84.88% of the company.
• Snap-On has seen mixed earnings and insider activity: its latest quarterly EPS missed estimates slightly, while insiders including the CEO and an SVP sold shares in recent months. The company also pays a quarterly dividend and recently authorized a $500 million share repurchase program.

Fjarde AP Fonden Fourth Swedish National Pension Fund boosted its holdings in Snap-On Incorporated (NYSE:SNA - Free Report) by 63.4% in the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 23,940 shares of the company's stock after purchasing an additional 9,290 shares during the period. Fjarde AP Fonden Fourth Swedish National Pension Fund's holdings in Snap-On were worth $8,695,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently bought and sold shares of the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in shares of Snap-On by 15.5% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 8,850 shares of the company's stock valued at $2,983,000 after buying an additional 1,185 shares during the last quarter. Woodline Partners LP increased its stake in shares of Snap-On by 40.4% in the first quarter. Woodline Partners LP now owns 4,426 shares of the company's stock worth $1,492,000 after buying an additional 1,273 shares during the last quarter. EverSource Wealth Advisors LLC increased its stake in shares of Snap-On by 100.9% in the second quarter. EverSource Wealth Advisors LLC now owns 464 shares of the company's stock worth $144,000 after buying an additional 233 shares during the last quarter. Gamco Investors INC. ET AL raised its holdings in Snap-On by 32.9% in the second quarter. Gamco Investors INC. ET AL now owns 1,752 shares of the company's stock valued at $545,000 after acquiring an additional 434 shares in the last quarter. Finally, Natixis raised its holdings in Snap-On by 136.8% in the second quarter. Natixis now owns 3,048 shares of the company's stock valued at $948,000 after acquiring an additional 1,761 shares in the last quarter. Institutional investors and hedge funds own 84.88% of the company's stock.

Analysts Set New Price Targets

Several brokerages have weighed in on SNA. Weiss Ratings reissued a "buy (b)" rating on shares of Snap-On in a report on Monday, April 20th. Robert W. Baird upped 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. Roth Mkm reaffirmed a "buy" rating and set a $431.00 price target on shares of Snap-On in a research report on Friday, April 24th. Finally, Barclays started coverage on Snap-On in a research note on Thursday, May 28th. They issued an "overweight" rating and a $420.00 price target for the company. Five research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $387.67.

Insider Buying and Selling at Snap-On

In related news, SVP Jesus Arregui sold 4,251 shares of the stock in a transaction dated Wednesday, June 10th. The shares were sold at an average price of $383.92, for a total transaction of $1,632,043.92. Following the sale, the senior vice president owned 4,439 shares in the company, valued at $1,704,220.88. This represents a 48.92% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Nicholas T. Pinchuk sold 23,396 shares of the firm's stock in a transaction dated 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 directly owned 856,918 shares in the company, valued at $322,004,076.86. This represents a 2.66% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders sold 37,117 shares of company stock valued at $14,003,922. Corporate insiders own 3.80% of the company's stock.

Snap-On Stock Performance

SNA stock opened at $412.09 on Friday. The stock's 50 day simple moving average is $380.65 and its 200 day simple moving average is $372.53. Snap-On Incorporated has a 12-month low of $310.23 and a 12-month high of $412.33. The firm has a market cap of $21.35 billion, a P/E ratio of 21.27, a P/E/G ratio of 2.90 and a beta of 0.73. The company has a current ratio of 3.53, a quick ratio of 2.74 and a debt-to-equity ratio of 0.15.

Snap-On (NYSE:SNA - Get Free Report) last released its quarterly earnings data on Thursday, April 23rd. The company reported $4.69 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 business had revenue of $1.21 billion during the quarter, compared to analyst estimates of $1.19 billion. During the same period in the prior year, the firm earned $4.51 EPS. The business's revenue for the quarter was up 5.8% compared to the same quarter last year. As a group, equities research analysts predict that Snap-On Incorporated will post 19.7 EPS for the current year.

Snap-On Announces Dividend

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

Snap-On announced that its Board of Directors has initiated a stock repurchase program on Thursday, April 30th that authorizes the company to repurchase $500.00 million in outstanding shares. This repurchase authorization authorizes the company to reacquire up to 2.5% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company's management 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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