Snap-On Incorporated $SNA Shares Acquired by Gleason Group Inc.

Key Points

• Gleason Group Inc. significantly increased its stake in Snap-On Incorporated by 944.9% during the second quarter, acquiring a total of 930 shares worth approximately $289,000.
• Snap-On recently reported $4.72 earnings per share, surpassing analysts' expectations of $4.61, with revenue of $1.18 billion for the quarter.
• The company's dividend has been set at $2.14 per share, with an annualized total of $8.56, representing a dividend yield of 2.5%.

Gleason Group Inc. grew its stake in Snap-On Incorporated (NYSE:SNA - Free Report) by 944.9% in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 930 shares of the company's stock after acquiring an additional 841 shares during the quarter. Gleason Group Inc.'s holdings in Snap-On were worth $289,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of the business. Kelly Financial Services LLC grew its holdings in shares of Snap-On by 13.1% during the 2nd quarter. Kelly Financial Services LLC now owns 681 shares of the company's stock worth $212,000 after purchasing an additional 79 shares during the period. V Square Quantitative Management LLC grew its holdings in shares of Snap-On by 10.8% during the 2nd quarter. V Square Quantitative Management LLC now owns 709 shares of the company's stock worth $221,000 after purchasing an additional 69 shares during the period. Twelve Points Wealth Management LLC grew its holdings in shares of Snap-On by 5.4% during the 2nd quarter. Twelve Points Wealth Management LLC now owns 3,462 shares of the company's stock worth $1,077,000 after purchasing an additional 176 shares during the period. State of Alaska Department of Revenue grew its holdings in shares of Snap-On by 18.4% during the 2nd quarter. State of Alaska Department of Revenue now owns 14,376 shares of the company's stock worth $4,473,000 after purchasing an additional 2,235 shares during the period. Finally, Patton Fund Management Inc. purchased a new position in shares of Snap-On during the 2nd quarter worth $222,000. 84.88% of the stock is currently owned by hedge funds and other institutional investors.

Snap-On Stock Performance

Shares of SNA opened at $344.41 on Tuesday. The stock has a 50-day simple moving average of $328.61 and a 200-day simple moving average of $323.12. The company has a debt-to-equity ratio of 0.21, a quick ratio of 3.42 and a current ratio of 4.48. The stock has a market capitalization of $17.97 billion, a PE ratio of 18.37, a PEG ratio of 2.38 and a beta of 0.77. Snap-On Incorporated has a 1 year low of $284.38 and a 1 year high of $373.89.

Snap-On (NYSE:SNA - Get Free Report) last announced its quarterly earnings data on Thursday, July 17th. The company reported $4.72 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.61 by $0.11. The business had revenue of $1.18 billion during the quarter, compared to analysts' expectations of $1.16 billion. Snap-On had a return on equity of 18.02% and a net margin of 20.98%.The business's quarterly revenue was up .0% compared to the same quarter last year. During the same quarter last year, the business posted $5.07 EPS. On average, analysts predict that Snap-On Incorporated will post 19.79 earnings per share for the current fiscal year.

Snap-On Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, September 10th. Stockholders of record on Tuesday, August 19th were paid a $2.14 dividend. This represents a $8.56 annualized dividend and a dividend yield of 2.5%. The ex-dividend date was Tuesday, August 19th. Snap-On's dividend payout ratio (DPR) is presently 45.65%.

Insider Activity

In other news, CFO Aldo John Pagliari sold 4,731 shares of Snap-On stock in a transaction dated Thursday, August 14th. The stock was sold at an average price of $327.38, for a total value of $1,548,834.78. Following the completion of the transaction, the chief financial officer owned 111,667 shares in the company, valued at approximately $36,557,542.46. This trade represents a 4.06% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Nicholas T. Pinchuk sold 23,042 shares of Snap-On stock in a transaction dated Monday, August 11th. The shares were sold at an average price of $320.88, for a total value of $7,393,716.96. Following the completion of the transaction, the chief executive officer owned 815,219 shares of the company's stock, valued at $261,587,472.72. The trade was a 2.75% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 27,898 shares of company stock valued at $8,983,203 in the last quarter. Company insiders own 3.90% of the company's stock.

Analyst Ratings Changes

A number of research firms have recently weighed in on SNA. Robert W. Baird increased their price target on Snap-On from $329.00 to $347.00 and gave the stock a "neutral" rating in a report on Friday, July 18th. Tigress Financial raised their target price on Snap-On from $390.00 to $395.00 and gave the company a "buy" rating in a report on Friday, August 29th. Bank of America raised their target price on Snap-On from $265.00 to $285.00 and gave the company an "underperform" rating in a report on Friday, July 18th. Finally, Barrington Research restated an "outperform" rating and set a $350.00 target price on shares of Snap-On in a report on Tuesday, September 23rd. Four 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 currently has a consensus rating of "Moderate Buy" and a consensus target price of $357.00.

About Snap-On

Snap-on Incorporated manufactures and markets tools, equipment, diagnostics, and repair information and systems solutions for professional users worldwide. It operates through Commercial & Industrial Group, Snap-on Tools Group, Repair Systems & Information Group, and Financial Services segments.

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