Snap-On Incorporated $SNA Shares Acquired by Mitsubishi UFJ Asset Management Co. Ltd.

Key Points

• Mitsubishi UFJ Asset Management increased its Snap-On stake by 5.4% in the fourth quarter, ending with 110,802 shares valued at about $38.9 million.
• Snap-On reported Q1 revenue of $1.21 billion, topping expectations, but EPS of $4.69 missed estimates by $0.06. The company also posted 5.8% year-over-year revenue growth.
• The board authorized a $500 million share buyback and declared a quarterly dividend of $2.44 per share, implying a 2.6% yield.

Mitsubishi UFJ Asset Management Co. Ltd. lifted its stake in shares of Snap-On Incorporated (NYSE:SNA - Free Report) by 5.4% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 110,802 shares of the company's stock after buying an additional 5,661 shares during the quarter. Mitsubishi UFJ Asset Management Co. Ltd. owned approximately 0.21% of Snap-On worth $38,886,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in SNA. Thurston Springer Miller Herd & Titak Inc. acquired a new position in Snap-On in the fourth quarter valued at approximately $25,000. GoalVest Advisory LLC acquired a new position in Snap-On in the fourth quarter valued at approximately $28,000. Montag A & Associates Inc. boosted its holdings in Snap-On by 331.8% in the fourth quarter. Montag A & Associates Inc. now owns 95 shares of the company's stock valued at $33,000 after purchasing an additional 73 shares in the last quarter. Quent Capital LLC acquired a new position in Snap-On in the third quarter valued at approximately $36,000. Finally, United Community Bank acquired a new position in Snap-On in the fourth quarter valued at approximately $43,000. 84.88% of the stock is owned by institutional investors and hedge funds.

Snap-On Price Performance

Snap-On stock opened at $373.59 on Friday. Snap-On Incorporated has a 12 month low of $301.82 and a 12 month high of $400.88. 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 business has a 50 day simple moving average of $373.96 and a 200-day simple moving average of $361.25. The stock has a market capitalization of $19.35 billion, a PE ratio of 19.29, a price-to-earnings-growth ratio of 2.60 and a beta of 0.75.

Snap-On (NYSE:SNA - Get Free Report) last released its quarterly earnings results on Thursday, April 23rd. The company reported $4.69 EPS for the quarter, missing the consensus estimate of $4.75 by ($0.06). Snap-On had a return on equity of 17.13% and a net margin of 21.28%.The company had revenue of $1.21 billion for the quarter, compared to analysts' expectations of $1.19 billion. During the same quarter last year, the company earned $4.51 EPS. Snap-On's revenue for the quarter was up 5.8% compared to the same quarter last year. Equities analysts predict that Snap-On Incorporated will post 19.75 earnings per share for the current year.

Snap-On Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, June 10th. Stockholders of record on Wednesday, May 20th will be paid a dividend of $2.44 per share. This represents a $9.76 annualized dividend and a dividend yield of 2.6%. The ex-dividend date is Wednesday, May 20th. Snap-On's dividend payout ratio is 50.39%.

Snap-On announced that its board has authorized a stock buyback plan on Thursday, April 30th that permits the company to repurchase $500.00 million in outstanding shares. This repurchase authorization permits the company to reacquire up to 2.6% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company's board believes its shares are undervalued.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on SNA shares. Wall Street Zen downgraded Snap-On from a "buy" rating to a "hold" rating in a report on Saturday, February 7th. Weiss Ratings reaffirmed a "buy (b)" rating on shares of Snap-On in a report on Monday, April 20th. Tigress Financial upped their price target on Snap-On from $405.00 to $445.00 and gave the company a "buy" rating in a report on Friday, February 27th. Roth Mkm reaffirmed a "buy" rating and issued a $431.00 price target on shares of Snap-On in a report on Friday, April 24th. Finally, Robert W. Baird upped their price target on Snap-On from $380.00 to $395.00 and gave the company a "neutral" rating in a report on Friday, April 24th. Four analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat, Snap-On presently has an average rating of "Moderate Buy" and a consensus price target of $381.20.

Insiders Place Their Bets

In other Snap-On news, CFO Aldo John Pagliari sold 7,043 shares of the stock in a transaction on Thursday, February 19th. The stock was sold at an average price of $382.05, for a total value of $2,690,778.15. Following the completion of the transaction, the chief financial officer owned 117,183 shares in the company, valued at approximately $44,769,765.15. This represents a 5.67% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, VP June C. Lemerand sold 1,378 shares of the stock in a transaction on Wednesday, February 25th. The stock was sold at an average price of $387.57, for a total value of $534,071.46. Following the completion of the transaction, the vice president owned 2,913 shares of the company's stock, valued at $1,128,991.41. The trade was a 32.11% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 55,046 shares of company stock worth $20,921,434. 3.80% of the stock is owned by corporate 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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