Snap-On Incorporated $SNA Shares Bought by Bank of America Corp DE

Key Points

• Bank of America increased its Snap-On stake by 0.4% in the first quarter, owning 999,497 shares worth approximately $363 million, or 1.93% of the company. Institutional investors and hedge funds collectively own 84.88% of Snap-On.
• Analysts remain broadly positive, with five Buy ratings and one Hold rating, producing a “Moderate Buy” consensus and an average price target of $426.20. Recent targets include $461 from Roth Capital and $485 from Tigress Financial.
• Snap-On reported quarterly EPS of $4.96 and revenue of $1.24 billion, modestly exceeding estimates, while revenue rose 4.7% year over year. The company also authorized a $500 million share-repurchase program, although insiders have sold $18 million of stock over the past 90 days.

Bank of America Corp DE raised its holdings in Snap-On Incorporated (NYSE:SNA - Free Report) by 0.4% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 999,497 shares of the company's stock after purchasing an additional 3,770 shares during the quarter. Bank of America Corp DE owned 1.93% of Snap-On worth $363,037,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in Snap-On by 15.5% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 8,850 shares of the company's stock worth $2,983,000 after purchasing an additional 1,185 shares in the last quarter. Woodline Partners LP increased its holdings in shares of Snap-On by 40.4% during the 1st quarter. Woodline Partners LP now owns 4,426 shares of the company's stock valued at $1,492,000 after purchasing an additional 1,273 shares in the last quarter. EverSource Wealth Advisors LLC increased its holdings in shares of Snap-On by 100.9% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 464 shares of the company's stock valued at $144,000 after purchasing an additional 233 shares in the last quarter. Gamco Investors INC. ET AL lifted its stake in shares of Snap-On by 32.9% in the 2nd quarter. Gamco Investors INC. ET AL now owns 1,752 shares of the company's stock valued at $545,000 after purchasing an additional 434 shares during the period. Finally, Natixis boosted its holdings in Snap-On by 136.8% during the second quarter. Natixis now owns 3,048 shares of the company's stock worth $948,000 after buying an additional 1,761 shares in the last quarter. 84.88% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on SNA shares. Roth Capital reaffirmed a "buy" rating and issued a $461.00 price objective (up from $409.00) on shares of Snap-On in a report on Friday, July 24th. Tigress Financial increased their target price on shares of Snap-On from $445.00 to $485.00 and gave the stock a "buy" rating in a research note on Friday. Robert W. Baird set a $415.00 target price on Snap-On in a research report on Friday, July 24th. Barclays initiated 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. Finally, Weiss Ratings reaffirmed a "buy (b)" rating on shares of Snap-On in a report on Friday, July 17th. 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 currently has an average rating of "Moderate Buy" and a consensus target price of $426.20.

Insider Activity at Snap-On

In other news, SVP Timothy L. Chambers sold 9,111 shares of the company's stock in a transaction on Tuesday, July 28th. The shares were sold at an average price of $419.36, for a total transaction of $3,820,788.96. Following the completion of the sale, the senior vice president owned 21,223 shares of the company's stock, valued at $8,900,077.28. This represents a 30.04% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, VP Richard Thomas Miller sold 2,000 shares of the company's stock in a transaction on Wednesday, July 1st. The stock was sold at an average price of $405.92, for a total transaction of $811,840.00. Following the sale, the vice president directly owned 4,529 shares of the company's stock, valued at $1,838,411.68. The trade was a 30.63% 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. Insiders have sold a total of 46,617 shares of company stock worth $17,987,869 over the last 90 days. Corporate insiders own 3.80% of the company's stock.

Snap-On Price Performance

NYSE:SNA opened at $410.78 on Monday. Snap-On Incorporated has a 12 month low of $312.78 and a 12 month high of $420.91. The stock has a 50 day moving average of $394.51 and a two-hundred day moving average of $380.47. The company has a current ratio of 3.43, a quick ratio of 2.64 and a debt-to-equity ratio of 0.15. The firm has a market cap of $21.25 billion, a P/E ratio of 20.95, a price-to-earnings-growth ratio of 2.89 and a beta of 0.73.

Snap-On (NYSE:SNA - Get Free Report) last released its earnings results on Thursday, July 23rd. The company reported $4.96 earnings per share for the quarter, beating the consensus estimate of $4.95 by $0.01. Snap-On had a return on equity of 17.07% and a net margin of 21.25%.The business had revenue of $1.24 billion for the quarter, compared to the consensus estimate of $1.22 billion. During the same quarter last year, the business posted $4.72 earnings per share. The business's quarterly revenue was up 4.7% compared to the same quarter last year. On average, analysts expect that Snap-On Incorporated will post 19.7 earnings per share for the current fiscal year.

Snap-On declared that its board has authorized a share buyback program on Thursday, April 30th that allows the company to repurchase $500.00 million in outstanding shares. This repurchase authorization allows the company to purchase up to 2.5% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company's board of directors 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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