Snap-On Incorporated $SNA Shares Purchased by Handelsbanken Fonder AB

Key Points

• Handelsbanken Fonder AB increased its Snap-On stake by 39.9% in the fourth quarter, buying 13,593 more shares and bringing its holdings to 47,681 shares valued at about $16.4 million.
• Snap-On reported quarterly earnings of $4.69 per share, slightly below estimates, while revenue came in above expectations at $1.21 billion and rose 5.8% year over year.
• The company announced a quarterly dividend of $2.44 per share and approved a $500 million share repurchase plan, signaling continued capital returns to shareholders.

Handelsbanken Fonder AB boosted its holdings in Snap-On Incorporated (NYSE:SNA - Free Report) by 39.9% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 47,681 shares of the company's stock after acquiring an additional 13,593 shares during the period. Handelsbanken Fonder AB owned 0.09% of Snap-On worth $16,431,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in SNA. ProShare Advisors LLC lifted its stake in Snap-On by 5.3% during the fourth quarter. ProShare Advisors LLC now owns 12,491 shares of the company's stock worth $4,304,000 after purchasing an additional 624 shares in the last quarter. Envestnet Portfolio Solutions Inc. lifted its stake in Snap-On by 1.3% during the fourth quarter. Envestnet Portfolio Solutions Inc. now owns 58,553 shares of the company's stock worth $20,177,000 after purchasing an additional 774 shares in the last quarter. North Dakota State Investment Board acquired a new position in Snap-On during the fourth quarter worth $605,000. May Hill Capital LLC acquired a new position in Snap-On during the fourth quarter worth $219,000. Finally, Canada Post Corp Registered Pension Plan lifted its stake in Snap-On by 35.8% during the fourth quarter. Canada Post Corp Registered Pension Plan now owns 1,062 shares of the company's stock worth $366,000 after purchasing an additional 280 shares in the last quarter. 84.88% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research firms have commented on SNA. Weiss Ratings restated a "buy (b)" rating on shares of Snap-On in a research note on Monday, April 20th. Tigress Financial upped their price target on Snap-On from $405.00 to $445.00 and gave the stock a "buy" rating in a research note on Friday, February 27th. Roth Mkm restated a "buy" rating and set a $431.00 price target on shares of Snap-On in a research note on Friday, April 24th. Wall Street Zen cut Snap-On from a "buy" rating to a "hold" rating in a research note on Saturday, February 7th. Finally, Robert W. Baird upped their price target on Snap-On from $380.00 to $395.00 and gave the stock a "neutral" rating in a research note on Friday, April 24th. Four investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $381.20.

Snap-On Stock Up 0.9%

Snap-On stock opened at $363.23 on Thursday. Snap-On Incorporated has a twelve month low of $301.82 and a twelve month high of $400.88. The stock's fifty day simple moving average is $370.94 and its 200-day simple moving average is $362.71. The company has a current ratio of 3.53, a quick ratio of 2.74 and a debt-to-equity ratio of 0.15. The firm has a market capitalization of $18.82 billion, a P/E ratio of 18.75, a P/E/G ratio of 2.53 and a beta of 0.75.

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

Snap-On Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 10th. Stockholders of record on Wednesday, May 20th will be given a dividend of $2.44 per share. The ex-dividend date of this dividend is Wednesday, May 20th. This represents a $9.76 dividend on an annualized basis and a dividend yield of 2.7%. Snap-On's dividend payout ratio is currently 50.39%.

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

Insider Transactions at Snap-On

In other news, VP June C. Lemerand sold 1,378 shares of the company's stock in a transaction on Wednesday, February 25th. The stock was sold at an average price of $387.57, for a total transaction of $534,071.46. Following the sale, the vice president owned 2,913 shares of the company's stock, valued at approximately $1,128,991.41. This represents a 32.11% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Aldo John Pagliari sold 5,713 shares of the company's stock in a transaction on Thursday, May 14th. The stock was sold at an average price of $367.19, for a total value of $2,097,756.47. Following the sale, the chief financial officer directly owned 119,488 shares in the company, valued at $43,874,798.72. This represents a 4.56% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders have sold 53,716 shares of company stock valued at $20,328,412. 3.80% of the stock is currently owned by company insiders.

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.

Want to see what other hedge funds are holding SNA? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Snap-On Incorporated (NYSE:SNA - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.