Snap-On Incorporated $SNA Shares Purchased by Renaissance Technologies LLC

Key Points

• Renaissance Technologies increased its Snap-On stake by 228% in the first quarter, owning 113,020 shares worth approximately $41.1 million. Institutional investors collectively hold 84.88% of the company’s stock.
• Snap-On reported quarterly EPS of $4.96, slightly above estimates, while revenue rose 4.7% year over year to $1.24 billion. The company also authorized a $500 million share-repurchase plan and pays an annualized dividend of $9.76, yielding about 2.4%.
• Analysts maintain a generally positive view, with five Buy ratings and one Hold rating and a consensus price target of $418.20. Shares recently traded at $407.27, up 0.8%.

Renaissance Technologies LLC boosted its position in shares of Snap-On Incorporated (NYSE:SNA - Free Report) by 228.0% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 113,020 shares of the company's stock after acquiring an additional 78,560 shares during the quarter. Renaissance Technologies LLC owned 0.22% of Snap-On worth $41,051,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently bought and sold shares of SNA. Vanguard Group Inc. lifted its position in shares of Snap-On by 0.5% during the fourth quarter. Vanguard Group Inc. now owns 6,525,488 shares of the company's stock worth $2,248,683,000 after purchasing an additional 31,073 shares in the last quarter. State Street Corp boosted its position in Snap-On by 1.3% in the 4th quarter. State Street Corp now owns 2,272,041 shares of the company's stock valued at $782,945,000 after buying an additional 28,071 shares during the period. First Trust Advisors LP boosted its position in Snap-On by 3.3% in the 1st quarter. First Trust Advisors LP now owns 2,033,129 shares of the company's stock valued at $738,473,000 after buying an additional 65,521 shares during the period. Charles Schwab Investment Management Inc. grew its stake in shares of Snap-On by 2.0% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,011,914 shares of the company's stock worth $693,306,000 after acquiring an additional 39,765 shares in the last quarter. Finally, Auto Owners Insurance Co grew its stake in shares of Snap-On by 34,360.0% in the fourth quarter. Auto Owners Insurance Co now owns 1,025,185 shares of the company's stock worth $353,279,000 after acquiring an additional 1,022,210 shares in the last quarter. 84.88% of the stock is currently owned by hedge funds and other institutional investors.

Snap-On Stock Up 0.8%

Shares of NYSE SNA opened at $407.27 on Tuesday. The business has a 50-day moving average of $390.45 and a two-hundred day moving average of $378.91. The company has a market capitalization of $21.07 billion, a price-to-earnings ratio of 20.77, a price-to-earnings-growth ratio of 2.85 and a beta of 0.73. Snap-On Incorporated has a 1 year low of $312.78 and a 1 year high of $419.68. The company has a debt-to-equity ratio of 0.15, a current ratio of 3.43 and a quick ratio of 2.64.

Snap-On (NYSE:SNA - Get Free Report) last released its quarterly earnings data on Thursday, July 23rd. The company reported $4.96 EPS for the quarter, beating analysts' consensus estimates 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 in the prior year, the business posted $4.72 EPS. The business's revenue for the quarter was up 4.7% on a year-over-year basis. On average, analysts forecast that Snap-On Incorporated will post 19.67 earnings per share for the current fiscal year.

Snap-On declared that its board has initiated a stock repurchase plan on Thursday, April 30th that authorizes the company to repurchase $500.00 million in shares. This repurchase authorization authorizes the company to reacquire up to 2.5% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company's board of directors believes its stock is undervalued.

Snap-On Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, June 10th. Shareholders of record on Wednesday, May 20th were paid a $2.44 dividend. This represents a $9.76 annualized dividend and a yield of 2.4%. The ex-dividend date was Wednesday, May 20th. Snap-On's dividend payout ratio is currently 49.77%.

Insider Activity at Snap-On

In other news, CEO Nicholas T. Pinchuk sold 23,396 shares of the company's stock in a transaction on Tuesday, May 5th. The shares were sold at an average price of $375.77, for a total value of $8,791,514.92. Following the completion of the transaction, the chief executive officer owned 856,918 shares in the company, valued at approximately $322,004,076.86. This represents a 2.66% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, VP Richard Thomas Miller sold 2,000 shares of the stock in a transaction on Wednesday, July 1st. The shares were sold at an average price of $405.92, for a total transaction of $811,840.00. Following the completion of the transaction, the vice president directly owned 4,529 shares in the company, valued at $1,838,411.68. This trade represents a 30.63% decrease in their ownership of the stock. 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 three months, insiders have sold 37,117 shares of company stock valued at $14,003,922. Company insiders own 3.80% of the company's stock.

Analysts Set New Price Targets

Several research firms recently commented on SNA. Robert W. Baird set a $415.00 target price on Snap-On in a research note on Friday. Weiss Ratings reaffirmed a "buy (b)" rating on shares of Snap-On in a research report on Friday, July 17th. Roth Capital reissued a "buy" rating and set a $461.00 price objective (up from $409.00) on shares of Snap-On in a research report on Friday. Finally, Barclays assumed coverage on shares of 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 and one has assigned a Hold rating to the company. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $418.20.

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.