Snap-On Incorporated $SNA Stock Holdings Lifted by Tredje AP fonden

Key Points

• Tredje AP fonden increased its Snap-On stake by 83.8% in the fourth quarter, buying 2,844 more shares and bringing its total holding to 6,239 shares worth about $2.15 million.
• Snap-On reported Q1 EPS of $4.69, missing analyst estimates, while revenue of $1.21 billion came in slightly ahead of expectations and rose 5.8% year over year.
• The company’s board approved a $500 million share repurchase program and declared a quarterly dividend of $2.44 per share, equal to an annualized yield of about 2.7%.

Tredje AP fonden raised its stake in Snap-On Incorporated (NYSE:SNA - Free Report) by 83.8% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 6,239 shares of the company's stock after buying an additional 2,844 shares during the period. Tredje AP fonden's holdings in Snap-On were worth $2,150,000 as of its most recent filing with the SEC.

Several other institutional investors also recently modified their holdings of SNA. Victory Capital Management Inc. increased its holdings in shares of Snap-On by 346.0% in the third quarter. Victory Capital Management Inc. now owns 279,484 shares of the company's stock valued at $96,850,000 after buying an additional 216,813 shares in the last quarter. PFA Pension Forsikringsaktieselskab bought a new position in shares of Snap-On in the fourth quarter valued at $69,751,000. Rakuten Investment Management Inc. bought a new position in shares of Snap-On in the third quarter valued at $61,134,000. UBS Group AG increased its holdings in shares of Snap-On by 30.7% in the fourth quarter. UBS Group AG now owns 617,620 shares of the company's stock valued at $212,832,000 after buying an additional 144,926 shares in the last quarter. Finally, Ameriprise Financial Inc. increased its holdings in shares of Snap-On by 17.5% in the second quarter. Ameriprise Financial Inc. now owns 800,946 shares of the company's stock valued at $249,073,000 after buying an additional 119,089 shares in the last quarter. Institutional investors own 84.88% of the company's stock.

Snap-On Price Performance

Shares of NYSE:SNA opened at $363.23 on Thursday. The company's fifty day moving average is $370.94 and its two-hundred day moving average is $362.71. The company has a quick ratio of 2.74, a current ratio of 3.53 and a debt-to-equity ratio of 0.15. Snap-On Incorporated has a 12-month low of $301.82 and a 12-month high of $400.88. The company has a market cap of $18.82 billion, a P/E ratio of 18.75, a price-to-earnings-growth ratio of 2.53 and a beta of 0.75.

Snap-On (NYSE:SNA - Get Free Report) last announced its earnings results on Thursday, April 23rd. The company reported $4.69 earnings per share (EPS) for the quarter, missing the consensus estimate of $4.75 by ($0.06). Snap-On had a net margin of 21.28% and a return on equity of 17.13%. The firm had revenue of $1.21 billion for the quarter, compared to analyst estimates of $1.19 billion. During the same period last year, the firm earned $4.51 earnings per share. Snap-On's revenue for the quarter was up 5.8% compared to the same quarter last year. Equities 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 approved a stock repurchase plan on Thursday, April 30th that authorizes the company to buyback $500.00 million in outstanding shares. This buyback authorization authorizes the company to purchase up to 2.6% of its stock through open market purchases. Stock buyback plans are often an indication that the company's leadership believes its stock is undervalued.

Snap-On Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, June 10th. Shareholders 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 yield of 2.7%. The ex-dividend date of this dividend is Wednesday, May 20th. Snap-On's payout ratio is 50.39%.

Insider Buying and Selling at Snap-On

In other news, CEO Nicholas T. Pinchuk sold 23,396 shares of the business's stock in a transaction on Tuesday, May 5th. The shares were sold at an average price of $375.77, for a total transaction of $8,791,514.92. Following the transaction, the chief executive officer directly owned 856,918 shares in the company, valued at $322,004,076.86. The trade was a 2.66% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, VP June C. Lemerand sold 1,378 shares of the business's stock in a transaction on Wednesday, February 25th. The shares were sold at an average price of $387.57, for a total transaction of $534,071.46. Following the transaction, the vice president owned 2,913 shares in the company, valued at approximately $1,128,991.41. This represents a 32.11% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 53,716 shares of company stock valued at $20,328,412 in the last three months. 3.80% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

SNA has been the topic of several research reports. Weiss Ratings reaffirmed a "buy (b)" rating on shares of Snap-On in a report on Monday, April 20th. 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. Wall Street Zen cut Snap-On from a "buy" rating to a "hold" rating in a report on Saturday, February 7th. Tigress Financial boosted their target price on shares of Snap-On from $405.00 to $445.00 and gave the company a "buy" rating in a research note on Friday, February 27th. Finally, Roth Mkm reissued a "buy" rating and set a $431.00 target price on shares of Snap-On in a research note on Friday, April 24th. Four equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, Snap-On has a consensus rating of "Moderate Buy" and a consensus price target of $381.20.

Snap-On Company 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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