Snap-On Incorporated $SNA Stock Position Reduced by Sumitomo Mitsui Trust Group Inc.

Key Points

• Sumitomo Mitsui Trust Group cut its Snap-On position by 8.3% in the first quarter, selling 11,111 shares and leaving it with 123,494 shares valued at about $44.9 million.
• Snap-On’s latest quarterly results were mixed: EPS missed estimates at $4.69 versus $4.75 expected, while revenue came in slightly above forecasts at $1.21 billion and rose 5.8% year over year.
• The company is returning cash to shareholders through a quarterly dividend of $2.44 and a new $500 million share buyback authorization, while analysts currently rate the stock a Moderate Buy with an average target of $387.67.

Sumitomo Mitsui Trust Group Inc. decreased its position in Snap-On Incorporated (NYSE:SNA - Free Report) by 8.3% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 123,494 shares of the company's stock after selling 11,111 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned 0.24% of Snap-On worth $44,855,000 as of its most recent SEC filing.

Other institutional investors have also made changes to their positions in the company. Thurston Springer Miller Herd & Titak Inc. acquired a new position in Snap-On in the fourth quarter worth $25,000. DV Equities LLC bought a new position in shares of Snap-On in the 4th quarter worth about $25,000. GoalVest Advisory LLC bought a new position in shares of Snap-On in the 4th quarter worth about $28,000. Montag A & Associates Inc. boosted its holdings in shares of Snap-On by 331.8% in the 4th quarter. Montag A & Associates Inc. now owns 95 shares of the company's stock valued at $33,000 after buying an additional 73 shares during the period. Finally, Quattro Advisors LLC bought a new stake in shares of Snap-On during the 4th quarter valued at about $35,000. 84.88% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several research firms recently weighed in on SNA. Weiss Ratings reiterated a "buy (b)" rating on shares of Snap-On in a research note on Monday, April 20th. Robert W. Baird upped their target price on Snap-On from $380.00 to $395.00 and gave the company a "neutral" rating in a report on Friday, April 24th. Roth Capital reiterated a "buy" rating and set a $431.00 price target on shares of Snap-On in a research report on Friday, April 24th. Finally, Barclays assumed coverage on Snap-On in a report on Thursday, May 28th. They issued an "overweight" rating and a $420.00 price target on the stock. Five 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.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $387.67.

Snap-On Trading Up 0.1%

Shares of NYSE:SNA opened at $402.16 on Monday. The company has a quick ratio of 2.74, a current ratio of 3.53 and a debt-to-equity ratio of 0.15. The company's 50-day moving average price is $382.99 and its 200 day moving average price is $374.70. The company has a market cap of $20.83 billion, a PE ratio of 20.76, a P/E/G ratio of 2.83 and a beta of 0.73. Snap-On Incorporated has a fifty-two week low of $310.23 and a fifty-two week high of $414.62.

Snap-On (NYSE:SNA - Get Free Report) last posted its 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). The firm had revenue of $1.21 billion during the quarter, compared to the consensus estimate of $1.19 billion. Snap-On had a return on equity of 17.13% and a net margin of 21.28%.Snap-On's revenue for the quarter was up 5.8% on a year-over-year basis. During the same quarter last year, the company posted $4.51 EPS. Sell-side analysts anticipate that Snap-On Incorporated will post 19.7 earnings per share for the current year.

Snap-On Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, June 10th. Investors of record on Wednesday, May 20th were issued a $2.44 dividend. This represents a $9.76 dividend on an annualized basis and a yield of 2.4%. The ex-dividend date of this dividend was Wednesday, May 20th. Snap-On's dividend payout ratio is 50.39%.

Snap-On declared that its board has approved a stock buyback plan on Thursday, April 30th that authorizes the company to buyback $500.00 million in outstanding shares. This buyback authorization authorizes the company to reacquire up to 2.5% of its shares through open market purchases. Shares buyback plans are generally an indication that the company's management believes its shares are undervalued.

Insiders Place Their Bets

In other news, SVP Jesus Arregui sold 4,251 shares of the stock in a transaction on Wednesday, June 10th. The stock was sold at an average price of $383.92, for a total value of $1,632,043.92. Following the completion of the transaction, the senior vice president owned 4,439 shares of the company's stock, valued at approximately $1,704,220.88. This represents a 48.92% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, VP Richard Thomas Miller sold 2,000 shares of the firm's stock in a transaction on Wednesday, July 1st. The shares were sold at an average price of $405.92, for a total value of $811,840.00. Following 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 disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 37,117 shares of company stock valued at $14,003,922 in the last quarter. 3.80% of the stock is owned by insiders.

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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