Sprucegrove Investment Management Ltd. Has $14.01 Million Stock Position in Snap-On Incorporated $SNA

Key Points

• Sprucegrove Investment Management Ltd. increased its stake in Snap-On Incorporated by 88.1%, owning 41,580 shares and making it the firm's 20th largest holding.
• Snap-On recently declared a $2.14 quarterly dividend, which is set to be paid on September 10th, with an annualized yield of 2.6%.
• Analysts have given Snap-On a consensus rating of "Moderate Buy", with price targets ranging from $285 to $356.17.

Sprucegrove Investment Management Ltd. boosted its stake in shares of Snap-On Incorporated (NYSE:SNA - Free Report) by 88.1% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 41,580 shares of the company's stock after purchasing an additional 19,480 shares during the quarter. Snap-On comprises approximately 1.2% of Sprucegrove Investment Management Ltd.'s investment portfolio, making the stock its 20th biggest position. Sprucegrove Investment Management Ltd. owned about 0.08% of Snap-On worth $14,013,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in SNA. Alpine Bank Wealth Management bought a new position in Snap-On during the first quarter worth $25,000. Golden State Wealth Management LLC boosted its position in shares of Snap-On by 421.1% in the first quarter. Golden State Wealth Management LLC now owns 99 shares of the company's stock valued at $33,000 after acquiring an additional 80 shares during the period. Cullen Frost Bankers Inc. boosted its position in shares of Snap-On by 248.3% in the first quarter. Cullen Frost Bankers Inc. now owns 101 shares of the company's stock valued at $34,000 after acquiring an additional 72 shares during the period. Opal Wealth Advisors LLC bought a new stake in shares of Snap-On in the first quarter valued at about $35,000. Finally, ORG Partners LLC boosted its position in shares of Snap-On by 150.8% in the first quarter. ORG Partners LLC now owns 158 shares of the company's stock valued at $54,000 after acquiring an additional 95 shares during the period. 84.88% of the stock is owned by institutional investors.

Snap-On Price Performance

NYSE SNA traded up $1.2290 during trading on Tuesday, hitting $324.4290. 293,080 shares of the company's stock were exchanged, compared to its average volume of 269,644. The company has a current ratio of 4.48, a quick ratio of 3.42 and a debt-to-equity ratio of 0.21. Snap-On Incorporated has a fifty-two week low of $268.90 and a fifty-two week high of $373.89. The company has a market cap of $16.92 billion, a PE ratio of 17.24, a P/E/G ratio of 2.25 and a beta of 0.76. The stock's 50 day moving average price is $319.68 and its two-hundred day moving average price is $324.67.

Snap-On (NYSE:SNA - Get Free Report) last issued its earnings results on Thursday, July 17th. The company reported $4.72 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $4.61 by $0.11. Snap-On had a return on equity of 18.02% and a net margin of 20.98%.The business had revenue of $1.18 billion during the quarter, compared to analysts' expectations of $1.16 billion. During the same quarter in the prior year, the firm earned $5.07 EPS. The business's revenue for the quarter was up .0% compared to the same quarter last year. Research analysts expect that Snap-On Incorporated will post 19.79 EPS for the current year.

Snap-On Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 10th. Stockholders of record on Tuesday, August 19th will be issued a dividend of $2.14 per share. This represents a $8.56 dividend on an annualized basis and a dividend yield of 2.6%. The ex-dividend date is Tuesday, August 19th. Snap-On's payout ratio is 45.65%.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on the stock. Robert W. Baird boosted their target price on shares of Snap-On from $329.00 to $347.00 and gave the company a "neutral" rating in a research report on Friday, July 18th. Bank of America lifted their price target on shares of Snap-On from $265.00 to $285.00 and gave the company an "underperform" rating in a research report on Friday, July 18th. Wall Street Zen upgraded Snap-On from a "hold" rating to a "buy" rating in a research note on Friday, May 16th. Finally, Barrington Research reiterated an "outperform" rating and set a $350.00 target price on shares of Snap-On in a research report on Tuesday, July 15th. 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 stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $356.17.

Insider Buying and Selling

In related news, CEO Nicholas T. Pinchuk sold 23,042 shares of the stock in a transaction on Monday, August 11th. The stock was sold at an average price of $320.88, for a total value of $7,393,716.96. Following the completion of the sale, the chief executive officer directly owned 815,219 shares in the company, valued at $261,587,472.72. This represents a 2.75% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Aldo John Pagliari sold 125 shares of Snap-On stock in a transaction dated Friday, August 15th. The stock was sold at an average price of $325.21, for a total value of $40,651.25. Following the transaction, the chief financial officer directly owned 111,721 shares in the company, valued at $36,332,786.41. The trade was a 0.11% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 52,160 shares of company stock valued at $16,650,792 over the last 90 days. 3.90% of the stock is owned by insiders.

Snap-On Profile

Snap-on Incorporated manufactures and markets tools, equipment, diagnostics, and repair information and systems solutions for professional users worldwide. It operates through Commercial & Industrial Group, Snap-on Tools Group, Repair Systems & Information Group, and Financial Services segments.