State Street Corp Acquires 66,754 Shares of Snap-On Incorporated $SNA

Key Points

• State Street increased its Snap-On stake by 2.9%, purchasing 66,754 additional shares to own 2.36 million shares, or approximately 4.56% of the company. Institutional investors collectively hold 84.88% of Snap-On’s outstanding stock.
• Analyst sentiment remains positive, with five Buy ratings and one Hold rating, producing a consensus “Moderate Buy” rating and an average price target of $426.20.
• Snap-On reported quarterly EPS of $4.96 and revenue of $1.24 billion, exceeding estimates and marking 4.7% year-over-year revenue growth. The company also pays an annualized dividend of $9.76 per share, yielding about 2.6%.

State Street Corp increased its stake in Snap-On Incorporated (NYSE:SNA - Free Report) by 2.9% during the second quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 2,356,671 shares of the company's stock after purchasing an additional 66,754 shares during the quarter. State Street Corp owned approximately 4.56% of Snap-On worth $948,324,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently bought and sold shares of the company. BlackRock Inc. bought a new position in shares of Snap-On in the second quarter worth about $1,715,363,000. First Trust Advisors LP raised its stake in Snap-On by 3.3% during the 1st quarter. First Trust Advisors LP now owns 2,033,129 shares of the company's stock worth $738,473,000 after acquiring an additional 65,521 shares during the period. Bank of America Corp DE raised its stake in Snap-On by 0.4% during the 1st quarter. Bank of America Corp DE now owns 999,497 shares of the company's stock worth $363,037,000 after acquiring an additional 3,770 shares during the period. Auto Owners Insurance Co lifted its holdings in Snap-On by 34,360.0% during the fourth quarter. Auto Owners Insurance Co now owns 1,025,185 shares of the company's stock valued at $353,279,000 after purchasing an additional 1,022,210 shares in the last quarter. Finally, Dimensional Fund Advisors LP boosted its position in shares of Snap-On by 2.0% in the first quarter. Dimensional Fund Advisors LP now owns 880,951 shares of the company's stock worth $319,955,000 after purchasing an additional 17,337 shares during the period. 84.88% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

SNA has been the subject of a number of analyst reports. Weiss Ratings reissued a "buy (b)" rating on shares of Snap-On in a research note on Friday, July 17th. Barclays started coverage on shares of Snap-On in a report on Thursday, May 28th. They issued an "overweight" rating and a $420.00 target price for the company. Tigress Financial increased their price target on Snap-On from $445.00 to $485.00 and gave the stock a "buy" rating in a research note on Friday, July 31st. Roth Capital reissued a "buy" rating and set a $461.00 price target (up from $409.00) on shares of Snap-On in a report on Friday, July 24th. Finally, Robert W. Baird set a $415.00 price objective on Snap-On in a research report on Friday, July 24th. Five analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $426.20.

Snap-On Price Performance

SNA stock opened at $371.59 on Wednesday. Snap-On Incorporated has a 52 week low of $320.80 and a 52 week high of $423.02. The firm has a market capitalization of $19.22 billion, a P/E ratio of 18.95, a price-to-earnings-growth ratio of 2.60 and a beta of 0.72. The company has a fifty day simple moving average of $395.97 and a two-hundred day simple moving average of $384.62. The company has a quick ratio of 2.64, a current ratio of 3.43 and a debt-to-equity ratio of 0.15.

Snap-On (NYSE:SNA - Get Free Report) last announced its earnings results on Thursday, July 23rd. The company reported $4.96 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.95 by $0.01. Snap-On had a net margin of 21.25% and a return on equity of 17.07%. The firm had revenue of $1.24 billion for the quarter, compared to analysts' expectations of $1.22 billion. During the same period in the prior year, the company earned $4.72 EPS. The business's revenue was up 4.7% compared to the same quarter last year. Analysts anticipate 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 was paid on Thursday, September 10th. Shareholders of record on Wednesday, August 19th were given a dividend of $2.44 per share. The ex-dividend date was Wednesday, August 19th. This represents a $9.76 dividend on an annualized basis and a yield of 2.6%. Snap-On's dividend payout ratio is 49.77%.

Insiders Place Their Bets

In other news, SVP Timothy Chambers sold 9,111 shares of Snap-On stock in a transaction that occurred on Tuesday, July 28th. The stock was sold at an average price of $419.36, for a total value of $3,820,788.96. Following the completion of the transaction, the senior vice president owned 21,223 shares in the company, valued at approximately $8,900,077.28. The trade was a 30.04% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, VP Marty V. Ozolins sold 800 shares of the business's stock in a transaction that occurred on Wednesday, August 26th. The shares were sold at an average price of $400.00, for a total value of $320,000.00. Following the transaction, the vice president directly owned 1,526 shares in the company, valued at approximately $610,400. This represents a 34.39% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders sold 40,720 shares of company stock worth $16,500,198. 3.80% of the stock is currently owned by company insiders.

Snap-On Profile

Snap-on Incorporated is a manufacturer and distributor of professional tools, equipment, diagnostics and repair information. Its products include hand and power tools, tool storage, vehicle diagnostic systems, shop equipment, repair software and related services. The company serves professional technicians and customers in the automotive repair, commercial transportation, industrial, aviation, military, agriculture and other technical markets.

Snap-on sells products under the Snap-on brand and other brands, including Blue-Point, through a broad distribution network.

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