Swedbank AB Grows Position in Snap-On Incorporated $SNA

Key Points

• Swedbank AB increased its holdings in Snap-On Incorporated by 12.2% during the second quarter, now owning approximately 0.12% of the company, valued at $20 million.
• Several large investors, including Lazard Asset Management and UBS AM, also raised their stakes in Snap-On, demonstrating high institutional interest with a combined ownership of 84.88% in the company.
• Analyst reports indicate a range of price targets for Snap-On, with Bank of America increasing its target to $285 and Tigress Financial raising it to $395, reflecting varied expectations regarding the company's performance.

Swedbank AB raised its holdings in shares of Snap-On Incorporated (NYSE:SNA - Free Report) by 12.2% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 64,559 shares of the company's stock after buying an additional 7,041 shares during the quarter. Swedbank AB owned about 0.12% of Snap-On worth $20,089,000 as of its most recent SEC filing.

A number of other large investors have also modified their holdings of SNA. Lazard Asset Management LLC grew its holdings in shares of Snap-On by 14.4% during the fourth quarter. Lazard Asset Management LLC now owns 507 shares of the company's stock worth $171,000 after buying an additional 64 shares in the last quarter. Woodline Partners LP purchased a new stake in shares of Snap-On during the fourth quarter worth $1,070,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in shares of Snap-On by 18.1% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 334,852 shares of the company's stock worth $113,676,000 after buying an additional 51,406 shares in the last quarter. Toronto Dominion Bank grew its holdings in shares of Snap-On by 4.3% during the fourth quarter. Toronto Dominion Bank now owns 18,426 shares of the company's stock worth $6,255,000 after buying an additional 761 shares in the last quarter. Finally, Peak Retirement Planning Inc. purchased a new stake in shares of Snap-On during the fourth quarter worth $782,000. Hedge funds and other institutional investors own 84.88% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on SNA. Bank of America upped their price objective on shares of Snap-On from $265.00 to $285.00 and gave the company an "underperform" rating in a report on Friday, July 18th. Tigress Financial upped their price objective on shares of Snap-On from $390.00 to $395.00 and gave the company a "buy" rating in a report on Friday, August 29th. Barrington Research reissued an "outperform" rating and issued a $350.00 price objective on shares of Snap-On in a report on Tuesday, July 15th. Finally, Robert W. Baird upped their price objective on shares of Snap-On from $329.00 to $347.00 and gave the company a "neutral" rating in a report on Friday, July 18th. Four equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, Snap-On currently has a consensus rating of "Moderate Buy" and an average price target of $357.00.

Insiders Place Their Bets

In other news, CEO Nicholas T. Pinchuk sold 23,042 shares of Snap-On stock in a transaction on Monday, August 11th. The shares were sold at an average price of $320.88, for a total value of $7,393,716.96. Following the transaction, the chief executive officer directly owned 815,219 shares of the company's stock, valued at $261,587,472.72. The trade was a 2.75% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Aldo John Pagliari sold 4,731 shares of Snap-On stock in a transaction on Thursday, August 14th. The shares were sold at an average price of $327.38, for a total transaction of $1,548,834.78. Following the completion of the transaction, the chief financial officer directly owned 111,667 shares in the company, valued at $36,557,542.46. The trade was a 4.06% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 27,898 shares of company stock worth $8,983,203 over the last ninety days. Corporate insiders own 3.90% of the company's stock.

Snap-On Stock Down 0.5%

Shares of NYSE:SNA opened at $337.72 on Friday. The firm's 50 day moving average price is $326.79 and its 200 day moving average price is $322.90. The stock has a market cap of $17.62 billion, a price-to-earnings ratio of 18.01, a price-to-earnings-growth ratio of 2.35 and a beta of 0.77. Snap-On Incorporated has a fifty-two week low of $281.64 and a fifty-two week high of $373.89. The company has a quick ratio of 3.42, a current ratio of 4.48 and a debt-to-equity ratio of 0.21.

Snap-On (NYSE:SNA - Get Free Report) last released its quarterly earnings data on Thursday, July 17th. The company reported $4.72 earnings per share for the quarter, topping analysts' consensus estimates of $4.61 by $0.11. The company had revenue of $1.18 billion for the quarter, compared to analysts' expectations of $1.16 billion. Snap-On had a net margin of 20.98% and a return on equity of 18.02%. The firm's revenue for the quarter was up .0% on a year-over-year basis. During the same quarter last year, the company earned $5.07 earnings per share. As a group, equities research analysts predict that Snap-On Incorporated will post 19.79 earnings per share for the current fiscal year.

Snap-On Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, September 10th. Stockholders of record on Tuesday, August 19th were issued a $2.14 dividend. This represents a $8.56 dividend on an annualized basis and a dividend yield of 2.5%. The ex-dividend date of this dividend was Tuesday, August 19th. Snap-On's payout ratio is presently 45.65%.

Snap-On Company 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.

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