Swedbank AB Reduces Stock Holdings in Snap-On Incorporated $SNA

Key Points

• Swedbank AB trimmed its Snap-On stake by 5.8% in the first quarter, selling 3,701 shares and ending with 60,549 shares valued at about $22.0 million.
• Snap-On’s latest quarter mixed earnings results: EPS came in at $4.69, slightly below estimates, while revenue of $1.21 billion beat expectations and rose 5.8% year over year.
• The company is returning cash to shareholders through a newly authorized $500 million share repurchase program and a quarterly dividend of $2.44 per share, implying a 2.4% yield.

Swedbank AB lowered its stake in shares of Snap-On Incorporated (NYSE:SNA - Free Report) by 5.8% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 60,549 shares of the company's stock after selling 3,701 shares during the quarter. Swedbank AB owned 0.12% of Snap-On worth $21,993,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Kathmere Capital Management LLC boosted its stake in Snap-On by 36.1% during the first quarter. Kathmere Capital Management LLC now owns 992 shares of the company's stock worth $360,000 after buying an additional 263 shares during the period. DGS Capital Management LLC lifted its holdings in shares of Snap-On by 10.3% in the 1st quarter. DGS Capital Management LLC now owns 1,357 shares of the company's stock worth $493,000 after acquiring an additional 127 shares during the last quarter. Ascentis Independent Advisors lifted its holdings in shares of Snap-On by 2.5% in the 1st quarter. Ascentis Independent Advisors now owns 1,859 shares of the company's stock worth $675,000 after acquiring an additional 46 shares during the last quarter. Stephens Inc. AR purchased a new position in shares of Snap-On during the 1st quarter worth about $267,000. Finally, Kepler Cheuvreux Suisse SA bought a new position in Snap-On during the 1st quarter valued at about $5,336,000. Hedge funds and other institutional investors own 84.88% of the company's stock.

Snap-On Stock Performance

Snap-On stock opened at $399.59 on Friday. The company has a debt-to-equity ratio of 0.15, a quick ratio of 2.74 and a current ratio of 3.53. The company has a market capitalization of $20.70 billion, a PE ratio of 20.63, a P/E/G ratio of 2.82 and a beta of 0.73. The company has a 50 day moving average price of $382.50 and a 200-day moving average price of $374.34. 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 announced its quarterly earnings data 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). 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%.The firm's revenue for the quarter was up 5.8% compared to the same quarter last year. During the same period last year, the company earned $4.51 EPS. As a group, equities analysts forecast that Snap-On Incorporated will post 19.7 earnings per share for the current year.

Snap-On announced that its Board of Directors has authorized a stock repurchase program on Thursday, April 30th that allows the company to repurchase $500.00 million in shares. This repurchase authorization allows the company to buy up to 2.5% of its shares through open market purchases. Shares repurchase programs are often a sign that the company's board believes its shares are undervalued.

Snap-On Announces Dividend

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

Insider Transactions at Snap-On

In related news, VP Richard Thomas Miller sold 2,000 shares of the company's stock in a transaction dated Wednesday, July 1st. The shares were sold at an average price of $405.92, for a total value of $811,840.00. Following the completion of the sale, the vice president directly owned 4,529 shares of the company's stock, valued at $1,838,411.68. This represents a 30.63% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Nicholas T. Pinchuk sold 23,396 shares of the stock in a transaction dated Tuesday, May 5th. The stock was sold at an average price of $375.77, for a total transaction of $8,791,514.92. Following the transaction, the chief executive officer owned 856,918 shares in the company, valued at approximately $322,004,076.86. The trade was a 2.66% 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 sold a total of 37,117 shares of company stock worth $14,003,922 over the last quarter. 3.80% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on SNA. Weiss Ratings reissued a "buy (b)" rating on shares of Snap-On in a research report on Monday, April 20th. Roth Capital reaffirmed a "buy" rating and set a $431.00 target price on shares of Snap-On in a research note on Friday, April 24th. Robert W. Baird increased their price target on Snap-On from $380.00 to $395.00 and gave the stock a "neutral" rating in a report on Friday, April 24th. Finally, Barclays initiated coverage on Snap-On in a research note on Thursday, May 28th. They set an "overweight" rating and a $420.00 price target for the company. Five research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, Snap-On currently has a consensus rating of "Moderate Buy" and an average price target of $387.67.

Snap-On 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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