Swiss National Bank Acquires 9,720 Shares of Snap-On Incorporated $SNA

Key Points

• Swiss National Bank increased its stake in Snap-On by 6.8% in the first quarter, adding 9,720 shares to reach 152,620 shares valued at about $55.4 million.
• Analysts remain largely positive on Snap-On, with five Buy ratings and one Hold; the consensus target price is about $408.20, while Barclays recently initiated coverage with an Overweight rating and a $420 target.
• Snap-On reported quarterly EPS of $4.69, slightly below estimates, but revenue of $1.21 billion topped expectations and was up 5.8% year over year; the company also approved a $500 million share buyback and paid a quarterly dividend of $2.44 per share.

Swiss National Bank grew its stake in Snap-On Incorporated (NYSE:SNA - Free Report) by 6.8% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 152,620 shares of the company's stock after purchasing an additional 9,720 shares during the quarter. Swiss National Bank owned about 0.29% of Snap-On worth $55,435,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. Thurston Springer Miller Herd & Titak Inc. bought a new stake in Snap-On in the fourth quarter valued at about $25,000. DV Equities LLC bought a new position in Snap-On during the fourth quarter worth about $25,000. Montag A & Associates Inc. grew its position in shares of Snap-On by 331.8% during the 4th quarter. Montag A & Associates Inc. now owns 95 shares of the company's stock worth $33,000 after buying an additional 73 shares during the period. Quattro Advisors LLC bought a new stake in shares of Snap-On in the 4th quarter valued at about $35,000. Finally, Annis Gardner Whiting Capital Advisors LLC raised its position in shares of Snap-On by 36.4% in the 4th quarter. Annis Gardner Whiting Capital Advisors LLC now owns 105 shares of the company's stock valued at $36,000 after acquiring an additional 28 shares during the period. 84.88% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on the stock. Robert W. Baird lifted their price objective on shares of Snap-On from $380.00 to $395.00 and gave the stock a "neutral" rating in a research note on Friday, April 24th. Roth Capital reiterated a "buy" rating and issued a $431.00 target price on shares of Snap-On in a report on Friday, April 24th. Weiss Ratings reiterated a "buy (b)" rating on shares of Snap-On in a report on Friday. Finally, Barclays began coverage on shares of Snap-On in a research report on Thursday, May 28th. They set an "overweight" rating and a $420.00 price target on the stock. Five analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat.com, Snap-On has an average rating of "Moderate Buy" and an average target price of $408.20.

Insider Transactions at Snap-On

In related news, CFO Aldo John Pagliari sold 5,713 shares of the stock in a transaction dated Thursday, May 14th. The stock was sold at an average price of $367.19, for a total transaction of $2,097,756.47. Following the completion of the transaction, the chief financial officer directly owned 119,488 shares in the company, valued at approximately $43,874,798.72. This trade represents a 4.56% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Nicholas T. Pinchuk sold 23,396 shares of the business's stock in a transaction that occurred on Tuesday, May 5th. The shares were sold at an average price of $375.77, for a total value of $8,791,514.92. Following the completion of the sale, the chief executive officer owned 856,918 shares in the company, valued at $322,004,076.86. The trade was a 2.66% decrease in their position. 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 a total of 37,117 shares of company stock valued at $14,003,922 in the last ninety days. Corporate insiders own 3.80% of the company's stock.

Snap-On Stock Performance

Shares of SNA opened at $404.37 on Wednesday. The firm has a market cap of $20.95 billion, a P/E ratio of 20.88, a PEG ratio of 2.86 and a beta of 0.73. Snap-On Incorporated has a twelve month low of $312.78 and a twelve month high of $419.68. The firm's 50 day moving average price is $387.27 and its two-hundred day moving average price is $377.45. The company has a debt-to-equity ratio of 0.15, a quick ratio of 2.74 and a current ratio of 3.53.

Snap-On (NYSE:SNA - Get Free Report) last announced its earnings results on Thursday, April 23rd. The company reported $4.69 earnings per share for the quarter, missing analysts' consensus estimates of $4.75 by ($0.06). The company had revenue of $1.21 billion during the quarter, compared to analyst estimates 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 period in the previous year, the company posted $4.51 earnings per share. On average, analysts forecast that Snap-On Incorporated will post 19.7 EPS for the current fiscal year.

Snap-On Dividend Announcement

The company also recently disclosed 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. This represents a $9.76 annualized dividend and a dividend yield of 2.4%. The ex-dividend date of this dividend was Wednesday, May 20th. Snap-On's dividend payout ratio is currently 50.39%.

Snap-On declared that its Board of Directors has approved a stock buyback program on Thursday, April 30th that allows the company to buyback $500.00 million in shares. This buyback authorization allows the company to reacquire up to 2.5% of its stock through open market purchases. Stock buyback programs are typically a sign that the company's management believes its stock is undervalued.

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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