United Super Pty Ltd in its capacity as Trustee for the Construction & Building Unions Superannuation Fund Makes New $11.22 Million Investment in Snap-On Incorporated $SNA

Key Points

• United Super Pty Ltd opened a new position in Snap-On, buying 32,549 shares worth about $11.22 million in the fourth quarter.
• Several large institutional investors also increased their Snap-On stakes, and institutions now own about 84.88% of the company.
• Snap-On reported quarterly revenue above expectations but EPS missed estimates; the company also announced a $2.44 quarterly dividend and a new $500 million share buyback plan.

United Super Pty Ltd in its capacity as Trustee for the Construction & Building Unions Superannuation Fund purchased a new stake in shares of Snap-On Incorporated (NYSE:SNA - Free Report) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 32,549 shares of the company's stock, valued at approximately $11,216,000. United Super Pty Ltd in its capacity as Trustee for the Construction & Building Unions Superannuation Fund owned approximately 0.06% of Snap-On at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of the business. Vanguard Group Inc. raised its holdings in shares of Snap-On by 0.5% during the 4th quarter. Vanguard Group Inc. now owns 6,525,488 shares of the company's stock valued at $2,248,683,000 after purchasing an additional 31,073 shares in the last quarter. State Street Corp raised its holdings in shares of Snap-On by 1.6% during the 3rd quarter. State Street Corp now owns 2,243,970 shares of the company's stock valued at $777,603,000 after purchasing an additional 36,130 shares in the last quarter. First Trust Advisors LP raised its holdings in shares of Snap-On by 1.3% during the 3rd quarter. First Trust Advisors LP now owns 1,916,571 shares of the company's stock valued at $664,149,000 after purchasing an additional 23,863 shares in the last quarter. Nordea Investment Management AB raised its holdings in shares of Snap-On by 4.1% during the 4th quarter. Nordea Investment Management AB now owns 1,310,198 shares of the company's stock valued at $454,206,000 after purchasing an additional 51,486 shares in the last quarter. Finally, Bank of America Corp DE raised its holdings in shares of Snap-On by 2.0% during the 3rd quarter. Bank of America Corp DE now owns 933,495 shares of the company's stock valued at $323,484,000 after purchasing an additional 18,549 shares in the last quarter. Institutional investors own 84.88% of the company's stock.

Analyst Ratings Changes

SNA has been the topic of several analyst reports. Roth Mkm reiterated a "buy" rating and set a $431.00 price target on shares of Snap-On in a report on Friday, April 24th. Robert W. Baird increased their price target on Snap-On from $380.00 to $395.00 and gave the company a "neutral" rating in a report on Friday, April 24th. Wall Street Zen downgraded shares of Snap-On from a "buy" rating to a "hold" rating in a report on Saturday, February 7th. Barclays initiated coverage on shares of Snap-On in a report on Thursday. They issued an "overweight" rating and a $420.00 target price on the stock. Finally, Weiss Ratings reiterated a "buy (b)" rating on shares of Snap-On in a report on Monday, April 20th. One analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $387.67.

Insider Activity

In other news, CEO Nicholas T. Pinchuk sold 23,396 shares of Snap-On stock in a transaction dated Tuesday, May 5th. The shares were sold at an average price of $375.77, for a total transaction of $8,791,514.92. Following the sale, the chief executive officer directly owned 856,918 shares in the company, valued at approximately $322,004,076.86. The trade was a 2.66% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Aldo John Pagliari sold 5,713 shares of Snap-On stock in a transaction dated Thursday, May 14th. The shares were sold at an average price of $367.19, for a total transaction of $2,097,756.47. Following the sale, the chief financial officer 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 disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 3.80% of the stock is currently owned by insiders.

Snap-On Price Performance

Shares of Snap-On stock opened at $374.53 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 firm's 50-day simple moving average is $371.10 and its 200-day simple moving average is $363.95. Snap-On Incorporated has a twelve month low of $301.82 and a twelve month high of $400.88. The firm has a market cap of $19.40 billion, a P/E ratio of 19.34, a price-to-earnings-growth ratio of 2.62 and a beta of 0.75.

Snap-On (NYSE:SNA - Get Free Report) last issued its earnings results on Thursday, April 23rd. The company reported $4.69 earnings per share for the quarter, missing the consensus estimate of $4.75 by ($0.06). Snap-On had a net margin of 21.28% and a return on equity of 17.13%. The business had revenue of $1.21 billion for the quarter, compared to analyst estimates of $1.19 billion. During the same quarter last year, the firm posted $4.51 earnings per share. Snap-On's revenue was up 5.8% on a year-over-year basis. As a group, research analysts expect that Snap-On Incorporated will post 19.7 EPS for the current fiscal year.

Snap-On Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, June 10th. Stockholders of record on Wednesday, May 20th will be given a dividend of $2.44 per share. This represents a $9.76 annualized dividend and a dividend yield of 2.6%. The ex-dividend date is Wednesday, May 20th. Snap-On's payout ratio is 50.39%.

Snap-On declared that its board has approved a share buyback plan on Thursday, April 30th that permits the company to repurchase $500.00 million in outstanding shares. This repurchase authorization permits the company to purchase up to 2.6% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company's leadership believes its shares are 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.

Want to see what other hedge funds are holding SNA? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Snap-On Incorporated (NYSE:SNA - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.