UNIVEST FINANCIAL Corp Buys Shares of 3,832 Snap-On Incorporated $SNA

Key Points

• Univest Financial purchased 3,832 Snap-On shares during the second quarter, worth approximately $1.54 million. Institutional investors collectively own 84.88% of the company.
• Snap-On exceeded quarterly expectations, reporting $4.96 in earnings per share and $1.24 billion in revenue, with year-over-year revenue growth of 4.7%.
• The company declared a quarterly dividend of $2.44 per share, equal to a 2.4% annualized yield, and authorized a $500 million share-repurchase program. Analysts maintain a “Moderate Buy” consensus with an average price target of $426.20.

UNIVEST FINANCIAL Corp purchased a new stake in Snap-On Incorporated (NYSE:SNA - Free Report) during the second quarter, according to its most recent filing with the SEC. The firm purchased 3,832 shares of the company's stock, valued at approximately $1,542,000.

Several other large investors have also recently made changes to their positions in the stock. Annis Gardner Whiting Capital Advisors LLC boosted its position in Snap-On by 36.4% during the fourth quarter. Annis Gardner Whiting Capital Advisors LLC now owns 105 shares of the company's stock valued at $36,000 after purchasing an additional 28 shares in the last quarter. Verition Fund Management LLC raised its holdings in Snap-On by 1.5% in the fourth quarter. Verition Fund Management LLC now owns 1,844 shares of the company's stock worth $635,000 after purchasing an additional 28 shares in the last quarter. CWM LLC lifted its position in shares of Snap-On by 0.6% during the fourth quarter. CWM LLC now owns 5,517 shares of the company's stock valued at $1,901,000 after buying an additional 31 shares during the last quarter. Ritholtz Wealth Management lifted its position in shares of Snap-On by 2.4% during the first quarter. Ritholtz Wealth Management now owns 1,435 shares of the company's stock valued at $521,000 after buying an additional 34 shares during the last quarter. Finally, Oakworth Capital Inc. boosted its holdings in shares of Snap-On by 9.7% in the 4th quarter. Oakworth Capital Inc. now owns 406 shares of the company's stock valued at $140,000 after buying an additional 36 shares in the last quarter. 84.88% of the stock is owned by institutional investors.

Snap-On Price Performance

Shares of SNA stock opened at $401.56 on Tuesday. Snap-On Incorporated has a fifty-two week low of $319.20 and a fifty-two week high of $423.02. The company has a debt-to-equity ratio of 0.15, a quick ratio of 2.64 and a current ratio of 3.43. The firm has a market capitalization of $20.77 billion, a price-to-earnings ratio of 20.48, a PEG ratio of 2.84 and a beta of 0.73. The stock's 50-day simple moving average is $402.57 and its 200-day simple moving average is $383.95.

Snap-On (NYSE:SNA - Get Free Report) last announced its quarterly earnings data on Thursday, July 23rd. The company reported $4.96 EPS for the quarter, beating the consensus estimate of $4.95 by $0.01. The firm had revenue of $1.24 billion during the quarter, compared to analyst estimates of $1.22 billion. Snap-On had a net margin of 21.25% and a return on equity of 17.07%. Snap-On's revenue was up 4.7% on a year-over-year basis. During the same period last year, the firm posted $4.72 EPS. As a group, equities analysts forecast that Snap-On Incorporated will post 19.7 earnings per share for the current fiscal year.

Snap-On Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 10th. Shareholders of record on Wednesday, August 19th will be issued a $2.44 dividend. The ex-dividend date of this dividend is Wednesday, August 19th. This represents a $9.76 dividend on an annualized basis and a dividend yield of 2.4%. Snap-On's dividend payout ratio (DPR) is currently 49.77%.

Snap-On declared that its Board of Directors has authorized a share repurchase plan on Thursday, April 30th that permits the company to repurchase $500.00 million in outstanding shares. This repurchase authorization permits the company to repurchase up to 2.5% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company's board believes its shares are undervalued.

Analyst Upgrades and Downgrades

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

Insider Activity at Snap-On

In other news, SVP Jesus Arregui sold 4,251 shares of Snap-On stock in a transaction on Wednesday, June 10th. The shares were sold at an average price of $383.92, for a total transaction of $1,632,043.92. Following the completion of the sale, the senior vice president directly owned 4,439 shares in the company, valued at approximately $1,704,220.88. The trade was a 48.92% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, SVP Timothy L. Chambers sold 9,111 shares of the business's stock in a transaction on Tuesday, July 28th. The shares were sold at an average price of $419.36, for a total transaction of $3,820,788.96. Following the sale, the senior vice president directly owned 21,223 shares in the company, valued at $8,900,077.28. This trade represents a 30.04% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders sold 23,039 shares of company stock worth $9,334,505. Corporate insiders own 3.80% of the company's stock.

About Snap-On

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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