Wealthfront Advisers LLC Makes New Investment in Snap-On Incorporated $SNA

Key Points

• Wealthfront Advisers acquired 19,022 Snap-On shares worth approximately $7.65 million in the second quarter. Institutional investors collectively own 84.88% of the company.
• Analysts remain broadly positive, with five Buy ratings and one Hold rating, producing a consensus “Moderate Buy” rating and a $426.20 price target.
• Snap-On exceeded quarterly earnings and revenue expectations, announced a $2.44 quarterly dividend, and maintains authorization for a $500 million share-repurchase program. Meanwhile, company insiders sold approximately $18.5 million of stock over the past 90 days.

Wealthfront Advisers LLC bought a new position in Snap-On Incorporated (NYSE:SNA - Free Report) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 19,022 shares of the company's stock, valued at approximately $7,654,000.

A number of other institutional investors also recently modified their holdings of the business. BlackRock Inc. bought a new position in Snap-On in the 2nd quarter worth approximately $1,715,363,000. Auto Owners Insurance Co grew its stake in Snap-On by 34,360.0% in the 4th quarter. Auto Owners Insurance Co now owns 1,025,185 shares of the company's stock valued at $353,279,000 after buying an additional 1,022,210 shares in the last quarter. Norges Bank bought a new stake in Snap-On during the 4th quarter valued at $210,814,000. Bank of New York Mellon Corp bought a new stake in Snap-On during the 2nd quarter valued at $174,736,000. Finally, Deutsche Bank AG purchased a new stake in shares of Snap-On during the second quarter worth $106,496,000. 84.88% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the company. Barclays initiated coverage on Snap-On in a report on Thursday, May 28th. They issued an "overweight" rating and a $420.00 price target for the company. Roth Capital reissued a "buy" rating and set a $461.00 price objective (up from $409.00) on shares of Snap-On in a report on Friday, July 24th. Tigress Financial raised their target price on Snap-On from $445.00 to $485.00 and gave the stock a "buy" rating in a research note on Friday, July 31st. Robert W. Baird set a $415.00 target price on Snap-On in a report on Friday, July 24th. Finally, Weiss Ratings reaffirmed a "buy (b)" rating on shares of Snap-On in a report on Friday, July 17th. Five analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat, Snap-On has a consensus rating of "Moderate Buy" and a consensus target price of $426.20.

Insider Buying and Selling at Snap-On

In other Snap-On news, CEO Nicholas T. Pinchuk sold 22,889 shares of the company's stock in a transaction dated Tuesday, August 18th. The stock was sold at an average price of $399.69, for a total value of $9,148,504.41. Following the transaction, the chief executive officer directly owned 867,779 shares in the company, valued at $346,842,588.51. This represents a 2.57% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Aldo John Pagliari sold 5,531 shares of Snap-On stock in a transaction dated Thursday, August 13th. The shares were sold at an average price of $404.25, for a total value of $2,235,906.75. Following the sale, the chief financial officer owned 120,644 shares of the company's stock, valued at approximately $48,770,337. This trade represents a 4.38% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 45,928 shares of company stock valued at $18,483,009 over the last 90 days. Insiders own 3.80% of the company's stock.

Snap-On Stock Down 0.4%

Shares of NYSE:SNA opened at $394.00 on Thursday. The firm has a fifty day moving average price of $403.06 and a two-hundred day moving average price of $384.33. The company has a debt-to-equity ratio of 0.15, a current ratio of 3.43 and a quick ratio of 2.64. Snap-On Incorporated has a one year low of $319.20 and a one year high of $423.02. The company has a market cap of $20.38 billion, a price-to-earnings ratio of 20.09, a PEG ratio of 2.78 and a beta of 0.73.

Snap-On (NYSE:SNA - Get Free Report) last released its quarterly earnings results on Thursday, July 23rd. The company reported $4.96 EPS for the quarter, beating analysts' consensus estimates 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%. The business's revenue for the quarter was up 4.7% on a year-over-year basis. During the same period in the previous year, the business earned $4.72 EPS. Analysts anticipate 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 Thursday, September 10th. Investors of record on Wednesday, August 19th will be given a dividend of $2.44 per share. This represents a $9.76 annualized dividend and a yield of 2.5%. The ex-dividend date is Wednesday, August 19th. Snap-On's payout ratio is presently 49.77%.

Snap-On declared that its board has approved a share buyback program on Thursday, April 30th that authorizes the company to repurchase $500.00 million in shares. This repurchase authorization authorizes the company to buy up to 2.5% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company's board of directors believes its shares are undervalued.

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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