Wedge Capital Management L L P NC Buys 3,794 Shares of Snap-On Incorporated $SNA

Key Points

• Wedge Capital Management increased its Snap-On position by 12.4% in the second quarter, buying 3,794 shares to hold 34,335 shares valued at approximately $13.8 million. Institutional investors collectively own 84.88% of the company.
• Analysts maintain a positive outlook, with five Buy ratings and one Hold rating, producing a “Moderate Buy” consensus and an average price target of $426.20.
• Snap-On beat quarterly expectations with $4.96 in earnings per share and $1.24 billion in revenue, while revenue rose 4.7% year over year. The company also declared a $2.44 quarterly dividend and authorized a $500 million share-repurchase program.

Wedge Capital Management L L P NC boosted its position in shares of Snap-On Incorporated (NYSE:SNA - Free Report) by 12.4% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 34,335 shares of the company's stock after buying an additional 3,794 shares during the period. Wedge Capital Management L L P NC owned approximately 0.07% of Snap-On worth $13,816,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Auto Owners Insurance Co boosted its holdings in Snap-On by 34,360.0% during the 4th quarter. Auto Owners Insurance Co now owns 1,025,185 shares of the company's stock valued at $353,279,000 after acquiring an additional 1,022,210 shares during the period. Norges Bank bought a new stake in Snap-On during the 4th quarter valued at $210,814,000. PFA Pension Forsikringsaktieselskab purchased a new stake in shares of Snap-On in the 4th quarter worth $69,751,000. UBS Group AG lifted its holdings in shares of Snap-On by 30.7% in the 4th quarter. UBS Group AG now owns 617,620 shares of the company's stock worth $212,832,000 after buying an additional 144,926 shares during the period. Finally, Miller Howard Investments Inc. NY bought a new position in shares of Snap-On during the 1st quarter worth $51,244,000. 84.88% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

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

Snap-On Trading Down 0.9%

NYSE SNA opened at $407.90 on Thursday. The company has a quick ratio of 2.64, a current ratio of 3.43 and a debt-to-equity ratio of 0.15. The firm has a market cap of $21.10 billion, a PE ratio of 20.80, a price-to-earnings-growth ratio of 2.90 and a beta of 0.73. The company has a 50 day moving average price of $401.18 and a 200 day moving average price of $383.23. Snap-On Incorporated has a 52 week low of $319.20 and a 52 week high of $423.02.

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

Snap-On Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 10th. Stockholders of record on Wednesday, August 19th will be given 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 presently 49.77%.

Snap-On declared that its Board of Directors has approved a stock buyback plan on Thursday, April 30th that authorizes the company to repurchase $500.00 million in shares. This repurchase authorization authorizes the company to repurchase up to 2.5% of its shares through open market purchases. Shares repurchase plans are often a sign that the company's leadership believes its stock is undervalued.

Insiders Place Their Bets

In related news, VP Richard Thomas Miller sold 2,000 shares of the business's stock in a transaction on Wednesday, July 1st. The stock was sold at an average price of $405.92, for a total transaction of $811,840.00. Following the transaction, the vice president directly owned 4,529 shares in the company, valued at $1,838,411.68. The trade was a 30.63% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP Timothy L. Chambers sold 9,111 shares of the company's stock in a transaction dated Tuesday, July 28th. The shares were sold at an average price of $419.36, for a total value of $3,820,788.96. Following the transaction, the senior vice president directly owned 21,223 shares in the company, valued at $8,900,077.28. This represents a 30.04% 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 17,508 shares of company stock worth $7,098,598 over the last quarter. Company insiders own 3.80% of the company's stock.

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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