Wellington Management Group LLP Buys 8,286 Shares of Snap-On Incorporated $SNA

Key Points

• Wellington Management increased its Snap-On stake by 30.5% in the second quarter, acquiring 8,286 additional shares and bringing its holdings to 35,470 shares valued at approximately $14.3 million. Institutional investors collectively own 84.88% of the company.
• Snap-On reported quarterly revenue of $1.24 billion and earnings of $4.96 per share, narrowly exceeding analyst estimates; revenue rose 4.7% year over year. The company also declared a quarterly dividend of $2.44 per share, representing a 2.5% yield.
• Analysts maintain a generally positive outlook, with five Buy ratings and one Hold rating and a consensus price target of $426.20, compared with shares opening at $382.90.

Wellington Management Group LLP grew its stake in shares of Snap-On Incorporated (NYSE:SNA - Free Report) by 30.5% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 35,470 shares of the company's stock after acquiring an additional 8,286 shares during the quarter. Wellington Management Group LLP owned about 0.07% of Snap-On worth $14,273,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. Kingsview Wealth Management LLC bought a new position in Snap-On during the second quarter valued at approximately $4,974,000. Beacon Pointe Advisors LLC purchased a new stake in Snap-On during the 2nd quarter valued at $9,864,000. 49 Wealth Management LLC purchased a new stake in Snap-On during the 2nd quarter valued at $380,000. Livforsakringsbolaget Skandia Omsesidigt bought a new position in shares of Snap-On during the 2nd quarter valued at $16,329,000. Finally, RB Capital Management LLC bought a new position in shares of Snap-On during the 2nd quarter valued at $944,000. 84.88% of the stock is owned by hedge funds and other institutional investors.

Snap-On Stock Performance

Shares of SNA opened at $382.90 on Tuesday. The business has a 50-day simple moving average of $402.81 and a two-hundred day simple moving average of $385.47. The company has a quick ratio of 2.64, a current ratio of 3.43 and a debt-to-equity ratio of 0.15. Snap-On Incorporated has a 52 week low of $320.80 and a 52 week high of $423.02. The stock has a market cap of $19.81 billion, a price-to-earnings ratio of 19.53, a PEG ratio of 2.69 and a beta of 0.72.

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

Snap-On Announces Dividend

The company 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 dividend of $2.44 per share. This represents a $9.76 annualized dividend and a dividend yield of 2.5%. The ex-dividend date is Wednesday, August 19th. Snap-On's dividend payout ratio (DPR) is presently 49.77%.

Insider Activity

In other Snap-On news, CFO Aldo Pagliari sold 5,531 shares of the firm's stock in a transaction dated Thursday, August 13th. The stock was sold at an average price of $404.25, for a total transaction of $2,235,906.75. Following the sale, the chief financial officer directly owned 120,644 shares of the company's stock, valued at $48,770,337. This trade represents a 4.38% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, VP Marty V. Ozolins sold 800 shares of the business's stock in a transaction dated Wednesday, August 26th. The shares were sold at an average price of $400.00, for a total value of $320,000.00. Following the completion of the transaction, the vice president owned 1,526 shares in the company, valued at $610,400. The trade was a 34.39% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders sold 45,398 shares of company stock worth $18,298,580. 3.80% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of research firms recently commented on SNA. Tigress Financial upped their price objective on Snap-On from $445.00 to $485.00 and gave the company a "buy" rating in a research report on Friday, July 31st. Weiss Ratings restated a "buy (b)" rating on shares of Snap-On in a research note on Friday, July 17th. Roth Capital reaffirmed a "buy" rating and set a $461.00 price target (up from $409.00) on shares of Snap-On in a research report on Friday, July 24th. Robert W. Baird set a $415.00 price objective on shares of Snap-On in a research note on Friday, July 24th. 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 target price for the company. Five analysts have rated the stock with a Buy rating and one has given a Hold rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $426.20.

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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