Westpac Banking Corp Boosts Stake in Snap-On Incorporated (NYSE:SNA)

Key Points

• Westpac Banking Corp increased its stake in Snap-On Incorporated by 41.4%, now owning a total of 7,532 shares valued at approximately $2.54 million.
• Insider selling includes CEO Nicholas T. Pinchuk, who sold 23,172 shares for about $7.32 million, reducing his ownership by 2.80%.
• Snap-On has declared a quarterly dividend of $2.14 per share, with a yield of 2.6%, set to be paid on September 10th.

Westpac Banking Corp grew its stake in shares of Snap-On Incorporated (NYSE:SNA - Free Report) by 41.4% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 7,532 shares of the company's stock after acquiring an additional 2,207 shares during the period. Westpac Banking Corp's holdings in Snap-On were worth $2,538,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of SNA. Kennedy Capital Management LLC acquired a new stake in shares of Snap-On during the 4th quarter valued at approximately $234,000. Sterling Capital Management LLC grew its stake in Snap-On by 54.2% in the 4th quarter. Sterling Capital Management LLC now owns 3,154 shares of the company's stock worth $1,071,000 after acquiring an additional 1,108 shares during the period. Sagespring Wealth Partners LLC purchased a new stake in Snap-On in the 4th quarter worth approximately $367,000. Advisors Capital Management LLC grew its stake in Snap-On by 3.4% in the 4th quarter. Advisors Capital Management LLC now owns 1,178 shares of the company's stock worth $400,000 after acquiring an additional 39 shares during the period. Finally, Mariner LLC grew its stake in Snap-On by 4.3% in the 4th quarter. Mariner LLC now owns 29,409 shares of the company's stock worth $9,984,000 after acquiring an additional 1,219 shares during the period. 84.88% of the stock is currently owned by institutional investors and hedge funds.

Snap-On Trading Down 2.6%

Shares of NYSE SNA traded down $8.79 during trading on Thursday, hitting $325.02. 250,932 shares of the company traded hands, compared to its average volume of 324,538. The company has a 50-day moving average price of $319.50 and a 200-day moving average price of $325.50. The company has a quick ratio of 3.42, a current ratio of 4.48 and a debt-to-equity ratio of 0.21. Snap-On Incorporated has a 1 year low of $268.90 and a 1 year high of $373.89. The firm has a market capitalization of $16.95 billion, a P/E ratio of 17.33, a P/E/G ratio of 2.32 and a beta of 0.76.

Snap-On (NYSE:SNA - Get Free Report) last announced its quarterly earnings results on Thursday, July 17th. The company reported $4.72 earnings per share for the quarter, topping analysts' consensus estimates of $4.61 by $0.11. Snap-On had a net margin of 20.98% and a return on equity of 18.02%. The firm had revenue of $1.18 billion during the quarter, compared to analysts' expectations of $1.16 billion. During the same period in the prior year, the company earned $5.07 EPS. The firm's revenue was up .0% on a year-over-year basis. On average, equities analysts predict that Snap-On Incorporated will post 19.79 EPS for the current year.

Snap-On Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 10th. Investors of record on Tuesday, August 19th will be given a dividend of $2.14 per share. This represents a $8.56 dividend on an annualized basis and a yield of 2.6%. The ex-dividend date of this dividend is Tuesday, August 19th. Snap-On's dividend payout ratio is 45.65%.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on SNA shares. Barrington Research reissued an "outperform" rating and set a $350.00 price objective on shares of Snap-On in a research note on Tuesday, July 15th. Wall Street Zen raised shares of Snap-On from a "hold" rating to a "buy" rating in a research note on Friday, May 16th. Bank of America boosted their price objective on shares of Snap-On from $265.00 to $285.00 and gave the company an "underperform" rating in a research note on Friday, July 18th. Finally, Robert W. Baird boosted their price objective on shares of Snap-On from $329.00 to $347.00 and gave the company a "neutral" rating in a research note on Friday, July 18th. One analyst has rated the stock with a sell rating, one has given a hold rating and five have given a buy rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $356.17.

Insiders Place Their Bets

In related news, CEO Nicholas T. Pinchuk sold 23,042 shares of the company's stock in a transaction on Monday, August 11th. The shares were sold at an average price of $320.88, for a total transaction of $7,393,716.96. Following the completion of the sale, the chief executive officer directly owned 815,219 shares of the company's stock, valued at approximately $261,587,472.72. This represents a 2.75% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Karen L. Daniel sold 1,090 shares of the company's stock in a transaction on Thursday, June 5th. The stock was sold at an average price of $319.92, for a total transaction of $348,712.80. Following the sale, the director directly owned 8,030 shares of the company's stock, valued at approximately $2,568,957.60. This trade represents a 11.95% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 47,304 shares of company stock valued at $15,061,306. 3.90% of the stock is owned by corporate insiders.

Snap-On Profile

Snap-on Incorporated manufactures and markets tools, equipment, diagnostics, and repair information and systems solutions for professional users worldwide. It operates through Commercial & Industrial Group, Snap-on Tools Group, Repair Systems & Information Group, and Financial Services segments.