Westpac Banking Corp Buys Shares of 13,176 Snap-On Incorporated $SNA

Key Points

• Westpac Banking Corp initiated a position in Snap-On, buying 13,176 shares valued at approximately $5.3 million. Institutional investors collectively own 84.88% of the company.
• Snap-On reported quarterly earnings of $4.96 per share, slightly exceeding estimates, while revenue rose 4.7% year over year to $1.24 billion. The company also declared a $2.44 quarterly dividend and authorized a $500 million share-buyback program.
• Analysts maintain a favorable outlook, with five Buy ratings and one Hold rating, producing a consensus “Moderate Buy” rating and a $426.20 price target.

Westpac Banking Corp purchased a new position in Snap-On Incorporated (NYSE:SNA - Free Report) in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund purchased 13,176 shares of the company's stock, valued at approximately $5,302,000.

Other institutional investors have also recently made changes to their positions in the company. BlackRock Inc. purchased a new position in Snap-On in the second quarter worth $1,715,363,000. Auto Owners Insurance Co increased its stake in Snap-On by 34,360.0% in the fourth 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 last quarter. Norges Bank purchased a new stake in Snap-On during the fourth quarter valued at about $210,814,000. Bank of New York Mellon Corp bought a new stake in Snap-On during the second quarter worth about $174,736,000. Finally, Deutsche Bank AG bought a new stake in Snap-On during the second quarter worth about $106,496,000. Institutional investors own 84.88% of the company's stock.

Snap-On Stock Performance

NYSE SNA opened at $393.11 on Friday. The company has a 50-day simple moving average of $403.30 and a two-hundred day simple moving average of $384.56. Snap-On Incorporated has a 12-month low of $319.20 and a 12-month high of $423.02. The firm has a market cap of $20.33 billion, a price-to-earnings ratio of 20.05, a PEG ratio of 2.75 and a beta of 0.73. 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 (NYSE:SNA - Get Free Report) last released its quarterly earnings data on Thursday, July 23rd. The company reported $4.96 EPS for the quarter, topping the consensus estimate of $4.95 by $0.01. Snap-On had a return on equity of 17.07% and a net margin of 21.25%.The firm had revenue of $1.24 billion for the quarter, compared to the consensus estimate of $1.22 billion. During the same quarter in the previous year, the business earned $4.72 earnings per share. The company's quarterly revenue was up 4.7% on a year-over-year basis. On average, equities analysts forecast that Snap-On Incorporated will post 19.7 EPS for the current year.

Snap-On Dividend Announcement

The business also recently declared 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 dividend payout ratio (DPR) is presently 49.77%.

Snap-On announced that its board has initiated a stock buyback program on Thursday, April 30th that allows the company to repurchase $500.00 million in outstanding shares. This repurchase authorization allows the company to purchase up to 2.5% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company's board of directors believes its shares are undervalued.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on the company. Weiss Ratings reiterated a "buy (b)" rating on shares of Snap-On in a research report on Friday, July 17th. 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 report on Friday, July 24th. Robert W. Baird set a $415.00 target price on Snap-On in a research note on Friday, July 24th. Tigress Financial upped 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. Finally, Barclays assumed coverage on shares of Snap-On in a research report on Thursday, May 28th. They set an "overweight" rating and a $420.00 price target on the stock. Five research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $426.20.

Insider Activity

In related news, VP Richard Thomas Miller sold 2,000 shares of the company's stock in a transaction on Wednesday, July 1st. The shares were sold at an average price of $405.92, for a total transaction of $811,840.00. Following the completion of the sale, the vice president directly owned 4,529 shares in the company, valued at $1,838,411.68. This represents a 30.63% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP Jesus Arregui sold 4,251 shares of the company's 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 sale, the senior vice president owned 4,439 shares of the company's stock, valued at $1,704,220.88. This represents a 48.92% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 45,928 shares of company stock valued at $18,483,009. Corporate 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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