Bank of New York Mellon Corp Has $121.06 Million Stock Holdings in Snap-on Incorporated (NYSE:SNA)

Bank of New York Mellon Corp boosted its position in shares of Snap-on Incorporated (NYSE:SNA) by 0.7% during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 463,142 shares of the company’s stock after acquiring an additional 3,143 shares during the period. Bank of New York Mellon Corp owned approximately 0.88% of Snap-on worth $121,061,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in the company. Bridgefront Capital LLC bought a new position in shares of Snap-on during the 4th quarter worth about $1,119,000. Rockland Trust Co. bought a new stake in shares of Snap-on in the 1st quarter valued at approximately $889,000. Goldman Sachs Group Inc. raised its holdings in shares of Snap-on by 11.8% in the 4th quarter. Goldman Sachs Group Inc. now owns 271,436 shares of the company’s stock worth $78,401,000 after buying an additional 28,566 shares in the last quarter. Manning & Napier Advisors LLC bought a new position in shares of Snap-on during the 2nd quarter worth approximately $4,571,000. Finally, Kingsview Wealth Management LLC boosted its stake in Snap-on by 42.0% in the 4th quarter. Kingsview Wealth Management LLC now owns 26,456 shares of the company’s stock valued at $7,641,000 after buying an additional 7,830 shares in the last quarter. Institutional investors and hedge funds own 84.88% of the company’s stock.

Snap-on Stock Down 0.3 %

NYSE:SNA opened at $282.13 on Wednesday. The stock’s fifty day moving average price is $270.89 and its two-hundred day moving average price is $275.69. The company has a market cap of $14.87 billion, a price-to-earnings ratio of 14.80, a P/E/G ratio of 1.92 and a beta of 0.98. Snap-on Incorporated has a 52-week low of $249.84 and a 52-week high of $298.49. The company has a debt-to-equity ratio of 0.22, a quick ratio of 3.05 and a current ratio of 4.06.

Snap-on (NYSE:SNA) last released its earnings results on Thursday, July 18th. The company reported $5.07 EPS for the quarter, beating the consensus estimate of $4.94 by $0.13. The company had revenue of $1.18 billion during the quarter, compared to analysts’ expectations of $1.20 billion. Snap-on had a return on equity of 19.90% and a net margin of 21.90%. The business’s revenue for the quarter was down 1.0% on a year-over-year basis. During the same period last year, the firm earned $4.89 EPS. On average, analysts anticipate that Snap-on Incorporated will post 18.95 EPS for the current year.

Snap-on Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 10th. Stockholders of record on Monday, August 19th will be paid a $1.86 dividend. The ex-dividend date is Monday, August 19th. This represents a $7.44 annualized dividend and a dividend yield of 2.64%. Snap-on’s dividend payout ratio (DPR) is currently 39.03%.

Snap-on declared that its board has initiated a stock buyback program on Thursday, August 8th that authorizes the company to repurchase $500.00 million in outstanding shares. This repurchase authorization authorizes the company to repurchase up to 3.5% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s leadership believes its shares are undervalued.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on the company. Robert W. Baird cut their price objective on Snap-on from $282.00 to $275.00 and set a “neutral” rating for the company in a report on Friday, July 12th. Tigress Financial reaffirmed a “buy” rating and set a $336.00 price objective on shares of Snap-on in a research note on Thursday, July 25th. Roth Mkm reaffirmed a “buy” rating and set a $324.00 price objective on shares of Snap-on in a report on Tuesday, July 16th. Finally, Barrington Research restated an “outperform” rating and set a $325.00 price target on shares of Snap-on in a research report on Tuesday, July 16th. One analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $315.00.

Insider Activity

In other news, VP June C. Lemerand sold 1,186 shares of Snap-on stock in a transaction on Monday, August 26th. The stock was sold at an average price of $283.97, for a total value of $336,788.42. Following the completion of the sale, the vice president now directly owns 2,283 shares of the company’s stock, valued at approximately $648,303.51. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, CEO Nicholas T. Pinchuk sold 24,220 shares of the firm’s stock in a transaction on Tuesday, June 4th. The stock was sold at an average price of $266.80, for a total value of $6,461,896.00. Following the transaction, the chief executive officer now directly owns 750,663 shares in the company, valued at approximately $200,276,888.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP June C. Lemerand sold 1,186 shares of the firm’s stock in a transaction on Monday, August 26th. The stock was sold at an average price of $283.97, for a total value of $336,788.42. Following the completion of the transaction, the vice president now owns 2,283 shares in the company, valued at $648,303.51. The disclosure for this sale can be found here. In the last ninety days, insiders sold 54,024 shares of company stock valued at $14,539,286. Company insiders own 4.10% of the company’s stock.

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.