Scientech Research LLC Acquires New Position in Snap-on Incorporated (NYSE:SNA)

Scientech Research LLC bought a new position in shares of Snap-on Incorporated (NYSE:SNA) in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund bought 1,067 shares of the company’s stock, valued at approximately $279,000.

A number of other institutional investors have also recently bought and sold shares of the business. Confluence Investment Management LLC acquired a new stake in shares of Snap-on during the first quarter worth $173,451,000. Mawer Investment Management Ltd. lifted its stake in Snap-on by 234.7% in the second quarter. Mawer Investment Management Ltd. now owns 632,226 shares of the company’s stock valued at $165,258,000 after buying an additional 443,333 shares during the period. Pacer Advisors Inc. boosted its holdings in Snap-on by 51.2% during the second quarter. Pacer Advisors Inc. now owns 829,471 shares of the company’s stock worth $216,815,000 after buying an additional 280,997 shares during the last quarter. Millennium Management LLC grew its position in shares of Snap-on by 1,786.4% during the 2nd quarter. Millennium Management LLC now owns 161,175 shares of the company’s stock worth $42,130,000 after buying an additional 152,631 shares during the period. Finally, Glassman Wealth Services bought a new stake in shares of Snap-on in the 2nd quarter valued at about $26,608,000. Institutional investors and hedge funds own 84.88% of the company’s stock.

Insider Buying and Selling

In other Snap-on news, VP June C. Lemerand sold 1,186 shares of the business’s stock in a transaction that occurred 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 sale, the vice president now owns 2,283 shares in the company, valued at approximately $648,303.51. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In related news, CEO Nicholas T. Pinchuk sold 24,145 shares of the firm’s stock in a transaction on Monday, August 12th. The shares were sold at an average price of $268.95, for a total value of $6,493,797.75. Following the completion of the transaction, the chief executive officer now owns 759,019 shares of the company’s stock, valued at $204,138,160.05. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, VP June C. Lemerand sold 1,186 shares of Snap-on stock in a transaction on Monday, August 26th. The shares were sold at an average price of $283.97, for a total transaction of $336,788.42. Following the completion of the sale, 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. Over the last three months, insiders sold 29,804 shares of company stock worth $8,077,390. 4.10% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on SNA. Barrington Research reissued an “outperform” rating and set a $325.00 price objective on shares of Snap-on in a research note on Friday, September 20th. Roth Mkm reiterated a “buy” rating and issued a $324.00 target price on shares of Snap-on in a report on Tuesday, July 16th. Tigress Financial reissued a “buy” rating and issued a $336.00 price target on shares of Snap-on in a report on Thursday, July 25th. Finally, Robert W. Baird dropped their price objective on Snap-on from $282.00 to $275.00 and set a “neutral” rating on the stock in a research note on Friday, July 12th. One analyst has rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $315.00.

Snap-on Stock Performance

Shares of SNA stock opened at $289.71 on Tuesday. 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 Incorporated has a 52 week low of $249.84 and a 52 week high of $298.49. The company’s 50 day moving average price is $278.81 and its two-hundred day moving average price is $276.27. The company has a market capitalization of $15.27 billion, a P/E ratio of 15.20, a price-to-earnings-growth ratio of 1.97 and a beta of 0.98.

Snap-on (NYSE:SNA) last issued its quarterly earnings data on Thursday, July 18th. The company reported $5.07 EPS for the quarter, topping analysts’ consensus estimates of $4.94 by $0.13. The business had revenue of $1.18 billion for the quarter, compared to analyst estimates of $1.20 billion. Snap-on had a net margin of 21.90% and a return on equity of 19.90%. The firm’s quarterly revenue was down 1.0% on a year-over-year basis. During the same period last year, the business posted $4.89 earnings per share. On average, analysts expect that Snap-on Incorporated will post 18.95 earnings per share for the current fiscal year.

Snap-on announced that its board has initiated a share repurchase plan on Thursday, August 8th that authorizes the company to repurchase $500.00 million in outstanding shares. This repurchase authorization authorizes the company to buy up to 3.5% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s board believes its shares are undervalued.

Snap-on Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 10th. Stockholders of record on Monday, August 19th were given a dividend of $1.86 per share. The ex-dividend date of this dividend was Monday, August 19th. This represents a $7.44 annualized dividend and a dividend yield of 2.57%. Snap-on’s dividend payout ratio is currently 39.03%.

About Snap-on

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.