MBB Public Markets I LLC Makes New Investment in Snap-on Incorporated (NYSE:SNA)

MBB Public Markets I LLC acquired a new stake in shares of Snap-on Incorporated (NYSE:SNA) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 3,325 shares of the company’s stock, valued at approximately $869,000.

A number of other institutional investors also recently modified their holdings of the company. Bridgefront Capital LLC bought a new position in Snap-on during the 4th quarter valued at approximately $1,119,000. Rockland Trust Co. bought a new position in shares of Snap-on during the first quarter valued at approximately $889,000. Goldman Sachs Group Inc. lifted its stake in Snap-on by 11.8% in the fourth quarter. Goldman Sachs Group Inc. now owns 271,436 shares of the company’s stock worth $78,401,000 after acquiring an additional 28,566 shares during the period. Manning & Napier Advisors LLC purchased a new stake in Snap-on in the second quarter worth $4,571,000. Finally, SG Americas Securities LLC boosted its holdings in Snap-on by 32.7% in the second quarter. SG Americas Securities LLC now owns 13,140 shares of the company’s stock valued at $3,435,000 after acquiring an additional 3,238 shares in the last quarter. 84.88% of the stock is currently owned by hedge funds and other institutional investors.

Snap-on Stock Down 0.6 %

Shares of Snap-on stock opened at $287.99 on Wednesday. Snap-on Incorporated has a 1 year low of $249.84 and a 1 year high of $298.49. The company has a debt-to-equity ratio of 0.22, a current ratio of 4.06 and a quick ratio of 3.05. The company has a 50-day moving average of $278.81 and a 200 day moving average of $276.27. The firm has a market cap of $15.17 billion, a price-to-earnings ratio of 15.11, a PEG ratio of 2.00 and a beta of 0.98.

Snap-on (NYSE:SNA) last released its earnings results on Thursday, July 18th. The company reported $5.07 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.94 by $0.13. The firm had revenue of $1.18 billion during 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 business’s revenue was down 1.0% on a year-over-year basis. During the same period last year, the business earned $4.89 earnings per share. As a group, sell-side analysts anticipate that Snap-on Incorporated will post 18.95 earnings per share for the current fiscal year.

Snap-on Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, September 10th. Stockholders of record on Monday, August 19th were paid a $1.86 dividend. The ex-dividend date of this dividend was Monday, August 19th. This represents a $7.44 dividend on an annualized basis and a dividend yield of 2.58%. Snap-on’s dividend payout ratio is currently 39.03%.

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

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on SNA shares. Barrington Research reaffirmed an “outperform” rating and issued a $325.00 target price on shares of Snap-on in a research report on Friday, September 20th. Robert W. Baird lowered their price objective on shares of 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 reiterated a “buy” rating and set a $336.00 target price on shares of Snap-on in a report on Thursday, July 25th. Finally, Roth Mkm restated a “buy” rating and issued a $324.00 target price on shares of Snap-on in a research note on Tuesday, July 16th. One equities research analyst has rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat, Snap-on has an average rating of “Moderate Buy” and a consensus price target of $315.00.

Insider Activity

In related news, CEO Nicholas T. Pinchuk sold 24,145 shares of the company’s stock in a transaction dated 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 transaction, the chief executive officer now owns 759,019 shares in the company, valued at approximately $204,138,160.05. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, VP June C. Lemerand sold 1,186 shares of the business’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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Nicholas T. Pinchuk sold 24,145 shares of the 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 sale, the chief executive officer now directly owns 759,019 shares in the company, valued at $204,138,160.05. The disclosure for this sale can be found here. Insiders sold 29,804 shares of company stock worth $8,077,390 over the last three months. 4.10% of the stock is currently 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.