Sprucegrove Investment Management Ltd. Buys Shares of 8,100 Snap-on Incorporated (NYSE:SNA)

Sprucegrove Investment Management Ltd. purchased a new stake in shares of Snap-on Incorporated (NYSE:SNA) during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 8,100 shares of the company’s stock, valued at approximately $2,117,000.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Renasant Bank lifted its holdings in Snap-on by 2.3% during the first quarter. Renasant Bank now owns 1,592 shares of the company’s stock valued at $472,000 after purchasing an additional 36 shares during the last quarter. Phillips Wealth Planners LLC boosted its holdings in Snap-on by 3.8% in the 1st quarter. Phillips Wealth Planners LLC now owns 1,012 shares of the company’s stock worth $286,000 after buying an additional 37 shares during the period. TFB Advisors LLC grew its stake in Snap-on by 3.2% in the 2nd quarter. TFB Advisors LLC now owns 1,226 shares of the company’s stock valued at $320,000 after buying an additional 38 shares in the last quarter. Financial Advocates Investment Management raised its holdings in Snap-on by 1.2% during the 2nd quarter. Financial Advocates Investment Management now owns 3,360 shares of the company’s stock valued at $878,000 after acquiring an additional 39 shares during the period. Finally, Ritholtz Wealth Management lifted its position in shares of Snap-on by 4.0% during the second quarter. Ritholtz Wealth Management now owns 1,013 shares of the company’s stock worth $265,000 after acquiring an additional 39 shares in the last quarter. Institutional investors own 84.88% of the company’s stock.

Snap-on Price Performance

Shares of NYSE SNA opened at $286.17 on Friday. The stock’s 50-day simple moving average is $276.96 and its two-hundred day simple moving average is $276.69. Snap-on Incorporated has a twelve month low of $249.84 and a twelve month high of $298.49. The firm has a market capitalization of $15.08 billion, a P/E ratio of 15.01, a P/E/G ratio of 1.95 and a beta of 0.98. The company has a quick ratio of 3.05, a current ratio of 4.06 and a debt-to-equity ratio of 0.22.

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

Snap-on Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 10th. Shareholders of record on Monday, August 19th were given a dividend of $1.86 per share. The ex-dividend date was Monday, August 19th. This represents a $7.44 dividend on an annualized basis and a yield of 2.60%. Snap-on’s payout ratio is 39.03%.

Snap-on announced that its board has authorized a share buyback program on Thursday, August 8th that permits the company to buyback $500.00 million in shares. This buyback authorization permits the company to purchase up to 3.5% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s management believes its stock is undervalued.

Wall Street Analyst Weigh In

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

Insiders Place Their Bets

In other news, CFO Aldo John Pagliari sold 4,473 shares of the business’s stock in a transaction that occurred on Thursday, August 22nd. The shares were sold at an average price of $278.74, for a total value of $1,246,804.02. Following the completion of the sale, the chief financial officer now directly owns 99,244 shares in the company, valued at approximately $27,663,272.56. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In other news, CFO Aldo John Pagliari sold 4,473 shares of the business’s stock in a transaction dated Thursday, August 22nd. The stock was sold at an average price of $278.74, for a total value of $1,246,804.02. Following the completion of the sale, the chief financial officer now owns 99,244 shares of the company’s stock, valued at approximately $27,663,272.56. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Nicholas T. Pinchuk sold 24,145 shares of the 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 sale, the chief executive officer now owns 759,019 shares of the company’s stock, valued at $204,138,160.05. The disclosure for this sale can be found here. Insiders sold a total of 29,804 shares of company stock valued at $8,077,390 over the last 90 days. Insiders own 4.10% of the company’s stock.

Snap-on Company 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.