Manning & Napier Advisors LLC Makes New $4.57 Million Investment in Snap-on Incorporated (NYSE:SNA)

Manning & Napier Advisors LLC purchased a new stake in Snap-on Incorporated (NYSE:SNA) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 17,487 shares of the company’s stock, valued at approximately $4,571,000.

A number of other hedge funds also recently made changes to their positions in SNA. Earnest Partners LLC increased its holdings in Snap-on by 9.9% during the first quarter. Earnest Partners LLC now owns 929,710 shares of the company’s stock worth $275,399,000 after buying an additional 83,686 shares during the last quarter. Nordea Investment Management AB boosted its stake in Snap-on by 3.2% in the 1st quarter. Nordea Investment Management AB now owns 891,994 shares of the company’s stock worth $265,217,000 after purchasing an additional 27,429 shares during the period. Dimensional Fund Advisors LP grew its holdings in Snap-on by 0.4% during the 4th quarter. Dimensional Fund Advisors LP now owns 773,087 shares of the company’s stock valued at $223,304,000 after buying an additional 3,449 shares in the last quarter. Envestnet Asset Management Inc. increased its position in shares of Snap-on by 2.3% during the fourth quarter. Envestnet Asset Management Inc. now owns 755,445 shares of the company’s stock valued at $218,203,000 after buying an additional 16,972 shares during the period. Finally, LSV Asset Management increased its position in shares of Snap-on by 0.5% during the first quarter. LSV Asset Management now owns 674,341 shares of the company’s stock valued at $199,753,000 after buying an additional 3,535 shares during the period. 84.88% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other Snap-on news, CEO Nicholas T. Pinchuk sold 24,220 shares of Snap-on stock in a transaction that occurred on Tuesday, June 4th. The stock was sold at an average price of $266.80, for a total transaction of $6,461,896.00. Following the sale, the chief executive officer now directly owns 750,663 shares of the company’s stock, valued at approximately $200,276,888.40. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other Snap-on news, SVP Jesus Arregui sold 8,434 shares of the company’s stock in a transaction dated Wednesday, May 29th. The shares were sold at an average price of $265.17, for a total value of $2,236,443.78. Following the sale, the senior vice president now owns 252 shares in the company, valued at $66,822.84. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Nicholas T. Pinchuk sold 24,220 shares of the company’s stock in a transaction that occurred 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 completion of the sale, the chief executive officer now owns 750,663 shares in the company, valued at approximately $200,276,888.40. The disclosure for this sale can be found here. In the last ninety days, insiders sold 38,632 shares of company stock worth $10,353,409. 4.10% of the stock is currently owned by corporate insiders.

Snap-on Trading Down 0.2 %

Shares of Snap-on stock traded down $0.50 on Friday, hitting $273.19. The stock had a trading volume of 169,045 shares, compared to its average volume of 299,804. The stock has a market cap of $14.40 billion, a price-to-earnings ratio of 14.33, a PEG ratio of 1.89 and a beta of 0.98. Snap-on Incorporated has a one year low of $249.84 and a one year high of $298.49. The company has a quick ratio of 3.05, a current ratio of 4.06 and a debt-to-equity ratio of 0.22. The stock’s 50-day simple moving average is $268.62 and its two-hundred day simple moving average is $276.69.

Snap-on (NYSE:SNA) last posted its earnings results on Thursday, July 18th. The company reported $5.07 earnings per share (EPS) 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 return on equity of 19.90% and a net margin of 21.90%. Snap-on’s quarterly revenue was down 1.0% on a year-over-year basis. During the same period last year, the firm earned $4.89 earnings per share. As a group, sell-side analysts predict that Snap-on Incorporated will post 18.97 EPS for the current year.

Snap-on announced that its board has approved a share repurchase 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 shares through open market purchases. Shares repurchase programs are usually an indication that the company’s management believes its stock is undervalued.

Snap-on Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 10th. Shareholders of record on Monday, August 19th will be given a dividend of $1.86 per share. This represents a $7.44 dividend on an annualized basis and a yield of 2.72%. The ex-dividend date of this dividend is Monday, August 19th. Snap-on’s payout ratio is currently 39.03%.

Analyst Upgrades and Downgrades

SNA has been the subject of several recent analyst reports. Roth Mkm restated a “buy” rating and set a $324.00 target price on shares of Snap-on in a research report on Tuesday, July 16th. Tigress Financial reissued a “buy” rating and issued a $336.00 target price on shares of Snap-on in a research note on Thursday, July 25th. Barrington Research reaffirmed an “outperform” rating and set a $325.00 price target on shares of Snap-on in a research note on Tuesday, July 16th. Finally, Robert W. Baird decreased their price objective on Snap-on from $282.00 to $275.00 and set a “neutral” rating on the stock in a report on Friday, July 12th. One analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $315.00.

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.