Snap-on Incorporated (NYSE:SNA) Holdings Cut by M&G Plc

M&G Plc decreased its stake in Snap-on Incorporated (NYSE:SNA) by 91.7% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 2,963 shares of the company’s stock after selling 32,774 shares during the quarter. M&G Plc’s holdings in Snap-on were worth $773,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Scarborough Advisors LLC purchased a new stake in Snap-on in the 4th quarter worth approximately $30,000. Opal Wealth Advisors LLC bought a new position in shares of Snap-on during the 2nd quarter valued at $30,000. Versant Capital Management Inc raised its holdings in shares of Snap-on by 529.0% during the 2nd quarter. Versant Capital Management Inc now owns 195 shares of the company’s stock valued at $51,000 after purchasing an additional 164 shares in the last quarter. Pacific Capital Wealth Advisors Inc. bought a new position in shares of Snap-on during the 4th quarter valued at $55,000. Finally, Fidelis Capital Partners LLC bought a new position in shares of Snap-on during the 1st quarter valued at $56,000. Hedge funds and other institutional investors own 84.88% of the company’s stock.

Snap-on Stock Performance

NYSE:SNA opened at $272.54 on Wednesday. Snap-on Incorporated has a 1 year low of $249.84 and a 1 year high of $298.49. The firm’s fifty day simple moving average is $268.71 and its 200 day simple moving average is $276.27. The company has a current ratio of 4.06, a quick ratio of 3.05 and a debt-to-equity ratio of 0.22. The firm has a market capitalization of $14.36 billion, a PE ratio of 14.30, a PEG ratio of 1.89 and a beta of 0.98.

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, beating analysts’ consensus estimates of $4.94 by $0.13. Snap-on had a net margin of 21.90% and a return on equity of 19.90%. The business had revenue of $1.18 billion for the quarter, compared to analyst estimates of $1.20 billion. During the same period last year, the business posted $4.89 EPS. Snap-on’s revenue was down 1.0% compared to the same quarter last year. On average, sell-side analysts anticipate that Snap-on Incorporated will post 18.95 EPS for the current year.

Snap-on announced that its Board of Directors has authorized a stock repurchase plan on Thursday, August 8th that allows the company to buyback $500.00 million in outstanding shares. This buyback authorization allows the company to repurchase up to 3.5% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s board believes its shares are undervalued.

Snap-on Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 10th. Shareholders of record on Monday, August 19th will be given a $1.86 dividend. The ex-dividend date is Monday, August 19th. This represents a $7.44 annualized dividend and a yield of 2.73%. Snap-on’s dividend payout ratio is 39.03%.

Insiders Place Their Bets

In other Snap-on news, CEO Nicholas T. Pinchuk sold 24,220 shares of the firm’s stock in a transaction on Tuesday, June 4th. The shares were sold at an average price of $266.80, for a total value of $6,461,896.00. Following the sale, 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 document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other Snap-on news, CFO Aldo John Pagliari sold 5,978 shares of the firm’s stock in a transaction on Tuesday, May 21st. The shares were sold at an average price of $276.86, for a total value of $1,655,069.08. Following the sale, the chief financial officer now directly owns 97,699 shares in the company, valued at approximately $27,048,945.14. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Nicholas T. Pinchuk sold 24,220 shares of Snap-on stock in a transaction dated Tuesday, June 4th. The shares were 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 owns 750,663 shares in the company, valued at $200,276,888.40. The disclosure for this sale can be found here. Insiders have sold 62,777 shares of company stock worth $16,847,207 in the last ninety days. Insiders own 4.10% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on the stock. Robert W. Baird cut their price target on shares of Snap-on from $282.00 to $275.00 and set a “neutral” rating on the stock in a report on Friday, July 12th. Tigress Financial restated a “buy” rating and set a $336.00 price target on shares of Snap-on in a report on Thursday, July 25th. Roth Mkm restated a “buy” rating and set a $324.00 price target 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 report on Tuesday, July 16th. One equities research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $315.00.

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.