Morgan Dempsey Capital Management LLC Increases Stake in Snap-On Incorporated (SNA)
Morgan Dempsey Capital Management LLC increased its stake in Snap-On Incorporated (NYSE:SNA) by 63.7% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 676 shares of the company’s stock after buying an additional 263 shares during the period. Morgan Dempsey Capital Management LLC’s holdings in Snap-On were worth $107,000 as of its most recent filing with the SEC.
Other large investors also recently added to or reduced their stakes in the company. TrimTabs Asset Management LLC raised its stake in Snap-On by 88.4% in the first quarter. TrimTabs Asset Management LLC now owns 665 shares of the company’s stock worth $112,000 after buying an additional 312 shares during the last quarter. Van ECK Associates Corp raised its stake in Snap-On by 7.5% in the first quarter. Van ECK Associates Corp now owns 845 shares of the company’s stock worth $143,000 after buying an additional 59 shares during the last quarter. IHT Wealth Management LLC raised its stake in Snap-On by 13.8% in the first quarter. IHT Wealth Management LLC now owns 983 shares of the company’s stock worth $160,000 after buying an additional 119 shares during the last quarter. Global X Management Co. LLC raised its stake in Snap-On by 28.7% in the first quarter. Global X Management Co. LLC now owns 1,064 shares of the company’s stock worth $179,000 after buying an additional 237 shares during the last quarter. Finally, Pacer Advisors Inc. raised its stake in Snap-On by 2.9% in the first quarter. Pacer Advisors Inc. now owns 1,185 shares of the company’s stock worth $200,000 after buying an additional 33 shares during the last quarter. 92.25% of the stock is owned by institutional investors and hedge funds.
Shares of Snap-On Incorporated (SNA) opened at 152.77 on Friday. The company’s 50 day moving average price is $154.25 and its 200 day moving average price is $164.40. Snap-On Incorporated has a one year low of $145.17 and a one year high of $181.73. The stock has a market capitalization of $8.80 billion, a price-to-earnings ratio of 15.81 and a beta of 1.05.
Snap-On (NYSE:SNA) last posted its quarterly earnings data on Thursday, July 20th. The company reported $2.60 EPS for the quarter, beating the consensus estimate of $2.55 by $0.05. The business had revenue of $921.40 million for the quarter, compared to analysts’ expectations of $920.87 million. Snap-On had a net margin of 16.22% and a return on equity of 20.90%. The firm’s revenue was up 5.6% compared to the same quarter last year. During the same period in the previous year, the firm posted $2.36 EPS. On average, analysts expect that Snap-On Incorporated will post $10.09 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 8th. Investors of record on Friday, August 18th will be given a $0.71 dividend. The ex-dividend date of this dividend is Wednesday, August 16th. This represents a $2.84 annualized dividend and a yield of 1.86%. Snap-On’s dividend payout ratio is currently 29.34%.
Snap-On announced that its board has approved a stock repurchase plan on Monday, August 7th that authorizes the company to repurchase $500.00 million in outstanding shares. This repurchase authorization authorizes the company to purchase shares of its stock through open market purchases. Shares repurchase plans are generally a sign that the company’s management believes its stock is undervalued.
A number of analysts have recently issued reports on SNA shares. Zacks Investment Research upgraded Snap-On from a “sell” rating to a “hold” rating in a report on Wednesday, July 19th. Jefferies Group LLC restated a “hold” rating and issued a $175.00 target price (up previously from $165.00) on shares of Snap-On in a report on Sunday, April 23rd. BidaskClub lowered Snap-On from a “sell” rating to a “strong sell” rating in a report on Tuesday, July 25th. FBR & Co restated an “outperform” rating and issued a $205.00 target price on shares of Snap-On in a report on Tuesday, July 11th. Finally, Oppenheimer Holdings, Inc. restated an “outperform” rating and issued a $200.00 target price on shares of Snap-On in a report on Thursday, June 1st. One analyst has rated the stock with a sell rating, two have issued a hold rating and five have issued a buy rating to the company. The stock has a consensus rating of “Buy” and an average price target of $197.86.
In related news, Director Ruth Ann M. Gillis acquired 265 shares of the business’s stock in a transaction that occurred on Friday, August 4th. The shares were acquired at an average cost of $152.58 per share, with a total value of $40,433.70. The purchase was disclosed in a legal filing with the SEC, which is available at this link. Also, VP Iain Boyd sold 18,418 shares of the business’s stock in a transaction on Monday, July 24th. The shares were sold at an average price of $147.54, for a total transaction of $2,717,391.72. The disclosure for this sale can be found here. Insiders own 3.70% of the company’s stock.
Snap-On Company Profile
Snap-on Incorporated is a manufacturer and marketer of tools, equipment, diagnostics, repair information and systems solutions. The Company’s segments include the Commercial & Industrial Group, the Snap-on Tools Group, the Repair Systems & Information Group, and Financial Services. The Commercial & Industrial Group consists of business operations serving a range of industrial and commercial customers, including customers in the aerospace, natural resources, government, power generation, transportation and technical education markets.
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