New Mexico Educational Retirement Board reduced its position in Snap-On Incorporated (NYSE:SNA) by 8.6% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 5,346 shares of the company’s stock after selling 500 shares during the period. New Mexico Educational Retirement Board’s holdings in Snap-On were worth $824,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently modified their holdings of the company. Nationwide Fund Advisors raised its position in shares of Snap-On by 21.6% in the first quarter. Nationwide Fund Advisors now owns 116,329 shares of the company’s stock worth $19,621,000 after buying an additional 20,634 shares during the period. Retirement Systems of Alabama raised its position in shares of Snap-On by 1.9% in the first quarter. Retirement Systems of Alabama now owns 28,022 shares of the company’s stock worth $4,726,000 after buying an additional 521 shares during the period. State of Alaska Department of Revenue purchased a new position in shares of Snap-On during the first quarter worth about $250,000. Huntington National Bank raised its position in shares of Snap-On by 2.7% in the first quarter. Huntington National Bank now owns 7,888 shares of the company’s stock worth $1,330,000 after buying an additional 204 shares during the period. Finally, Trust Department MB Financial Bank N A raised its position in shares of Snap-On by 0.5% in the first quarter. Trust Department MB Financial Bank N A now owns 1,832 shares of the company’s stock worth $309,000 after buying an additional 9 shares during the period. Institutional investors own 93.32% of the company’s stock.

Snap-On Incorporated (SNA) opened at 151.52 on Wednesday. The stock has a market cap of $8.73 billion, a price-to-earnings ratio of 15.69 and a beta of 1.05. The firm’s 50 day moving average price is $154.04 and its 200-day moving average price is $163.65. Snap-On Incorporated has a 1-year low of $145.17 and a 1-year high of $181.73.

Snap-On (NYSE:SNA) last released its quarterly earnings data on Thursday, July 20th. The company reported $2.60 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.55 by $0.05. Snap-On had a net margin of 16.22% and a return on equity of 20.90%. The company had revenue of $921.40 million during the quarter, compared to the consensus estimate of $920.87 million. During the same quarter in the prior year, the firm posted $2.36 earnings per share. Snap-On’s revenue for the quarter was up 5.6% on a year-over-year basis. On average, equities analysts anticipate that Snap-On Incorporated will post $10.09 earnings per share for the current year.

Snap-On announced that its Board of Directors has approved a share repurchase plan on Monday, August 7th that allows the company to repurchase $500.00 million in shares. This repurchase authorization allows the company to repurchase shares of its stock through open market purchases. Shares repurchase plans are typically a sign that the company’s board believes its shares are undervalued.

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 8th. Stockholders of record on Friday, August 18th will be issued a $0.71 dividend. The ex-dividend date is Wednesday, August 16th. This represents a $2.84 dividend on an annualized basis and a dividend yield of 1.87%. Snap-On’s payout ratio is 29.34%.

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A number of equities analysts recently issued reports on the company. 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 research note on Sunday, April 23rd. Oppenheimer Holdings, Inc. restated an “outperform” rating and issued a $200.00 target price on shares of Snap-On in a research note on Thursday, June 1st. BidaskClub upgraded Snap-On from a “strong sell” rating to a “sell” rating in a research note on Wednesday, July 5th. Zacks Investment Research upgraded Snap-On from a “sell” rating to a “hold” rating in a research note on Wednesday, July 19th. Finally, FBR & Co restated an “outperform” rating and issued a $205.00 target price on shares of Snap-On in a research note on Tuesday, July 11th. One research analyst has rated the stock with a sell rating, two have given a hold rating and five have issued a buy rating to the company. The company has an average rating of “Buy” and an average price target of $197.86.

In other news, VP Iain Boyd sold 18,418 shares of the company’s stock in a transaction dated Monday, July 24th. The shares were sold at an average price of $147.54, for a total value of $2,717,391.72. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Ruth Ann M. Gillis bought 265 shares of Snap-On stock in a transaction dated Friday, August 4th. The stock was acquired at an average cost of $152.58 per share, with a total value of $40,433.70. The disclosure for this purchase can be found here. 3.70% of the stock is currently owned by corporate insiders.

About Snap-On

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.

Institutional Ownership by Quarter for Snap-On (NYSE:SNA)

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