Fjarde AP Fonden Fourth Swedish National Pension Fund Raises Position in Snap-On Incorporated (SNA)
Fjarde AP Fonden Fourth Swedish National Pension Fund increased its stake in shares of Snap-On Incorporated (NYSE:SNA) by 20.7% during the second quarter, according to its most recent filing with the SEC. The institutional investor owned 14,930 shares of the company’s stock after buying an additional 2,561 shares during the period. Fjarde AP Fonden Fourth Swedish National Pension Fund’s holdings in Snap-On were worth $2,359,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors also recently bought and sold shares of the company. Morgan Dempsey Capital Management LLC boosted its position in Snap-On by 63.7% in the second quarter. Morgan Dempsey Capital Management LLC now owns 676 shares of the company’s stock valued at $107,000 after buying an additional 263 shares in the last quarter. TrimTabs Asset Management LLC boosted its position in Snap-On by 88.4% in the first quarter. TrimTabs Asset Management LLC now owns 665 shares of the company’s stock valued at $112,000 after buying an additional 312 shares in the last quarter. Lloyds Banking Group plc bought a new position in Snap-On during the second quarter valued at about $129,000. Van ECK Associates Corp boosted its position in Snap-On by 7.5% in the first quarter. Van ECK Associates Corp now owns 845 shares of the company’s stock valued at $143,000 after buying an additional 59 shares in the last quarter. Finally, IHT Wealth Management LLC boosted its position in Snap-On by 13.8% in the first quarter. IHT Wealth Management LLC now owns 983 shares of the company’s stock valued at $160,000 after buying an additional 119 shares in the last quarter. 93.74% of the stock is currently owned by institutional investors.
Snap-On Incorporated (NYSE SNA) opened at 146.01 on Friday. Snap-On Incorporated has a 52-week low of $140.83 and a 52-week high of $181.73. The stock has a market capitalization of $8.41 billion, a PE ratio of 15.11 and a beta of 1.06. The firm’s 50-day moving average is $150.46 and its 200 day moving average is $161.31.
Snap-On (NYSE:SNA) last posted its earnings results on Thursday, July 20th. The company reported $2.60 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $2.55 by $0.05. The company had revenue of $921.40 million for the quarter, compared to analyst estimates of $920.87 million. Snap-On had a net margin of 16.22% and a return on equity of 20.90%. The business’s revenue for the quarter was up 5.6% compared to the same quarter last year. During the same period last year, the business posted $2.36 earnings per share. On average, equities analysts forecast that Snap-On Incorporated will post $10.09 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, September 8th. Shareholders of record on Friday, August 18th will be issued 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 1.95%. Snap-On’s dividend payout ratio (DPR) is presently 29.34%.
Snap-On announced that its board has authorized a stock buyback program on Monday, August 7th that permits the company to repurchase $500.00 million in outstanding shares. This repurchase authorization permits the company to repurchase shares of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s board believes its stock is undervalued.
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Several research firms have issued reports on SNA. Zacks Investment Research cut Snap-On from a “hold” rating to a “sell” rating in a report on Wednesday, July 12th. Jefferies Group LLC reaffirmed a “hold” rating and issued a $175.00 price target on shares of Snap-On in a report on Wednesday, May 31st. BidaskClub raised Snap-On from a “strong sell” rating to a “sell” rating in a report on Wednesday, July 19th. FBR & Co set a $205.00 price target on Snap-On and gave the company a “buy” rating in a report on Friday, July 21st. Finally, Robert W. Baird reiterated an “outperform” rating and set a $197.00 price objective on shares of Snap-On in a research report on Wednesday, August 2nd. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and five have given a buy rating to the company’s stock. Snap-On currently has an average rating of “Hold” and an average price target of $197.86.
In other Snap-On news, VP Iain Boyd sold 18,418 shares of the stock in a transaction on Monday, July 24th. The shares were sold at an average price of $147.54, for a total value of $2,717,391.72. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Ruth Ann M. Gillis bought 265 shares of the business’s stock in a transaction on Friday, August 4th. The stock was purchased at an average price of $152.58 per share, for a total transaction of $40,433.70. The disclosure for this purchase can be found here. Company 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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