WealthTrust Fairport LLC Has $5.13 Million Position in Snap-On Incorporated (SNA)
WealthTrust Fairport LLC lowered its position in shares of Snap-On Incorporated (NYSE:SNA) by 16.3% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 32,474 shares of the company’s stock after selling 6,324 shares during the period. WealthTrust Fairport LLC owned approximately 0.06% of Snap-On worth $5,131,000 as of its most recent filing with the Securities & Exchange Commission.
Several other institutional investors and hedge funds have also recently made changes to their positions in SNA. BlackRock Inc. increased its position in shares of Snap-On by 2,077.9% during the first quarter. BlackRock Inc. now owns 3,638,208 shares of the company’s stock valued at $613,657,000 after acquiring an additional 3,471,155 shares in the last quarter. Boston Partners bought a new stake in shares of Snap-On during the second quarter valued at approximately $100,171,000. Alliancebernstein L.P. increased its position in shares of Snap-On by 428.7% during the first quarter. Alliancebernstein L.P. now owns 547,616 shares of the company’s stock valued at $92,366,000 after acquiring an additional 444,039 shares in the last quarter. Findlay Park Partners LLP bought a new stake in shares of Snap-On during the first quarter valued at approximately $73,371,000. Finally, Schroder Investment Management Group increased its position in shares of Snap-On by 148.4% during the first quarter. Schroder Investment Management Group now owns 713,988 shares of the company’s stock valued at $120,172,000 after acquiring an additional 426,521 shares in the last quarter. 93.77% of the stock is owned by institutional investors.
Snap-On Incorporated (NYSE SNA) traded up 0.6895% during midday trading on Wednesday, reaching $145.6675. 92,453 shares of the company’s stock were exchanged. The stock has a market capitalization of $8.39 billion, a price-to-earnings ratio of 15.0795 and a beta of 1.05. The stock’s 50-day moving average is $149.89 and its 200-day moving average is $160.83. Snap-On Incorporated has a 12-month low of $140.83 and a 12-month high of $181.73.
Snap-On (NYSE:SNA) last posted its quarterly earnings results on Thursday, July 20th. The company reported $2.60 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $2.55 by $0.05. The business had revenue of $921.40 million during 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 business’s quarterly revenue was up 5.6% on a year-over-year basis. During the same quarter last year, the company 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 business also recently declared 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 dividend on an annualized basis and a dividend yield of 1.96%. Snap-On’s dividend payout ratio is currently 29.34%.
Snap-On declared that its board has initiated a share buyback program on Monday, August 7th that authorizes the company to repurchase $500.00 million in shares. This repurchase authorization authorizes the company to buy shares of its stock through open market purchases. Shares repurchase programs are usually an indication that the company’s management believes its stock is undervalued.
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Several equities research analysts recently weighed in on the stock. BidaskClub raised shares of Snap-On from a “strong sell” rating to a “sell” rating in a research report on Wednesday, July 5th. Zacks Investment Research raised shares of Snap-On from a “sell” rating to a “hold” rating in a research report on Wednesday, July 19th. Jefferies Group LLC reissued a “hold” rating and set a $175.00 price target on shares of Snap-On in a research report on Wednesday, May 31st. FBR & Co set a $205.00 price target on shares of Snap-On and gave the company a “buy” rating in a research report on Friday, July 21st. Finally, Oppenheimer Holdings, Inc. reissued an “outperform” rating and set a $200.00 price target on shares of Snap-On in a research report on Thursday, June 1st. One investment analyst has rated the stock with a sell rating, three have given a hold rating and five have assigned a buy rating to the company’s stock. The stock 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 firm’s 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 legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Ruth Ann M. Gillis purchased 265 shares of the firm’s stock in a transaction on Friday, August 4th. The stock was bought 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. 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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