Ontario Teachers Pension Plan Board Sells 2,818 Shares of Snap-On Incorporated (SNA)
Ontario Teachers Pension Plan Board lowered its holdings in Snap-On Incorporated (NYSE:SNA) by 8.0% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 32,340 shares of the company’s stock after selling 2,818 shares during the quarter. Ontario Teachers Pension Plan Board owned approximately 0.06% of Snap-On worth $5,110,000 at the end of the most recent reporting period.
Other large investors have also bought and sold shares of the company. Royce & Associates LP raised its holdings in shares of Snap-On by 7.4% in the 2nd quarter. Royce & Associates LP now owns 36,500 shares of the company’s stock valued at $5,767,000 after purchasing an additional 2,500 shares in the last quarter. Blair William & Co. IL raised its holdings in shares of Snap-On by 6.5% in the 2nd quarter. Blair William & Co. IL now owns 38,580 shares of the company’s stock valued at $6,096,000 after purchasing an additional 2,366 shares in the last quarter. Alliancebernstein L.P. raised its holdings in shares of Snap-On by 428.7% in the 1st quarter. Alliancebernstein L.P. now owns 547,616 shares of the company’s stock valued at $92,366,000 after purchasing an additional 444,039 shares in the last quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund raised its holdings in shares of Snap-On by 20.7% in the 2nd quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 14,930 shares of the company’s stock valued at $2,359,000 after purchasing an additional 2,561 shares in the last quarter. Finally, Schwab Charles Investment Management Inc. raised its holdings in shares of Snap-On by 3.9% in the 2nd quarter. Schwab Charles Investment Management Inc. now owns 257,225 shares of the company’s stock valued at $40,642,000 after purchasing an additional 9,614 shares in the last quarter. Institutional investors and hedge funds own 93.13% of the company’s stock.
Several research firms have recently commented on SNA. BidaskClub upgraded shares of Snap-On from a “strong sell” rating to a “sell” rating in a report on Wednesday, July 5th. Zacks Investment Research upgraded shares of Snap-On from a “sell” rating to a “hold” rating in a report on Wednesday, July 19th. Jefferies Group LLC reiterated a “hold” rating and set a $175.00 price objective on shares of Snap-On in a research note on Thursday, July 6th. FBR & Co reiterated an “outperform” rating and set a $205.00 price objective on shares of Snap-On in a research note on Tuesday, July 11th. Finally, Robert W. Baird reiterated an “outperform” rating and set a $197.00 price objective on shares of Snap-On in a research note on Wednesday, August 2nd. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating and five have assigned a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus target price of $197.86.
Snap-On Incorporated (NYSE SNA) opened at 149.01 on Friday. The company’s 50 day moving average is $148.41 and its 200 day moving average is $159.16. The company has a market cap of $8.58 billion, a price-to-earnings ratio of 15.43 and a beta of 1.05. Snap-On Incorporated has a 1-year low of $140.83 and a 1-year high of $181.73.
Snap-On (NYSE:SNA) last issued its quarterly earnings results on Thursday, July 20th. The company reported $2.60 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 previous year, the firm earned $2.36 earnings per share. The firm’s quarterly revenue was up 5.6% on a year-over-year basis. Equities research analysts forecast that Snap-On Incorporated will post $10.09 EPS for the current year.
Snap-On declared that its Board of Directors has initiated a share repurchase program on Monday, August 7th that permits the company to repurchase $500.00 million in shares. This repurchase authorization permits the company to reacquire shares of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s leadership believes its shares are undervalued.
The company also recently declared a quarterly dividend, which was paid on Friday, September 8th. Investors of record on Friday, August 18th were paid a $0.71 dividend. The ex-dividend date of this dividend was Wednesday, August 16th. This represents a $2.84 dividend on an annualized basis and a yield of 1.91%. Snap-On’s dividend payout ratio is currently 29.34%.
In other news, Director Ruth Ann M. Gillis purchased 265 shares of the firm’s stock in a transaction that occurred on Friday, August 4th. The stock was bought at an average price of $152.58 per share, for a total transaction of $40,433.70. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Iain Boyd sold 18,418 shares of Snap-On stock in a transaction that occurred on Monday, July 24th. The stock was 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. 3.70% of the stock is owned by insiders.
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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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