Investors Buy Shares of Snap-On Incorporated (SNA) on Weakness
Traders bought shares of Snap-On Incorporated (NYSE:SNA) on weakness during trading hours on Monday. $38.57 million flowed into the stock on the tick-up and $26.25 million flowed out of the stock on the tick-down, for a money net flow of $12.32 million into the stock. Of all stocks tracked, Snap-On had the 29th highest net in-flow for the day. Snap-On traded down ($1.11) for the day and closed at $147.90
A number of analysts recently issued reports on SNA shares. Zacks Investment Research raised Snap-On from a “sell” rating to a “hold” rating in a research report on Wednesday, July 19th. BidaskClub cut shares of Snap-On from a “sell” rating to a “strong sell” rating in a research report on Tuesday, July 25th. Longbow Research lowered shares of Snap-On from a “buy” rating to a “neutral” rating in a research note on Monday, August 21st. Jefferies Group LLC reaffirmed a “hold” rating and set a $175.00 target price on shares of Snap-On in a research note on Thursday, July 6th. Finally, FBR & Co reiterated an “outperform” rating and set a $205.00 price target on shares of Snap-On in a research report on Tuesday, July 11th. Two analysts have rated the stock with a sell rating, two have given a hold rating and five have given a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus target price of $197.86.
The stock has a market capitalization of $8.52 billion, a price-to-earnings ratio of 15.31 and a beta of 1.05. The firm’s 50 day moving average price is $148.41 and its 200 day moving average price is $159.16.
Snap-On (NYSE:SNA) last issued its earnings results on Thursday, July 20th. The company reported $2.60 EPS for the quarter, topping the consensus estimate of $2.55 by $0.05. Snap-On had a return on equity of 20.90% and a net margin of 16.22%. The company had revenue of $921.40 million during the quarter, compared to analyst estimates of $920.87 million. During the same quarter last year, the firm earned $2.36 EPS. The business’s revenue was up 5.6% on a year-over-year basis. Equities analysts predict that Snap-On Incorporated will post $10.09 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Friday, September 8th. Investors of record on Friday, August 18th were given a dividend of $0.71 per share. This represents a $2.84 annualized dividend and a dividend yield of 1.92%. The ex-dividend date was Wednesday, August 16th. Snap-On’s dividend payout ratio is currently 29.34%.
Snap-On announced that its Board of Directors has authorized a share repurchase plan on Monday, August 7th that allows the company to buyback $500.00 million in shares. This buyback authorization allows the company to buy shares of its stock through open market purchases. Shares buyback plans are often an indication that the company’s leadership believes its shares are undervalued.
In related news, VP Iain Boyd sold 18,418 shares of the company’s stock in a transaction 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Ruth Ann M. Gillis acquired 265 shares of the stock in a transaction that occurred on Friday, August 4th. The shares were bought at an average price 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 owned by corporate insiders.
A number of hedge funds have recently bought and sold shares of SNA. Vanguard Group Inc. boosted its holdings in shares of Snap-On by 2.8% during the second quarter. Vanguard Group Inc. now owns 5,634,205 shares of the company’s stock valued at $890,204,000 after acquiring an additional 151,800 shares during the period. BlackRock Inc. grew its position in shares of Snap-On by 0.8% during the second quarter. BlackRock Inc. now owns 3,665,849 shares of the company’s stock worth $579,203,000 after acquiring an additional 27,641 shares during the last quarter. State Street Corp grew its position in shares of Snap-On by 4.3% during the first quarter. State Street Corp now owns 2,505,691 shares of the company’s stock worth $422,636,000 after acquiring an additional 102,268 shares during the last quarter. FMR LLC grew its position in shares of Snap-On by 0.3% during the first quarter. FMR LLC now owns 1,140,188 shares of the company’s stock worth $192,316,000 after acquiring an additional 3,670 shares during the last quarter. Finally, Schroder Investment Management Group grew its position in shares of Snap-On by 59.2% during the second quarter. Schroder Investment Management Group now owns 1,136,354 shares of the company’s stock worth $177,850,000 after acquiring an additional 422,366 shares during the last quarter. Institutional investors own 93.13% of the company’s stock.
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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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