HighTower Advisors LLC Lowers Stake in Snap-On Incorporated (SNA)
HighTower Advisors LLC lessened its holdings in shares of Snap-On Incorporated (NYSE:SNA) by 2.9% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 22,300 shares of the company’s stock after selling 657 shares during the period. HighTower Advisors LLC’s holdings in Snap-On were worth $3,517,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other institutional investors have also modified their holdings of SNA. Mutual of America Capital Management LLC raised its holdings in shares of Snap-On by 7.3% during the first quarter. Mutual of America Capital Management LLC now owns 7,244 shares of the company’s stock worth $1,222,000 after purchasing an additional 495 shares during the last quarter. Raymond James Financial Services Advisors Inc. raised its holdings in shares of Snap-On by 4.8% during the first quarter. Raymond James Financial Services Advisors Inc. now owns 2,750 shares of the company’s stock worth $464,000 after purchasing an additional 127 shares during the last quarter. Mason Street Advisors LLC raised its holdings in shares of Snap-On by 0.9% during the first quarter. Mason Street Advisors LLC now owns 8,011 shares of the company’s stock worth $1,351,000 after purchasing an additional 73 shares during the last quarter. Pacer Advisors Inc. raised its holdings in shares of Snap-On by 2.9% during the first quarter. Pacer Advisors Inc. now owns 1,185 shares of the company’s stock worth $200,000 after purchasing an additional 33 shares during the last quarter. Finally, Cibc World Markets Corp raised its holdings in shares of Snap-On by 51.0% during the first quarter. Cibc World Markets Corp now owns 6,066 shares of the company’s stock worth $1,023,000 after purchasing an additional 2,050 shares during the last quarter. 93.13% of the stock is owned by hedge funds and other institutional investors.
Snap-On Incorporated (NYSE:SNA) opened at 151.44 on Thursday. The stock has a market cap of $8.72 billion, a PE ratio of 15.68 and a beta of 1.05. The firm has a 50-day moving average of $147.14 and a 200-day moving average of $157.58. Snap-On Incorporated has a 12-month low of $140.83 and a 12-month high of $181.73.
Snap-On (NYSE:SNA) last released its earnings results on Thursday, July 20th. The company reported $2.60 EPS for the quarter, topping the Thomson Reuters’ 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 analysts’ expectations of $920.87 million. During the same quarter last year, the business 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 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Friday, September 8th. Stockholders of record on Friday, August 18th were issued 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 dividend yield of 1.88%. Snap-On’s dividend payout ratio is presently 29.34%.
Snap-On declared that its Board of Directors has initiated a share buyback plan on Monday, August 7th that authorizes the company to repurchase $500.00 million in shares. This repurchase authorization authorizes the company to reacquire shares of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s leadership believes its stock is undervalued.
In related news, Director Ruth Ann M. Gillis purchased 265 shares of the business’s stock in a transaction dated Friday, August 4th. The stock was acquired at an average price of $152.58 per share, for a total transaction of $40,433.70. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, VP Iain Boyd sold 18,418 shares of the stock in a transaction dated Monday, July 24th. The shares were 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. Company insiders own 3.70% of the company’s stock.
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SNA has been the subject of several recent research reports. Zacks Investment Research raised shares of Snap-On from a “sell” rating to a “hold” rating in a report on Wednesday, July 19th. BidaskClub cut shares of Snap-On from a “sell” rating to a “strong sell” rating in a report on Tuesday, July 25th. Longbow Research cut shares of Snap-On from a “buy” rating to a “neutral” rating in a report on Monday, August 21st. Jefferies Group LLC reissued a “hold” rating and set a $175.00 target price on shares of Snap-On in a report on Thursday, July 6th. Finally, FBR & Co reissued an “outperform” rating and set a $205.00 target price on shares of Snap-On in a report on Tuesday, July 11th. 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. Snap-On presently has an average rating of “Hold” and an average price target of $197.00.
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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