Public Employees Retirement System of Ohio Decreases Position in Snap-On Incorporated (SNA)
Public Employees Retirement System of Ohio lowered its position in shares of Snap-On Incorporated (NYSE:SNA) by 0.9% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 125,723 shares of the company’s stock after selling 1,128 shares during the quarter. Public Employees Retirement System of Ohio owned 0.22% of Snap-On worth $19,864,000 at the end of the most recent quarter.
Other hedge funds have also recently made changes to their positions in the company. Royce & Associates LP boosted its stake in Snap-On by 7.4% during the second quarter. Royce & Associates LP now owns 36,500 shares of the company’s stock valued at $5,767,000 after buying an additional 2,500 shares in the last quarter. Blair William & Co. IL boosted its stake in Snap-On by 6.5% during the second quarter. Blair William & Co. IL now owns 38,580 shares of the company’s stock valued at $6,096,000 after buying an additional 2,366 shares in the last quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund boosted its stake in Snap-On by 20.7% during the second 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 buying an additional 2,561 shares in the last quarter. Schwab Charles Investment Management Inc. boosted its stake in Snap-On by 3.9% during the second quarter. Schwab Charles Investment Management Inc. now owns 257,225 shares of the company’s stock valued at $40,642,000 after buying an additional 9,614 shares in the last quarter. Finally, KBC Group NV boosted its stake in Snap-On by 5.2% during the second quarter. KBC Group NV now owns 62,268 shares of the company’s stock valued at $9,838,000 after buying an additional 3,060 shares in the last quarter. 93.13% of the stock is owned by institutional investors and hedge funds.
Several research analysts recently weighed in on SNA shares. BidaskClub cut Snap-On from a “sell” rating to a “strong sell” rating in a research note on Wednesday, August 23rd. Longbow Research cut Snap-On from a “buy” rating to a “neutral” rating in a research note on Monday, August 21st. Zacks Investment Research cut Snap-On from a “hold” rating to a “sell” rating in a research note on Wednesday, July 12th. Robert W. Baird reaffirmed an “outperform” rating and set a $197.00 target price on shares of Snap-On in a research note on Wednesday, August 2nd. Finally, FBR & Co reaffirmed an “outperform” rating and set a $205.00 target price on shares of Snap-On in a research note on Tuesday, July 11th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and five have assigned a buy rating to the stock. Snap-On has a consensus rating of “Hold” and an average target price of $197.00.
In related news, VP Iain Boyd sold 18,418 shares of the company’s stock in a transaction dated Monday, July 24th. The stock was sold at an average price of $147.54, for a total value of $2,717,391.72. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Ruth Ann M. Gillis acquired 265 shares of the company’s stock in a transaction that occurred on Friday, August 4th. The stock was 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. Corporate insiders own 3.70% of the company’s stock.
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Snap-On Incorporated (NYSE SNA) traded down 0.61% during trading on Monday, hitting $151.09. The company had a trading volume of 68,618 shares. Snap-On Incorporated has a 12-month low of $140.83 and a 12-month high of $181.73. The firm has a 50-day moving average of $148.30 and a 200 day moving average of $156.64. The company has a market capitalization of $8.70 billion, a price-to-earnings ratio of 15.64 and a beta of 1.05.
Snap-On (NYSE:SNA) last released its quarterly earnings data on Thursday, July 20th. The company reported $2.60 EPS for the quarter, beating analysts’ consensus estimates of $2.55 by $0.05. The business had revenue of $921.40 million during the quarter, compared to the consensus estimate of $920.87 million. Snap-On had a return on equity of 20.90% and a net margin of 16.22%. The firm’s revenue was up 5.6% on a year-over-year basis. During the same quarter in the prior year, the company posted $2.36 earnings per share. On average, equities research analysts forecast that Snap-On Incorporated will post $10.09 earnings per share for the current year.
Snap-On declared that its board has initiated a share repurchase plan on Monday, August 7th that allows the company to repurchase $500.00 million in shares. This repurchase authorization allows the company to purchase shares of its stock through open market purchases. Shares repurchase plans are usually an indication that the company’s management believes its shares are undervalued.
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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