Westpac Banking Corp Purchases 7,103 Shares of Snap-On Incorporated $SNA

Westpac Banking Corp boosted its position in shares of Snap-On Incorporated (NYSE:SNA) by 94.3% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 14,635 shares of the company’s stock after purchasing an additional 7,103 shares during the quarter. Westpac Banking Corp’s holdings in Snap-On were worth $4,554,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also made changes to their positions in the company. Integrated Quantitative Investments LLC bought a new stake in shares of Snap-On in the second quarter valued at about $360,000. Rockefeller Capital Management L.P. boosted its stake in shares of Snap-On by 5.3% during the second quarter. Rockefeller Capital Management L.P. now owns 21,427 shares of the company’s stock valued at $6,668,000 after purchasing an additional 1,070 shares in the last quarter. CWS Financial Advisors LLC increased its holdings in Snap-On by 86.7% during the second quarter. CWS Financial Advisors LLC now owns 1,275 shares of the company’s stock valued at $397,000 after buying an additional 592 shares during the period. Creative Planning raised its stake in Snap-On by 4.0% in the second quarter. Creative Planning now owns 12,316 shares of the company’s stock worth $3,832,000 after buying an additional 477 shares in the last quarter. Finally, SG Americas Securities LLC lifted its holdings in Snap-On by 44.7% during the second quarter. SG Americas Securities LLC now owns 5,445 shares of the company’s stock worth $1,694,000 after buying an additional 1,683 shares during the period. 84.88% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on SNA shares. Roth Capital reiterated a “buy” rating and issued a $385.00 price target on shares of Snap-On in a report on Friday, October 17th. Robert W. Baird lifted their target price on Snap-On from $355.00 to $365.00 and gave the company a “neutral” rating in a research note on Friday, October 17th. Weiss Ratings reiterated a “buy (b)” rating on shares of Snap-On in a report on Wednesday, October 8th. Tigress Financial raised their price target on shares of Snap-On from $395.00 to $405.00 and gave the company a “buy” rating in a report on Tuesday, October 21st. Finally, Wall Street Zen upgraded shares of Snap-On from a “hold” rating to a “buy” rating in a research note on Saturday, October 18th. Five research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, Snap-On currently has an average rating of “Moderate Buy” and a consensus price target of $365.00.

Snap-On Stock Performance

Shares of Snap-On stock opened at $329.43 on Friday. The company has a 50 day moving average price of $338.62 and a 200 day moving average price of $327.19. The firm has a market capitalization of $17.13 billion, a P/E ratio of 17.27, a PEG ratio of 2.33 and a beta of 0.81. The company has a quick ratio of 3.37, a current ratio of 4.40 and a debt-to-equity ratio of 0.20. Snap-On Incorporated has a 52 week low of $289.81 and a 52 week high of $373.89.

Snap-On (NYSE:SNA) last issued its quarterly earnings results on Thursday, October 16th. The company reported $4.71 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.59 by $0.12. Snap-On had a net margin of 21.08% and a return on equity of 17.71%. The business had revenue of $1.19 billion for the quarter, compared to analyst estimates of $1.16 billion. During the same quarter in the prior year, the business posted $4.70 EPS. Snap-On’s revenue for the quarter was up 3.8% compared to the same quarter last year. Sell-side analysts expect that Snap-On Incorporated will post 19.79 EPS for the current year.

Snap-On Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, December 10th. Shareholders of record on Friday, November 21st will be given a dividend of $2.44 per share. The ex-dividend date of this dividend is Friday, November 21st. This represents a $9.76 dividend on an annualized basis and a yield of 3.0%. This is an increase from Snap-On’s previous quarterly dividend of $2.14. Snap-On’s payout ratio is presently 51.18%.

About Snap-On

Snap-on Incorporated manufactures and markets tools, equipment, diagnostics, and repair information and systems solutions for professional users worldwide. It operates through Commercial & Industrial Group, Snap-on Tools Group, Repair Systems & Information Group, and Financial Services segments.