Korea Investment CORP Takes Position in Snap-On Incorporated $SNA

Korea Investment CORP acquired a new position in Snap-On Incorporated (NYSE:SNA) in the 2nd quarter, Holdings Channel.com reports. The firm acquired 20,743 shares of the company’s stock, valued at approximately $8,347,000.

A number of other institutional investors also recently bought and sold shares of the stock. EP Wealth Advisors LLC bought a new stake in Snap-On during the second quarter valued at about $878,000. Callan Family Office LLC purchased a new position in shares of Snap-On during the 2nd quarter valued at about $270,000. Expressive Wealth LLC purchased a new stake in Snap-On in the 2nd quarter worth approximately $629,000. Keebeck Wealth Management bought a new stake in Snap-On during the 2nd quarter worth approximately $361,000. Finally, Keating Financial Advisory Services Inc. purchased a new position in Snap-On during the second quarter valued at approximately $45,000. 84.88% of the stock is owned by institutional investors.

Insider Buying and Selling at Snap-On

In other news, VP Richard Thomas Miller sold 2,000 shares of the firm’s stock in a transaction on Wednesday, July 1st. The stock was sold at an average price of $405.92, for a total transaction of $811,840.00. Following the transaction, the vice president owned 4,529 shares in the company, valued at approximately $1,838,411.68. This trade represents a 30.63% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Nicholas T. Pinchuk sold 22,889 shares of Snap-On stock in a transaction dated Tuesday, August 18th. The shares were sold at an average price of $399.69, for a total value of $9,148,504.41. Following the completion of the sale, the chief executive officer owned 867,779 shares of the company’s stock, valued at $346,842,588.51. The trade was a 2.57% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders have sold 45,928 shares of company stock worth $18,483,009. Insiders own 3.80% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have recently issued reports on SNA. Tigress Financial increased their price objective on shares of Snap-On from $445.00 to $485.00 and gave the stock a “buy” rating in a research note on Friday, July 31st. Barclays initiated coverage on Snap-On in a research note on Thursday, May 28th. They issued an “overweight” rating and a $420.00 price objective for the company. Roth Capital reaffirmed a “buy” rating and set a $461.00 target price (up from $409.00) on shares of Snap-On in a research note on Friday, July 24th. Robert W. Baird set a $415.00 price target on Snap-On in a report on Friday, July 24th. Finally, Weiss Ratings reissued a “buy (b)” rating on shares of Snap-On in a research note on Friday, July 17th. Five analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $426.20.

Snap-On Stock Performance

Shares of Snap-On stock opened at $394.54 on Tuesday. The company has a quick ratio of 2.64, a current ratio of 3.43 and a debt-to-equity ratio of 0.15. The stock’s fifty day moving average is $403.46 and its two-hundred day moving average is $384.77. Snap-On Incorporated has a 52 week low of $319.20 and a 52 week high of $423.02. The company has a market capitalization of $20.41 billion, a PE ratio of 20.12, a price-to-earnings-growth ratio of 2.77 and a beta of 0.73.

Snap-On (NYSE:SNA) last released its earnings results on Thursday, July 23rd. The company reported $4.96 earnings per share for the quarter, topping the consensus estimate of $4.95 by $0.01. The business had revenue of $1.24 billion during the quarter, compared to the consensus estimate of $1.22 billion. Snap-On had a return on equity of 17.07% and a net margin of 21.25%.The business’s revenue for the quarter was up 4.7% compared to the same quarter last year. During the same period last year, the company earned $4.72 earnings per share. As a group, analysts expect that Snap-On Incorporated will post 19.7 earnings per share for the current year.

Snap-On announced that its Board of Directors has initiated a stock repurchase plan on Thursday, April 30th that authorizes the company to buyback $500.00 million in outstanding shares. This buyback authorization authorizes the company to reacquire up to 2.5% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s management believes its shares are undervalued.

Snap-On Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 10th. Shareholders of record on Wednesday, August 19th will be issued a $2.44 dividend. This represents a $9.76 annualized dividend and a dividend yield of 2.5%. The ex-dividend date is Wednesday, August 19th. Snap-On’s dividend payout ratio is currently 49.77%.

About Snap-On

Snap‑On Incorporated (NYSE: SNA) is a designer, manufacturer and marketer of tools, diagnostic equipment, repair information and shop equipment for professional users. The company’s product range includes hand and power tools, tool storage and cabinets, diagnostic scan tools and software, shop equipment such as lifts and tire changers, and specialized specialty tools for automotive, aviation, marine and industrial applications. Snap‑On also offers information and workflow solutions that combine diagnostic data, repair procedures and parts information to support professional technicians.

Founded in 1920 and headquartered in Kenosha, Wisconsin, Snap‑On has established a long history in the professional tools market.