Fisher Asset Management LLC Raises Stock Position in Snap-On Incorporated $SNA

Fisher Asset Management LLC lifted its position in shares of Snap-On Incorporated (NYSE:SNA) by 21.8% during the 4th quarter, Holdings Channel.com reports. The fund owned 66,017 shares of the company’s stock after buying an additional 11,808 shares during the period. Fisher Asset Management LLC’s holdings in Snap-On were worth $22,750,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also modified their holdings of the company. Vanguard Group Inc. boosted its position in Snap-On by 0.5% during the fourth quarter. Vanguard Group Inc. now owns 6,525,488 shares of the company’s stock worth $2,248,683,000 after purchasing an additional 31,073 shares in the last quarter. State Street Corp boosted its stake in shares of Snap-On by 1.6% during the third quarter. State Street Corp now owns 2,243,970 shares of the company’s stock valued at $777,603,000 after acquiring an additional 36,130 shares during the last quarter. First Trust Advisors LP increased its position in Snap-On by 1.3% during the 3rd quarter. First Trust Advisors LP now owns 1,916,571 shares of the company’s stock worth $664,149,000 after purchasing an additional 23,863 shares in the last quarter. Nordea Investment Management AB raised its stake in Snap-On by 4.1% in the 4th quarter. Nordea Investment Management AB now owns 1,310,198 shares of the company’s stock valued at $454,206,000 after purchasing an additional 51,486 shares during the last quarter. Finally, Bank of America Corp DE lifted its holdings in Snap-On by 2.0% in the 3rd quarter. Bank of America Corp DE now owns 933,495 shares of the company’s stock valued at $323,484,000 after purchasing an additional 18,549 shares in the last quarter. Institutional investors and hedge funds own 84.88% of the company’s stock.

Insider Activity

In other news, CEO Nicholas T. Pinchuk sold 23,396 shares of the business’s stock in a transaction dated Tuesday, May 5th. The stock was sold at an average price of $375.77, for a total transaction of $8,791,514.92. Following the completion of the sale, the chief executive officer owned 856,918 shares in the company, valued at approximately $322,004,076.86. The trade was a 2.66% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Aldo John Pagliari sold 5,713 shares of the stock in a transaction that occurred on Thursday, May 14th. The stock was sold at an average price of $367.19, for a total transaction of $2,097,756.47. Following the sale, the chief financial officer directly owned 119,488 shares of the company’s stock, valued at approximately $43,874,798.72. This trade represents a 4.56% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 3.80% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on the stock. Robert W. Baird lifted their price target on shares of Snap-On from $380.00 to $395.00 and gave the stock a “neutral” rating in a report on Friday, April 24th. Roth Mkm restated a “buy” rating and set a $431.00 target price on shares of Snap-On in a research report on Friday, April 24th. Wall Street Zen downgraded Snap-On from a “buy” rating to a “hold” rating in a report on Saturday, February 7th. Weiss Ratings reissued a “buy (b)” rating on shares of Snap-On in a research note on Monday, April 20th. Finally, Tigress Financial lifted their price objective on Snap-On from $405.00 to $445.00 and gave the company a “buy” rating in a research report on Friday, February 27th. Four analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $381.20.

Snap-On Stock Performance

NYSE:SNA opened at $372.68 on Wednesday. The company has a market cap of $19.30 billion, a P/E ratio of 19.24, a P/E/G ratio of 2.58 and a beta of 0.75. The firm’s 50 day moving average is $370.90 and its two-hundred day moving average is $363.51. Snap-On Incorporated has a fifty-two week low of $301.82 and a fifty-two week high of $400.88. The company has a quick ratio of 2.74, a current ratio of 3.53 and a debt-to-equity ratio of 0.15.

Snap-On (NYSE:SNA) last released its quarterly earnings data on Thursday, April 23rd. The company reported $4.69 EPS for the quarter, missing analysts’ consensus estimates of $4.75 by ($0.06). Snap-On had a return on equity of 17.13% and a net margin of 21.28%.The firm had revenue of $1.21 billion for the quarter, compared to analyst estimates of $1.19 billion. During the same quarter in the previous year, the company earned $4.51 earnings per share. The company’s quarterly revenue was up 5.8% on a year-over-year basis. Analysts expect that Snap-On Incorporated will post 19.7 EPS for the current year.

Snap-On announced that its Board of Directors has authorized a share repurchase program on Thursday, April 30th that allows the company to buyback $500.00 million in shares. This buyback authorization allows the company to repurchase up to 2.6% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s management believes its shares are undervalued.

Snap-On Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 10th. Stockholders of record on Wednesday, May 20th will be paid a $2.44 dividend. This represents a $9.76 annualized dividend and a dividend yield of 2.6%. The ex-dividend date of this dividend is Wednesday, May 20th. Snap-On’s payout ratio is currently 50.39%.

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.