Healthcare of Ontario Pension Plan Trust Fund Decreases Holdings in Snap-On Incorporated $SNA

Healthcare of Ontario Pension Plan Trust Fund reduced its holdings in shares of Snap-On Incorporated (NYSE:SNA) by 18.8% in the 1st quarter, HoldingsChannel reports. The fund owned 36,582 shares of the company’s stock after selling 8,473 shares during the quarter. Healthcare of Ontario Pension Plan Trust Fund’s holdings in Snap-On were worth $13,287,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. Miller Howard Investments Inc. NY purchased a new position in Snap-On in the first quarter valued at approximately $51,244,000. First Horizon Corp purchased a new stake in shares of Snap-On during the 4th quarter worth approximately $4,068,000. QRG Capital Management Inc. boosted its holdings in shares of Snap-On by 9.9% in the 1st quarter. QRG Capital Management Inc. now owns 86,849 shares of the company’s stock valued at $31,545,000 after buying an additional 7,798 shares in the last quarter. Fisher Asset Management LLC boosted its holdings in shares of Snap-On by 21.8% in the 4th quarter. Fisher Asset Management LLC now owns 66,017 shares of the company’s stock valued at $22,750,000 after buying an additional 11,808 shares in the last quarter. Finally, Novem Group purchased a new position in shares of Snap-On in the 4th quarter valued at $980,000. Hedge funds and other institutional investors own 84.88% of the company’s stock.

Insider Buying and Selling

In related news, VP Richard Thomas Miller sold 2,000 shares of the firm’s stock in a transaction dated 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 of the company’s stock, valued at $1,838,411.68. This trade represents a 30.63% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available 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 business’s stock in a transaction dated Thursday, May 14th. The shares were sold at an average price of $367.19, for a total value of $2,097,756.47. Following the completion of the transaction, the chief financial officer owned 119,488 shares in the company, valued at $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. In the last ninety days, insiders sold 37,117 shares of company stock worth $14,003,922. Corporate insiders own 3.80% of the company’s stock.

Snap-On Stock Performance

Shares of Snap-On stock opened at $407.27 on Tuesday. The firm’s fifty day simple moving average is $390.45 and its 200-day simple moving average is $378.91. Snap-On Incorporated has a 12 month low of $312.78 and a 12 month high of $419.68. The stock has a market capitalization of $21.07 billion, a price-to-earnings ratio of 20.77, a PEG ratio of 2.85 and a beta of 0.73. The company has a debt-to-equity ratio of 0.15, a current ratio of 3.43 and a quick ratio of 2.64.

Snap-On (NYSE:SNA) last issued its quarterly earnings results on Thursday, July 23rd. The company reported $4.96 earnings per share for the quarter, topping analysts’ consensus estimates of $4.95 by $0.01. Snap-On had a net margin of 21.25% and a return on equity of 17.07%. The firm had revenue of $1.24 billion during the quarter, compared to analysts’ expectations of $1.22 billion. During the same quarter in the prior year, the business earned $4.72 EPS. Snap-On’s quarterly revenue was up 4.7% compared to the same quarter last year. As a group, equities analysts forecast that Snap-On Incorporated will post 19.67 earnings per share for the current year.

Snap-On announced that its board has approved a stock buyback program on Thursday, April 30th that authorizes the company to buyback $500.00 million in shares. This buyback authorization authorizes the company to reacquire up to 2.5% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board of directors believes its shares are undervalued.

Snap-On Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, June 10th. Stockholders of record on Wednesday, May 20th were paid a dividend of $2.44 per share. The ex-dividend date was Wednesday, May 20th. This represents a $9.76 annualized dividend and a dividend yield of 2.4%. Snap-On’s dividend payout ratio is 49.77%.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on SNA shares. Robert W. Baird set a $415.00 price target on shares of Snap-On in a research note on Friday. Roth Capital reaffirmed a “buy” rating and set a $461.00 price objective (up from $409.00) on shares of Snap-On in a report on Friday. Weiss Ratings reiterated a “buy (b)” rating on shares of Snap-On in a research report on Friday, July 17th. Finally, Barclays initiated coverage on Snap-On in a report on Thursday, May 28th. They issued an “overweight” rating and a $420.00 target price for the company. Five investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $418.20.

Snap-On Company Profile

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.