Montag & Caldwell LLC reduced its stake in shares of Snap-On Incorporated (NYSE:SNA) by 52.7% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 2,654 shares of the company’s stock after selling 2,954 shares during the period. Montag & Caldwell LLC’s holdings in Snap-On were worth $419,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently modified their holdings of the stock. Vanguard Group Inc. increased its stake in shares of Snap-On by 3.0% in the first quarter. Vanguard Group Inc. now owns 5,482,405 shares of the company’s stock valued at $924,717,000 after buying an additional 158,474 shares during the period. BlackRock Inc. increased its stake in shares of Snap-On by 2,077.9% in the first quarter. BlackRock Inc. now owns 3,638,208 shares of the company’s stock valued at $613,657,000 after buying an additional 3,471,155 shares during the period. State Street Corp increased its stake in shares of Snap-On by 4.3% in the first quarter. State Street Corp now owns 2,505,691 shares of the company’s stock valued at $422,636,000 after buying an additional 102,268 shares during the period. FMR LLC increased its stake in shares of Snap-On by 0.3% in the first quarter. FMR LLC now owns 1,140,188 shares of the company’s stock valued at $192,316,000 after buying an additional 3,670 shares during the period. Finally, Wellington Management Group LLP increased its stake in shares of Snap-On by 9.7% in the first quarter. Wellington Management Group LLP now owns 1,001,089 shares of the company’s stock valued at $168,853,000 after buying an additional 88,131 shares during the period. 92.25% of the stock is owned by institutional investors.
Snap-On Incorporated (NYSE SNA) traded up 0.49% during trading on Friday, hitting $153.52. The stock had a trading volume of 19,178 shares. Snap-On Incorporated has a 52 week low of $145.17 and a 52 week high of $181.73. The company’s 50-day moving average is $154.25 and its 200 day moving average is $164.40. The firm has a market cap of $8.84 billion, a PE ratio of 15.89 and a beta of 1.05.
Snap-On (NYSE:SNA) last issued its quarterly earnings data on Thursday, July 20th. The company reported $2.60 earnings per share for the quarter, beating the Zacks’ consensus estimate of $2.55 by $0.05. Snap-On had a return on equity of 20.90% and a net margin of 16.22%. The business had revenue of $921.40 million for the quarter, compared to the consensus estimate of $920.87 million. During the same period last year, the business earned $2.36 EPS. The firm’s revenue was up 5.6% compared to the same quarter last year. Equities analysts expect that Snap-On Incorporated will post $10.09 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 8th. Investors of record on Friday, August 18th will be paid a $0.71 dividend. This represents a $2.84 dividend on an annualized basis and a dividend yield of 1.86%. The ex-dividend date is Wednesday, August 16th. Snap-On’s payout ratio is 29.34%.
Snap-On declared that its Board of Directors has approved a stock buyback program on Monday, August 7th that allows the company to repurchase $500.00 million in outstanding shares. This repurchase authorization allows the company to repurchase shares of its stock through open market purchases. Shares repurchase programs are generally an indication that the company’s leadership believes its stock is undervalued.
Several analysts have issued reports on SNA shares. Zacks Investment Research raised shares of Snap-On from a “sell” rating to a “hold” rating in a research report on Wednesday, July 19th. Jefferies Group LLC reaffirmed a “hold” rating and issued a $175.00 price objective (up previously from $165.00) on shares of Snap-On in a research report on Sunday, April 23rd. BidaskClub downgraded shares of Snap-On from a “sell” rating to a “strong sell” rating in a research report on Tuesday, July 25th. FBR & Co reaffirmed an “outperform” rating and issued a $205.00 price objective on shares of Snap-On in a research report on Tuesday, July 11th. Finally, Oppenheimer Holdings, Inc. reaffirmed an “outperform” rating and issued a $200.00 price objective on shares of Snap-On in a research report on Thursday, June 1st. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and five have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average price target of $197.86.
In other Snap-On news, Director Ruth Ann M. Gillis purchased 265 shares of the company’s stock in a transaction on Friday, August 4th. The shares were bought at an average cost of $152.58 per share, with a total value of $40,433.70. The purchase was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, VP Iain Boyd sold 18,418 shares of Snap-On stock in a transaction that occurred on Monday, July 24th. The stock was sold at an average price of $147.54, for a total value of $2,717,391.72. The disclosure for this sale can be found here. 3.70% of the stock is currently owned by company insiders.
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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