Blue Sky Asset Management LLC acquired a new position in Snap-On Incorporated (NYSE:SNA) during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 8,340 shares of the company’s stock, valued at approximately $1,318,000. Snap-On accounts for about 0.7% of Blue Sky Asset Management LLC’s holdings, making the stock its 26th largest position.
A number of other institutional investors also recently added to or reduced their stakes in SNA. US Bancorp DE boosted its position in Snap-On by 2.7% in the first quarter. US Bancorp DE now owns 59,483 shares of the company’s stock worth $10,034,000 after buying an additional 1,543 shares in the last quarter. Alliancebernstein L.P. boosted its position in Snap-On by 428.7% in the first quarter. Alliancebernstein L.P. now owns 547,616 shares of the company’s stock worth $92,366,000 after buying an additional 444,039 shares in the last quarter. Macquarie Group Ltd. boosted its position in Snap-On by 140.0% in the fourth quarter. Macquarie Group Ltd. now owns 2,400 shares of the company’s stock worth $411,000 after buying an additional 1,400 shares in the last quarter. Independence Advisors LLC bought a new position in Snap-On during the second quarter worth about $3,664,000. Finally, Doyle Wealth Management bought a new position in Snap-On during the first quarter worth about $672,000. Institutional investors and hedge funds own 93.32% of the company’s stock.
Snap-On Incorporated (NYSE SNA) traded down 0.58% during midday trading on Friday, reaching $147.96. 757,656 shares of the company’s stock were exchanged. The stock has a market cap of $8.52 billion, a PE ratio of 15.32 and a beta of 1.05. Snap-On Incorporated has a 12 month low of $145.17 and a 12 month high of $181.73. The firm has a 50 day moving average of $153.49 and a 200-day moving average of $163.21.
Snap-On (NYSE:SNA) last posted its quarterly earnings results on Thursday, July 20th. The company reported $2.60 EPS for the quarter, topping the consensus estimate of $2.55 by $0.05. The firm had revenue of $921.40 million for the quarter, compared to the consensus estimate of $920.87 million. Snap-On had a net margin of 16.22% and a return on equity of 20.90%. The business’s revenue was up 5.6% compared to the same quarter last year. During the same period last year, the firm posted $2.36 earnings per share. On average, equities research analysts predict that Snap-On Incorporated will post $10.09 earnings per share for the current year.
Snap-On declared that its Board of Directors has approved a stock repurchase program on Monday, August 7th that permits the company to repurchase $500.00 million in outstanding shares. This repurchase authorization permits the company to repurchase shares of its stock through open market purchases. Shares repurchase programs are usually an indication that the company’s leadership believes its shares are undervalued.
The firm also recently declared a quarterly dividend, which will be paid on Friday, September 8th. Shareholders of record on Friday, August 18th will be paid a dividend of $0.71 per share. This represents a $2.84 annualized dividend and a dividend yield of 1.92%. The ex-dividend date is Wednesday, August 16th. Snap-On’s dividend payout ratio (DPR) is presently 29.34%.
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SNA has been the subject of a number of research analyst reports. Jefferies Group LLC reiterated a “hold” rating and set a $175.00 price objective (up from $165.00) on shares of Snap-On in a research report on Sunday, April 23rd. BidaskClub cut shares of Snap-On from a “sell” rating to a “strong sell” rating in a research report on Tuesday, July 25th. Zacks Investment Research cut shares of Snap-On from a “hold” rating to a “sell” rating in a research report on Wednesday, July 12th. Robert W. Baird reiterated an “outperform” rating and set a $197.00 price objective on shares of Snap-On in a research report on Wednesday, August 2nd. Finally, Oppenheimer Holdings, Inc. reissued an “outperform” rating and set a $200.00 target price on shares of Snap-On in a report on Thursday, June 1st. One research analyst has rated the stock with a sell rating, two have given a hold rating and five have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average target price of $197.86.
In other news, Director Ruth Ann M. Gillis bought 265 shares of the firm’s stock in a transaction that occurred 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 Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Iain Boyd sold 18,418 shares of Snap-On stock in a transaction on Monday, July 24th. The stock was sold at an average price of $147.54, for a total transaction of $2,717,391.72. The disclosure for this sale can be found here. Company insiders own 3.70% of the company’s stock.
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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