Renaissance Technologies LLC decreased its stake in Snap-On Incorporated (NYSE:SNA) by 89.2% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 22,800 shares of the company’s stock after selling 188,000 shares during the period. Renaissance Technologies LLC’s holdings in Snap-On were worth $3,846,000 at the end of the most recent reporting period.
A number of other large investors have also bought and sold shares of SNA. Adirondack Trust Co. raised its stake in Snap-On by 2.5% in the first quarter. Adirondack Trust Co. now owns 624 shares of the company’s stock valued at $105,000 after buying an additional 15 shares during the last quarter. TrimTabs Asset Management LLC raised its stake in Snap-On by 88.4% in the first quarter. TrimTabs Asset Management LLC now owns 665 shares of the company’s stock valued at $112,000 after buying an additional 312 shares during the last quarter. Van ECK Associates Corp raised its stake in Snap-On by 7.5% in the first quarter. Van ECK Associates Corp now owns 845 shares of the company’s stock valued at $143,000 after buying an additional 59 shares during the last quarter. Global X Management Co. LLC raised its stake in Snap-On by 28.7% in the first quarter. Global X Management Co. LLC now owns 1,064 shares of the company’s stock valued at $179,000 after buying an additional 237 shares during the last quarter. Finally, Pacer Advisors Inc. raised its stake in Snap-On by 2.9% in the first quarter. Pacer Advisors Inc. now owns 1,185 shares of the company’s stock valued at $200,000 after buying an additional 33 shares during the last quarter. 93.32% of the stock is currently owned by institutional investors and hedge funds.
Shares of Snap-On Incorporated (NYSE SNA) traded down 0.58% during mid-day trading on Friday, reaching $147.96. 757,656 shares of the company’s stock were exchanged. Snap-On Incorporated has a one year low of $145.17 and a one year high of $181.73. The company’s 50-day moving average price is $153.49 and its 200-day moving average price is $163.21. The company has a market capitalization of $8.52 billion, a PE ratio of 15.32 and a beta of 1.05.
Snap-On (NYSE:SNA) last released its earnings results on Thursday, July 20th. The company reported $2.60 EPS for the quarter, topping analysts’ consensus estimates of $2.55 by $0.05. The company had revenue of $921.40 million during the quarter, compared to analysts’ expectations of $920.87 million. Snap-On had a net margin of 16.22% and a return on equity of 20.90%. Snap-On’s revenue for the quarter was up 5.6% on a year-over-year basis. During the same period last year, the business earned $2.36 EPS. On average, equities analysts expect that Snap-On Incorporated will post $10.09 earnings per share for the current year.
Snap-On announced that its Board of Directors has approved a stock repurchase plan on Monday, August 7th that allows the company to buyback $500.00 million in shares. This buyback authorization allows the company to purchase shares of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its stock is undervalued.
The business also recently announced 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 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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Several equities research analysts recently commented on the stock. Robert W. Baird reissued an “outperform” rating and set a $197.00 price objective on shares of Snap-On in a research note on Wednesday, August 2nd. BidaskClub upgraded shares of Snap-On from a “strong sell” rating to a “sell” rating in a research note on Monday, July 31st. FBR & Co reiterated an “outperform” rating and issued a $205.00 target price on shares of Snap-On in a research note on Tuesday, July 11th. Jefferies Group LLC reiterated a “hold” rating and issued a $175.00 target price on shares of Snap-On in a research note on Wednesday, May 31st. Finally, Zacks Investment Research cut shares of Snap-On from a “hold” rating to a “sell” rating in a report on Wednesday, July 12th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and five have given a buy rating to the company. The stock presently has an average rating of “Buy” and an average price target of $197.86.
In other Snap-On news, Director Ruth Ann M. Gillis acquired 265 shares of the firm’s stock in a transaction on Friday, August 4th. The stock was acquired at an average cost of $152.58 per share, for a total transaction of $40,433.70. The purchase was disclosed in a legal filing with the SEC, which is available at 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 shares were 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. 3.70% of the stock is 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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