First Trust Advisors LP increased its holdings in shares of Snap-On Incorporated (NYSE:SNA) by 28.9% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 175,031 shares of the company’s stock after buying an additional 39,196 shares during the period. First Trust Advisors LP owned 0.30% of Snap-On worth $26,081,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also bought and sold shares of the stock. Reinhart Partners Inc. bought a new stake in Snap-On in the third quarter valued at approximately $18,143,000. Strs Ohio increased its stake in Snap-On by 5.4% in the third quarter. Strs Ohio now owns 441,422 shares of the company’s stock valued at $65,776,000 after purchasing an additional 22,690 shares in the last quarter. APG Asset Management N.V. increased its stake in Snap-On by 10.3% in the third quarter. APG Asset Management N.V. now owns 53,348 shares of the company’s stock valued at $7,949,000 after purchasing an additional 5,000 shares in the last quarter. Mountain Pacific Investment Advisers Inc. ID increased its stake in Snap-On by 10.1% in the third quarter. Mountain Pacific Investment Advisers Inc. ID now owns 153,860 shares of the company’s stock valued at $22,927,000 after purchasing an additional 14,060 shares in the last quarter. Finally, Assenagon Asset Management S.A. bought a new stake in Snap-On in the third quarter valued at approximately $233,000. 94.96% of the stock is owned by institutional investors and hedge funds.
Snap-On (NYSE:SNA) last released its quarterly earnings results on Thursday, October 19th. The company reported $2.45 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.43 by $0.02. Snap-On had a net margin of 15.95% and a return on equity of 20.82%. The firm had revenue of $903.80 million during the quarter, compared to analyst estimates of $889.22 million. During the same quarter last year, the business earned $2.22 EPS. The company’s revenue was up 8.4% compared to the same quarter last year.
Snap-On announced that its board has authorized a stock repurchase plan on Monday, August 7th that authorizes the company to repurchase $500.00 million in shares. This repurchase authorization authorizes the company to buy shares of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s leadership believes its stock is undervalued.
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In other news, Director Ruth Ann M. Gillis purchased 265 shares of the stock in a transaction on Friday, August 4th. The stock was purchased at an average price of $152.58 per share, for a total transaction of $40,433.70. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 3.70% of the stock is currently owned by company insiders.
SNA has been the subject of several recent analyst reports. BidaskClub raised shares of Snap-On from a “strong sell” rating to a “sell” rating in a research note on Wednesday, July 5th. Jefferies Group LLC reaffirmed a “hold” rating and issued a $175.00 target price on shares of Snap-On in a research note on Thursday, July 6th. FBR & Co reaffirmed an “outperform” rating and issued a $205.00 target price on shares of Snap-On in a research note on Tuesday, July 11th. Zacks Investment Research downgraded shares of Snap-On from a “hold” rating to a “sell” rating in a research note on Wednesday, July 12th. Finally, Robert W. Baird reaffirmed an “outperform” rating and issued a $197.00 target price on shares of Snap-On in a research note on Wednesday, August 2nd. Two analysts have rated the stock with a sell rating, two have given a hold rating and six have issued a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus target price of $192.00.
Snap-On Company Profile
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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