Macquarie Group Ltd. reduced its holdings in shares of Snap-On Incorporated (NYSE:SNA) by 0.7% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 2,200 shares of the company’s stock after selling 15 shares during the quarter. Macquarie Group Ltd.’s holdings in Snap-On were worth $348,000 as of its most recent SEC filing.
A number of other institutional investors have also modified their holdings of SNA. OppenheimerFunds Inc. lifted its holdings in Snap-On by 12.0% during the first quarter. OppenheimerFunds Inc. now owns 2,645 shares of the company’s stock worth $446,000 after acquiring an additional 283 shares during the period. Teachers Advisors LLC lifted its holdings in Snap-On by 2.2% during the first quarter. Teachers Advisors LLC now owns 143,850 shares of the company’s stock worth $24,263,000 after acquiring an additional 3,055 shares during the period. Dimensional Fund Advisors LP lifted its holdings in Snap-On by 4.5% during the first quarter. Dimensional Fund Advisors LP now owns 285,914 shares of the company’s stock worth $48,224,000 after acquiring an additional 12,265 shares during the period. KCG Holdings Inc. lifted its holdings in Snap-On by 23.4% during the first quarter. KCG Holdings Inc. now owns 2,908 shares of the company’s stock worth $490,000 after acquiring an additional 551 shares during the period. Finally, Tudor Investment Corp ET AL lifted its holdings in Snap-On by 8.1% during the first quarter. Tudor Investment Corp ET AL now owns 3,414 shares of the company’s stock worth $576,000 after acquiring an additional 256 shares during the period. Institutional investors and hedge funds own 94.96% of the company’s stock.
A number of analysts recently commented on the company. Robert W. Baird reiterated an “outperform” rating and set a $197.00 price target on shares of Snap-On in a report on Wednesday, August 2nd. BidaskClub upgraded Snap-On from a “strong sell” rating to a “sell” rating in a report on Monday, July 31st. Zacks Investment Research upgraded Snap-On from a “sell” rating to a “hold” rating in a report on Monday, October 9th. FBR & Co reiterated a “buy” rating and set a $205.00 price target on shares of Snap-On in a report on Thursday, October 19th. Finally, Barrington Research upgraded Snap-On from a “market perform” rating to an “outperform” rating and set a $185.00 target price on the stock in a research note on Monday, October 23rd. Two investment analysts have rated the stock with a sell rating, two have given a hold rating and six have given a buy rating to the company’s stock. Snap-On has an average rating of “Hold” and a consensus price target of $192.00.
Snap-On (NYSE:SNA) last released its quarterly earnings results on Thursday, October 19th. The company reported $2.45 earnings per share for the quarter, beating the consensus estimate of $2.43 by $0.02. Snap-On had a return on equity of 20.82% and a net margin of 15.95%. The firm had revenue of $903.80 million for the quarter, compared to analysts’ expectations of $889.22 million. During the same period in the prior year, the firm earned $2.22 EPS. The company’s revenue was up 8.4% compared to the same quarter last year.
Snap-On declared that its Board of Directors has approved a share buyback program on Monday, August 7th that authorizes the company to repurchase $500.00 million in outstanding shares. This repurchase authorization authorizes the company to repurchase shares of its stock through open market purchases. Shares repurchase programs are generally an indication that the company’s board believes its shares are undervalued.
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In related 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 document filed with the SEC, which is accessible through the SEC website. 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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