Bank of New York Mellon Corp Boosts Stock Holdings in Snap-On Incorporated $SNA

Bank of New York Mellon Corp grew its holdings in Snap-On Incorporated (NYSE:SNA) by 31.5% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 435,649 shares of the company’s stock after purchasing an additional 104,296 shares during the period. Bank of New York Mellon Corp’s holdings in Snap-On were worth $150,124,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of SNA. Kennebec Savings Bank lifted its stake in Snap-On by 3.6% during the 4th quarter. Kennebec Savings Bank now owns 783 shares of the company’s stock valued at $270,000 after acquiring an additional 27 shares during the period. Annis Gardner Whiting Capital Advisors LLC raised its stake in shares of Snap-On by 36.4% in the fourth quarter. Annis Gardner Whiting Capital Advisors LLC now owns 105 shares of the company’s stock worth $36,000 after buying an additional 28 shares during the period. CWM LLC lifted its holdings in Snap-On by 0.6% during the fourth quarter. CWM LLC now owns 5,517 shares of the company’s stock valued at $1,901,000 after purchasing an additional 31 shares in the last quarter. Ritholtz Wealth Management raised its position in shares of Snap-On by 2.5% during the 4th quarter. Ritholtz Wealth Management now owns 1,401 shares of the company’s stock valued at $483,000 after purchasing an additional 34 shares during the period. Finally, MFA Wealth Services lifted its stake in shares of Snap-On by 2.9% during the 3rd quarter. MFA Wealth Services now owns 1,236 shares of the company’s stock valued at $428,000 after buying an additional 35 shares in the last quarter. 84.88% of the stock is owned by institutional investors.

Insider Buying and Selling

In other news, CFO Aldo John Pagliari sold 5,713 shares of the company’s stock in a transaction dated Thursday, May 14th. The shares were sold at an average price of $367.19, for a total value of $2,097,756.47. Following the transaction, the chief financial officer directly owned 119,488 shares in the company, valued at approximately $43,874,798.72. This represents a 4.56% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Nicholas T. Pinchuk sold 23,396 shares of the company’s stock in a transaction dated Tuesday, May 5th. The stock was sold at an average price of $375.77, for a total transaction of $8,791,514.92. Following the completion of the transaction, the chief executive officer owned 856,918 shares in the company, valued at $322,004,076.86. This represents a 2.66% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders have sold 30,439 shares of company stock worth $11,393,700. Insiders own 3.80% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on the company. Wall Street Zen lowered Snap-On from a “buy” rating to a “hold” rating in a research note on Saturday, February 7th. Roth Mkm reissued a “buy” rating and issued a $431.00 price target on shares of Snap-On in a report on Friday, April 24th. Tigress Financial upped their price target on Snap-On from $405.00 to $445.00 and gave the stock a “buy” rating in a research note on Friday, February 27th. Barclays started coverage on shares of Snap-On in a report on Thursday, May 28th. They set an “overweight” rating and a $420.00 price objective for the company. Finally, Robert W. Baird boosted their target price on shares of Snap-On from $380.00 to $395.00 and gave the stock a “neutral” rating in a report on Friday, April 24th. Five research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $387.67.

Snap-On Price Performance

Shares of Snap-On stock opened at $379.67 on Friday. The stock has a market cap of $19.67 billion, a price-to-earnings ratio of 19.60, a price-to-earnings-growth ratio of 2.67 and a beta of 0.73. The company has a debt-to-equity ratio of 0.15, a quick ratio of 2.74 and a current ratio of 3.53. The stock has a 50 day moving average price of $372.58 and a 200-day moving average price of $365.28. Snap-On Incorporated has a one year low of $301.82 and a one year high of $400.88.

Snap-On (NYSE:SNA) last posted its quarterly earnings data on Thursday, April 23rd. The company reported $4.69 earnings per share for the quarter, missing analysts’ consensus estimates of $4.75 by ($0.06). Snap-On had a net margin of 21.28% and a return on equity of 17.13%. The firm had revenue of $1.21 billion for the quarter, compared to the consensus estimate of $1.19 billion. During the same quarter last year, the firm earned $4.51 EPS. The company’s revenue was up 5.8% on a year-over-year basis. Equities analysts expect that Snap-On Incorporated will post 19.7 EPS for the current year.

Snap-On declared that its Board of Directors has initiated a stock buyback plan on Thursday, April 30th that allows the company to buyback $500.00 million in outstanding shares. This buyback authorization allows the company to purchase up to 2.6% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s leadership believes its stock is undervalued.

Snap-On Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, June 10th. Stockholders of record on Wednesday, May 20th will be paid a dividend of $2.44 per share. The ex-dividend date of this dividend is Wednesday, May 20th. This represents a $9.76 dividend on an annualized basis and a dividend yield of 2.6%. Snap-On’s dividend payout ratio is currently 50.39%.

Snap-On Company Profile

Snap‑On Incorporated (NYSE: SNA) is a designer, manufacturer and marketer of tools, diagnostic equipment, repair information and shop equipment for professional users. The company’s product range includes hand and power tools, tool storage and cabinets, diagnostic scan tools and software, shop equipment such as lifts and tire changers, and specialized specialty tools for automotive, aviation, marine and industrial applications. Snap‑On also offers information and workflow solutions that combine diagnostic data, repair procedures and parts information to support professional technicians.

Founded in 1920 and headquartered in Kenosha, Wisconsin, Snap‑On has established a long history in the professional tools market.