OP Asset Management Ltd Takes Position in Snap-On Incorporated $SNA

OP Asset Management Ltd acquired a new stake in shares of Snap-On Incorporated (NYSE:SNA) in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund acquired 5,369 shares of the company’s stock, valued at approximately $1,950,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Auto Owners Insurance Co raised its stake in Snap-On by 34,360.0% during the 4th quarter. Auto Owners Insurance Co now owns 1,025,185 shares of the company’s stock worth $353,279,000 after acquiring an additional 1,022,210 shares during the period. Norges Bank bought a new position in shares of Snap-On in the fourth quarter worth approximately $210,814,000. Victory Capital Management Inc. boosted its position in shares of Snap-On by 346.0% in the third quarter. Victory Capital Management Inc. now owns 279,484 shares of the company’s stock worth $96,850,000 after purchasing an additional 216,813 shares during the period. PFA Pension Forsikringsaktieselskab purchased a new stake in shares of Snap-On in the fourth quarter worth $69,751,000. Finally, UBS Group AG raised its position in shares of Snap-On by 30.7% during the 4th quarter. UBS Group AG now owns 617,620 shares of the company’s stock valued at $212,832,000 after purchasing an additional 144,926 shares during the period. 84.88% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on SNA shares. Weiss Ratings restated a “buy (b)” rating on shares of Snap-On in a research note on Monday, April 20th. Roth Mkm reissued a “buy” rating and set a $431.00 price target on shares of Snap-On in a report on Friday, April 24th. Robert W. Baird boosted their price objective on Snap-On from $380.00 to $395.00 and gave the company a “neutral” rating in a research report on Friday, April 24th. Finally, Barclays started coverage on Snap-On in a research note on Thursday, May 28th. They issued an “overweight” rating and a $420.00 price objective for the company. Five investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $387.67.

Snap-On Trading Up 0.1%

SNA opened at $397.52 on Monday. The stock has a 50-day moving average of $378.13 and a 200 day moving average of $370.69. The company has a current ratio of 3.53, a quick ratio of 2.74 and a debt-to-equity ratio of 0.15. Snap-On Incorporated has a 12 month low of $307.47 and a 12 month high of $403.35. The firm has a market cap of $20.59 billion, a P/E ratio of 20.52, a P/E/G ratio of 2.79 and a beta of 0.73.

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

Snap-On Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, June 10th. Shareholders of record on Wednesday, May 20th were paid a $2.44 dividend. This represents a $9.76 dividend on an annualized basis and a yield of 2.5%. The ex-dividend date was Wednesday, May 20th. Snap-On’s dividend payout ratio is currently 50.39%.

Snap-On declared that its board has initiated a stock buyback program on Thursday, April 30th that permits the company to repurchase $500.00 million in outstanding shares. This repurchase authorization permits the company to repurchase up to 2.5% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s management believes its shares are undervalued.

Insider Activity at Snap-On

In other Snap-On news, VP Richard Thomas Miller sold 427 shares of the stock in a transaction dated Wednesday, June 10th. The shares were sold at an average price of $389.55, for a total transaction of $166,337.85. Following the transaction, the vice president directly owned 4,527 shares in the company, valued at $1,763,492.85. This represents a 8.62% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Aldo John Pagliari sold 5,713 shares of the stock in a transaction that occurred on Thursday, May 14th. The shares were sold at an average price of $367.19, for a total transaction of $2,097,756.47. Following the transaction, the chief financial officer 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 disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 35,117 shares of company stock valued at $13,192,082 over the last 90 days. 3.80% of the stock is currently owned by insiders.

About Snap-On

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.