Snap-on Incorporated (NYSE:SNA) Shares Bought by Hsbc Holdings PLC

Hsbc Holdings PLC increased its position in Snap-on Incorporated (NYSE:SNA) by 23.0% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 397,134 shares of the company’s stock after buying an additional 74,154 shares during the period. Hsbc Holdings PLC owned about 0.75% of Snap-on worth $103,698,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of the company. Renasant Bank raised its holdings in Snap-on by 2.3% in the 1st quarter. Renasant Bank now owns 1,592 shares of the company’s stock valued at $472,000 after acquiring an additional 36 shares during the last quarter. Phillips Wealth Planners LLC increased its stake in Snap-on by 3.8% in the first quarter. Phillips Wealth Planners LLC now owns 1,012 shares of the company’s stock valued at $286,000 after purchasing an additional 37 shares during the last quarter. TFB Advisors LLC increased its stake in Snap-on by 3.2% in the second quarter. TFB Advisors LLC now owns 1,226 shares of the company’s stock valued at $320,000 after purchasing an additional 38 shares during the last quarter. Financial Advocates Investment Management lifted its position in Snap-on by 1.2% during the second quarter. Financial Advocates Investment Management now owns 3,360 shares of the company’s stock worth $878,000 after buying an additional 39 shares during the period. Finally, Ritholtz Wealth Management boosted its stake in Snap-on by 4.0% in the 2nd quarter. Ritholtz Wealth Management now owns 1,013 shares of the company’s stock worth $265,000 after buying an additional 39 shares during the last quarter. Hedge funds and other institutional investors own 84.88% of the company’s stock.

Snap-on Price Performance

SNA opened at $280.66 on Thursday. Snap-on Incorporated has a 52-week low of $249.84 and a 52-week high of $298.49. The company has a 50 day moving average of $276.59 and a two-hundred day moving average of $276.62. The company has a market cap of $14.80 billion, a P/E ratio of 14.73, a P/E/G ratio of 1.93 and a beta of 0.98. The company has a quick ratio of 3.05, a current ratio of 4.06 and a debt-to-equity ratio of 0.22.

Snap-on (NYSE:SNA) last announced its quarterly earnings results on Thursday, July 18th. The company reported $5.07 earnings per share for the quarter, topping analysts’ consensus estimates of $4.94 by $0.13. Snap-on had a net margin of 21.90% and a return on equity of 19.90%. The firm had revenue of $1.18 billion during the quarter, compared to analysts’ expectations of $1.20 billion. During the same period in the prior year, the company earned $4.89 EPS. The firm’s revenue was down 1.0% on a year-over-year basis. On average, analysts expect that Snap-on Incorporated will post 18.95 earnings per share for the current year.

Snap-on Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, September 10th. Investors of record on Monday, August 19th were issued a dividend of $1.86 per share. The ex-dividend date was Monday, August 19th. This represents a $7.44 annualized dividend and a dividend yield of 2.65%. Snap-on’s payout ratio is currently 39.03%.

Snap-on announced that its board has authorized a share repurchase program on Thursday, August 8th that authorizes the company to buyback $500.00 million in shares. This buyback authorization authorizes the company to buy up to 3.5% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s management believes its shares are undervalued.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on SNA. Roth Mkm reiterated a “buy” rating and set a $324.00 price objective on shares of Snap-on in a report on Tuesday, July 16th. Tigress Financial reiterated a “buy” rating and issued a $336.00 price target on shares of Snap-on in a report on Thursday, July 25th. Robert W. Baird lowered their price objective on shares of Snap-on from $282.00 to $275.00 and set a “neutral” rating for the company in a research note on Friday, July 12th. Finally, Barrington Research reaffirmed an “outperform” rating and issued a $325.00 target price on shares of Snap-on in a research report on Tuesday, July 16th. One equities research analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, Snap-on has a consensus rating of “Moderate Buy” and an average target price of $315.00.

Insider Buying and Selling

In other Snap-on news, VP June C. Lemerand sold 1,186 shares of the stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $283.97, for a total value of $336,788.42. Following the completion of the sale, the vice president now owns 2,283 shares of the company’s stock, valued at $648,303.51. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Snap-on news, VP June C. Lemerand sold 1,186 shares of the company’s stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $283.97, for a total value of $336,788.42. Following the completion of the transaction, the vice president now directly owns 2,283 shares of the company’s stock, valued at approximately $648,303.51. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Nicholas T. Pinchuk sold 24,145 shares of the firm’s stock in a transaction dated Monday, August 12th. The shares were sold at an average price of $268.95, for a total value of $6,493,797.75. Following the sale, the chief executive officer now owns 759,019 shares of the company’s stock, valued at $204,138,160.05. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 29,804 shares of company stock valued at $8,077,390. Corporate insiders own 4.10% of the company’s stock.

Snap-on Profile

Snap-on Incorporated manufactures and markets tools, equipment, diagnostics, and repair information and systems solutions for professional users worldwide. It operates through Commercial & Industrial Group, Snap-on Tools Group, Repair Systems & Information Group, and Financial Services segments.