Sprucegrove Investment Management Ltd. Acquires Shares of 8,100 Snap-on Incorporated (NYSE:SNA)

Sprucegrove Investment Management Ltd. bought a new position in shares of Snap-on Incorporated (NYSE:SNA) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor bought 8,100 shares of the company’s stock, valued at approximately $2,117,000.

Several other institutional investors have also recently made changes to their positions in SNA. Canada Pension Plan Investment Board boosted its position in shares of Snap-on by 97.8% during the second quarter. Canada Pension Plan Investment Board now owns 10,089 shares of the company’s stock valued at $2,637,000 after purchasing an additional 4,989 shares in the last quarter. Benjamin F. Edwards & Company Inc. lifted its position in Snap-on by 0.3% during the second quarter. Benjamin F. Edwards & Company Inc. now owns 151,481 shares of the company’s stock valued at $39,596,000 after buying an additional 509 shares during the period. XTX Topco Ltd bought a new stake in shares of Snap-on during the 2nd quarter valued at $1,076,000. Sienna Gestion purchased a new stake in shares of Snap-on in the 2nd quarter worth about $6,525,000. Finally, Seven Eight Capital LP purchased a new stake in shares of Snap-on in the 2nd quarter worth about $445,000. Institutional investors own 84.88% of the company’s stock.

Insider Transactions at Snap-on

In related 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 directly owns 2,283 shares of the company’s stock, valued at approximately $648,303.51. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, VP June C. Lemerand sold 1,186 shares of the business’s stock in a transaction dated Monday, August 26th. The stock was sold at an average price of $283.97, for a total value of $336,788.42. Following the transaction, the vice president now directly owns 2,283 shares in the company, valued at $648,303.51. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Nicholas T. Pinchuk sold 24,145 shares of the stock in a transaction dated Monday, August 12th. The stock was 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 approximately $204,138,160.05. The disclosure for this sale can be found here. Insiders have sold 29,804 shares of company stock valued at $8,077,390 over the last quarter. 4.10% of the stock is currently owned by company insiders.

Snap-on Stock Up 2.0 %

SNA stock opened at $286.17 on Friday. The company has a market cap of $15.08 billion, a price-to-earnings ratio of 15.01, a P/E/G ratio of 1.95 and a beta of 0.98. The company has a debt-to-equity ratio of 0.22, a quick ratio of 3.05 and a current ratio of 4.06. The business’s 50-day moving average is $276.96 and its two-hundred day moving average is $276.69. Snap-on Incorporated has a fifty-two week low of $249.84 and a fifty-two week high of $298.49.

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

Snap-on declared that its Board of Directors has authorized a share buyback plan on Thursday, August 8th that permits the company to buyback $500.00 million in shares. This buyback authorization permits the company to reacquire up to 3.5% of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s leadership believes its stock is undervalued.

Snap-on Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 10th. Stockholders of record on Monday, August 19th were paid a $1.86 dividend. This represents a $7.44 annualized dividend and a dividend yield of 2.60%. The ex-dividend date of this dividend was Monday, August 19th. Snap-on’s dividend payout ratio (DPR) is currently 39.03%.

Analyst Upgrades and Downgrades

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

About Snap-on

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.