American Century Companies Inc. Purchases 7,746 Shares of Snap-on Incorporated (NYSE:SNA)

American Century Companies Inc. raised its holdings in Snap-on Incorporated (NYSE:SNA) by 12.2% during the 2nd quarter, HoldingsChannel reports. The institutional investor owned 71,005 shares of the company’s stock after purchasing an additional 7,746 shares during the period. American Century Companies Inc.’s holdings in Snap-on were worth $18,560,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

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

Snap-on Price Performance

Snap-on stock opened at $283.19 on Friday. The company has a current ratio of 4.06, a quick ratio of 3.05 and a debt-to-equity ratio of 0.22. The firm has a market capitalization of $14.92 billion, a P/E ratio of 14.86, a PEG ratio of 1.95 and a beta of 0.98. The business has a 50-day moving average of $277.23 and a 200-day moving average of $276.68. Snap-on Incorporated has a 1 year low of $249.84 and a 1 year high of $298.49.

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

Snap-on Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, September 10th. Investors of record on Monday, August 19th were paid a dividend of $1.86 per share. This represents a $7.44 annualized dividend and a yield of 2.63%. The ex-dividend date of this dividend was Monday, August 19th. Snap-on’s payout ratio is presently 39.03%.

Snap-on announced that its Board of Directors has approved a share repurchase plan on Thursday, August 8th that permits the company to repurchase $500.00 million in outstanding shares. This repurchase authorization permits the company to repurchase up to 3.5% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board of directors believes its stock is undervalued.

Wall Street Analysts Forecast Growth

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

Insiders Place Their Bets

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

Snap-on Company 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.