Snap-on Incorporated (NYSE:SNA) Shares Bought by Van ECK Associates Corp

Van ECK Associates Corp grew its stake in Snap-on Incorporated (NYSE:SNA) by 4.3% during the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 8,664 shares of the company’s stock after purchasing an additional 357 shares during the quarter. Van ECK Associates Corp’s holdings in Snap-on were worth $2,265,000 as of its most recent filing with the SEC.

Several other large investors have also modified their holdings of SNA. Bridgefront Capital LLC bought a new position in Snap-on during the 4th quarter worth approximately $1,119,000. Rockland Trust Co. acquired a new position in Snap-on in the first quarter worth $889,000. Goldman Sachs Group Inc. increased its stake in Snap-on by 11.8% during the fourth quarter. Goldman Sachs Group Inc. now owns 271,436 shares of the company’s stock valued at $78,401,000 after purchasing an additional 28,566 shares during the last quarter. Manning & Napier Advisors LLC acquired a new stake in shares of Snap-on during the second quarter worth $4,571,000. Finally, Kingsview Wealth Management LLC lifted its position in shares of Snap-on by 42.0% in the 4th quarter. Kingsview Wealth Management LLC now owns 26,456 shares of the company’s stock worth $7,641,000 after buying an additional 7,830 shares during the last quarter. Institutional investors own 84.88% of the company’s stock.

Snap-on Trading Down 0.5 %

Shares of SNA stock opened at $270.84 on Friday. The firm has a market capitalization of $14.27 billion, a PE ratio of 14.21, a price-to-earnings-growth ratio of 1.97 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. Snap-on Incorporated has a 1 year low of $249.84 and a 1 year high of $298.49. The stock has a fifty day moving average of $273.16 and a two-hundred day moving average of $276.26.

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 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 analyst estimates of $1.20 billion. During the same quarter in the prior year, the firm posted $4.89 EPS. Snap-on’s revenue was down 1.0% compared to the same quarter last year. As a group, research analysts expect that Snap-on Incorporated will post 18.95 EPS for the current year.

Snap-on Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 10th. Investors of record on Monday, August 19th will be issued a dividend of $1.86 per share. The ex-dividend date of this dividend is Monday, August 19th. This represents a $7.44 annualized dividend and a yield of 2.75%. Snap-on’s payout ratio is 39.03%.

Snap-on announced that its Board of Directors has authorized a share buyback program on Thursday, August 8th that allows the company to buyback $500.00 million in shares. This buyback authorization allows the company to purchase up to 3.5% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board believes its stock is undervalued.

Analyst Upgrades and Downgrades

SNA has been the topic of several research reports. 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 set a $324.00 price target on shares of Snap-on in a research report on Tuesday, July 16th. Robert W. Baird reduced their price objective on Snap-on from $282.00 to $275.00 and set a “neutral” rating for the company in a research report on Friday, July 12th. Finally, Tigress Financial restated a “buy” rating and set a $336.00 price objective on shares of Snap-on in a research note on Thursday, July 25th. One equities research analyst has rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $315.00.

Insiders Place Their Bets

In other news, VP June C. Lemerand sold 1,186 shares of Snap-on stock in a transaction 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 transaction, the vice president now directly owns 2,283 shares in the company, valued at approximately $648,303.51. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other Snap-on news, CFO Aldo John Pagliari sold 4,473 shares of the company’s stock in a transaction dated Thursday, August 22nd. The shares were sold at an average price of $278.74, for a total value of $1,246,804.02. Following the completion of the sale, the chief financial officer now directly owns 99,244 shares of the company’s stock, valued at approximately $27,663,272.56. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP June C. Lemerand sold 1,186 shares of Snap-on 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 transaction, the vice president now directly owns 2,283 shares in the company, valued at approximately $648,303.51. The disclosure for this sale can be found here. Insiders sold 29,804 shares of company stock worth $8,077,390 over the last ninety days. Company 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.