LGT Group Foundation Trims Stake in Snap-on Incorporated (NYSE:SNA)

LGT Group Foundation lowered its position in Snap-on Incorporated (NYSE:SNA) by 95.5% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,001 shares of the company’s stock after selling 21,363 shares during the quarter. LGT Group Foundation’s holdings in Snap-on were worth $262,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Earnest Partners LLC raised its stake in shares of Snap-on by 9.9% in the first quarter. Earnest Partners LLC now owns 929,710 shares of the company’s stock valued at $275,399,000 after acquiring an additional 83,686 shares during the period. Nordea Investment Management AB raised its stake in shares of Snap-on by 3.2% in the first quarter. Nordea Investment Management AB now owns 891,994 shares of the company’s stock valued at $265,217,000 after acquiring an additional 27,429 shares during the period. Dimensional Fund Advisors LP increased its stake in Snap-on by 0.4% in the 4th quarter. Dimensional Fund Advisors LP now owns 773,087 shares of the company’s stock worth $223,304,000 after buying an additional 3,449 shares during the period. Envestnet Asset Management Inc. increased its stake in Snap-on by 2.3% in the 4th quarter. Envestnet Asset Management Inc. now owns 755,445 shares of the company’s stock worth $218,203,000 after buying an additional 16,972 shares during the period. Finally, LSV Asset Management increased its stake in Snap-on by 0.5% in the 1st quarter. LSV Asset Management now owns 674,341 shares of the company’s stock worth $199,753,000 after buying an additional 3,535 shares during the period. Hedge funds and other institutional investors own 84.88% of the company’s stock.

Analyst Ratings Changes

SNA has been the topic of several recent analyst reports. Barrington Research reaffirmed an “outperform” rating and issued a $325.00 price target on shares of Snap-on in a research note on Tuesday, July 16th. Roth Mkm reaffirmed a “buy” rating and issued a $324.00 price target on shares of Snap-on in a research note on Tuesday, July 16th. Tigress Financial reaffirmed a “buy” rating and issued a $336.00 price target on shares of Snap-on in a research note on Thursday, July 25th. Finally, 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 note on Friday, July 12th. One investment analyst has rated the stock with a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $315.00.

Snap-on Stock Down 0.5 %

Shares of Snap-on stock opened at $275.74 on Wednesday. The company has a debt-to-equity ratio of 0.22, a current ratio of 4.06 and a quick ratio of 3.05. Snap-on Incorporated has a 1 year low of $249.84 and a 1 year high of $298.49. The firm’s 50-day moving average is $273.94 and its two-hundred day moving average is $276.43. The stock has a market cap of $14.53 billion, a price-to-earnings ratio of 14.47, a PEG ratio of 1.88 and a beta of 0.98.

Snap-on (NYSE:SNA) last issued its earnings results on Thursday, July 18th. The company reported $5.07 earnings per share (EPS) for the quarter, topping 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 for the quarter, compared to analysts’ expectations of $1.20 billion. During the same period in the prior year, the business earned $4.89 EPS. The firm’s quarterly revenue was down 1.0% on a year-over-year basis. As a group, research analysts expect that Snap-on Incorporated will post 18.95 earnings per share for the current fiscal year.

Snap-on Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 10th. Stockholders of record on Monday, August 19th were issued a $1.86 dividend. This represents a $7.44 dividend on an annualized basis and a dividend yield of 2.70%. The ex-dividend date was Monday, August 19th. Snap-on’s dividend payout ratio is currently 39.03%.

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

Insider Activity

In other news, 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 directly owns 759,019 shares in the company, valued at approximately $204,138,160.05. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, 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 directly owns 759,019 shares in the company, valued at approximately $204,138,160.05. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Aldo John Pagliari sold 4,473 shares of the firm’s stock in a transaction dated Thursday, August 22nd. The shares were sold at an average price of $278.74, for a total transaction of $1,246,804.02. Following the completion of the sale, the chief financial officer now owns 99,244 shares in the company, valued at $27,663,272.56. The disclosure for this sale can be found here. In 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.

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.