Pacer Advisors Inc. Raises Position in Snap-on Incorporated (NYSE:SNA)

Pacer Advisors Inc. increased its position in shares of Snap-on Incorporated (NYSE:SNA) by 51.2% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 829,471 shares of the company’s stock after purchasing an additional 280,997 shares during the period. Pacer Advisors Inc. owned approximately 1.57% of Snap-on worth $216,815,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. Scarborough Advisors LLC purchased a new position in shares of Snap-on during the 4th quarter worth approximately $30,000. Opal Wealth Advisors LLC acquired a new stake in Snap-on in the second quarter valued at $30,000. Innealta Capital LLC purchased a new stake in shares of Snap-on during the 2nd quarter worth $32,000. Versant Capital Management Inc grew its stake in shares of Snap-on by 529.0% during the 2nd quarter. Versant Capital Management Inc now owns 195 shares of the company’s stock worth $51,000 after purchasing an additional 164 shares during the period. Finally, Fidelis Capital Partners LLC acquired a new stake in shares of Snap-on in the first quarter valued at about $56,000. Institutional investors and hedge funds own 84.88% of the company’s stock.

Snap-on Stock Down 1.0 %

SNA stock opened at $283.19 on Friday. The company has a debt-to-equity ratio of 0.22, a current ratio of 4.06 and a quick ratio of 3.05. The company’s 50 day simple moving average is $277.23 and its 200-day simple moving average is $276.68. Snap-on Incorporated has a 12 month low of $249.84 and a 12 month high of $298.49. The firm has a market capitalization of $14.93 billion, a PE ratio of 14.86, a P/E/G ratio of 1.95 and a beta of 0.98.

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

Snap-on Dividend Announcement

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

Snap-on announced that its Board of Directors has initiated a share repurchase program on Thursday, August 8th that allows the company to repurchase $500.00 million in outstanding shares. This repurchase authorization allows the company to purchase up to 3.5% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s management believes its shares are undervalued.

Wall Street Analyst Weigh In

SNA has been the subject of a number of research analyst reports. Robert W. Baird dropped their target price on shares of Snap-on from $282.00 to $275.00 and set a “neutral” rating for the company in a report on Friday, July 12th. Roth Mkm restated a “buy” rating and issued a $324.00 price target on shares of Snap-on in a report on Tuesday, July 16th. Tigress Financial reaffirmed a “buy” rating and set a $336.00 price objective on shares of Snap-on in a report on Thursday, July 25th. Finally, Barrington Research reissued an “outperform” rating and issued a $325.00 target price on shares of Snap-on in a report on Friday. One equities research analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $315.00.

Insider Activity at Snap-on

In other Snap-on 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 transaction of $6,493,797.75. Following the sale, the chief executive officer now directly owns 759,019 shares of the company’s stock, valued at approximately $204,138,160.05. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, CEO Nicholas T. Pinchuk sold 24,145 shares of the firm’s 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 sale, the chief executive officer now owns 759,019 shares in the company, valued at $204,138,160.05. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Aldo John Pagliari sold 4,473 shares of Snap-on stock in a transaction that occurred on Thursday, August 22nd. The stock was 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 directly owns 99,244 shares of the company’s stock, valued at $27,663,272.56. The disclosure for this sale can be found here. In the last quarter, insiders sold 29,804 shares of company stock valued at $8,077,390. 4.10% of the stock is owned by insiders.

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.