The Manufacturers Life Insurance Company Increases Stock Holdings in Snap-on Incorporated (NYSE:SNA)

The Manufacturers Life Insurance Company increased its stake in Snap-on Incorporated (NYSE:SNA) by 1.7% in the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 43,710 shares of the company’s stock after acquiring an additional 746 shares during the quarter. The Manufacturers Life Insurance Company owned approximately 0.08% of Snap-on worth $11,425,000 at the end of the most recent reporting period.

A number of other large investors also recently added to or reduced their stakes in the stock. Scarborough Advisors LLC purchased a new position in shares of Snap-on in the fourth quarter valued at approximately $30,000. Opal Wealth Advisors LLC acquired a new position in Snap-on in the 2nd quarter valued at $30,000. Innealta Capital LLC acquired a new stake in Snap-on during the 2nd quarter worth $32,000. Fidelis Capital Partners LLC purchased a new stake in shares of Snap-on during the first quarter worth $56,000. Finally, Versant Capital Management Inc raised its position in shares of Snap-on by 529.0% in the second quarter. Versant Capital Management Inc now owns 195 shares of the company’s stock valued at $51,000 after buying an additional 164 shares during the last quarter. 84.88% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on SNA shares. Tigress Financial reaffirmed a “buy” rating and set a $336.00 price objective on shares of Snap-on in a research note on Thursday, July 25th. Roth Mkm restated a “buy” rating and issued 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 on the stock in a research report on Friday, July 12th. Finally, Barrington Research restated an “outperform” rating and issued a $325.00 target price on shares of Snap-on in a report on Friday, September 20th. One investment analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $315.00.

Insider Buying and Selling at Snap-on

In other news, VP June C. Lemerand sold 1,186 shares of the business’s 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 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 through this hyperlink. 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 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 $648,303.51. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Aldo John Pagliari sold 4,473 shares of the stock in a transaction dated Thursday, August 22nd. The stock was sold at an average price of $278.74, for a total value of $1,246,804.02. Following the transaction, the chief financial officer now directly owns 99,244 shares in the company, valued at approximately $27,663,272.56. 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 90 days. 4.10% of the stock is owned by insiders.

Snap-on Stock Performance

Snap-on stock opened at $288.71 on Friday. The firm has a 50 day simple moving average of $279.49 and a 200-day simple moving average of $276.37. The stock has a market cap of $15.21 billion, a price-to-earnings ratio of 15.15, a price-to-earnings-growth ratio of 2.00 and a beta of 0.98. 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.

Snap-on (NYSE:SNA) last issued its quarterly earnings data on Thursday, July 18th. The company reported $5.07 earnings per share for the quarter, topping the consensus estimate of $4.94 by $0.13. Snap-on had a return on equity of 19.90% and a net margin of 21.90%. 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 prior year, the business posted $4.89 earnings per share. The firm’s revenue for the quarter was down 1.0% compared to the same quarter last year. On average, analysts expect that Snap-on Incorporated will post 18.95 EPS for the current 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 issued a $1.86 dividend. The ex-dividend date was Monday, August 19th. This represents a $7.44 annualized dividend and a yield of 2.58%. Snap-on’s dividend payout ratio (DPR) is currently 39.03%.

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

Snap-on 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.