Granite Investment Partners LLC cut its stake in Snap-On Incorporated (NYSE:SNA) by 57.2% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 16,643 shares of the company’s stock after selling 22,220 shares during the period. Granite Investment Partners LLC’s holdings in Snap-On were worth $2,630,000 at the end of the most recent reporting period.
Several other large investors have also added to or reduced their stakes in the company. Teachers Advisors LLC raised its stake in Snap-On by 4.2% in the fourth quarter. Teachers Advisors LLC now owns 140,795 shares of the company’s stock valued at $24,114,000 after buying an additional 5,735 shares during the last quarter. Macquarie Group Ltd. raised its stake in Snap-On by 140.0% in the fourth quarter. Macquarie Group Ltd. now owns 2,400 shares of the company’s stock valued at $411,000 after buying an additional 1,400 shares during the last quarter. Chevy Chase Trust Holdings Inc. raised its stake in Snap-On by 3.5% in the first quarter. Chevy Chase Trust Holdings Inc. now owns 50,200 shares of the company’s stock valued at $8,467,000 after buying an additional 1,690 shares during the last quarter. Creative Planning raised its stake in Snap-On by 5.9% in the first quarter. Creative Planning now owns 5,345 shares of the company’s stock valued at $902,000 after buying an additional 300 shares during the last quarter. Finally, Gulf International Bank UK Ltd raised its stake in Snap-On by 0.8% in the first quarter. Gulf International Bank UK Ltd now owns 17,947 shares of the company’s stock valued at $3,027,000 after buying an additional 150 shares during the last quarter. 92.25% of the stock is owned by institutional investors.
Snap-On Incorporated (NYSE SNA) opened at 152.46 on Friday. Snap-On Incorporated has a 52 week low of $145.17 and a 52 week high of $181.73. The stock has a 50 day moving average of $154.18 and a 200 day moving average of $164.25. The stock has a market capitalization of $8.78 billion, a P/E ratio of 15.78 and a beta of 1.05.
Snap-On (NYSE:SNA) last released its quarterly earnings results on Thursday, July 20th. The company reported $2.60 EPS for the quarter, beating the Zacks’ consensus estimate of $2.55 by $0.05. Snap-On had a net margin of 16.22% and a return on equity of 20.90%. The company had revenue of $921.40 million for the quarter, compared to analyst estimates of $920.87 million. During the same quarter last year, the firm posted $2.36 earnings per share. The company’s quarterly revenue was up 5.6% compared to the same quarter last year. On average, equities research analysts predict that Snap-On Incorporated will post $10.09 earnings per share for the current fiscal year.
Snap-On declared that its board has approved a share buyback plan on Monday, August 7th that permits the company to repurchase $500.00 million in outstanding shares. This repurchase authorization permits the company to reacquire shares of its stock through open market purchases. Shares repurchase plans are typically an indication that the company’s leadership believes its stock is undervalued.
The company also recently declared a quarterly dividend, which will be paid on Friday, September 8th. Stockholders of record on Friday, August 18th will be given a $0.71 dividend. This represents a $2.84 dividend on an annualized basis and a dividend yield of 1.86%. The ex-dividend date is Wednesday, August 16th. Snap-On’s dividend payout ratio is 29.34%.
Several equities research analysts have recently issued reports on SNA shares. Jefferies Group LLC reissued a “hold” rating and issued a $175.00 price objective (up previously from $165.00) on shares of Snap-On in a research report on Sunday, April 23rd. Oppenheimer Holdings, Inc. restated an “outperform” rating and issued a $200.00 target price on shares of Snap-On in a research note on Thursday, June 1st. BidaskClub upgraded shares of Snap-On from a “strong sell” rating to a “sell” rating in a research note on Wednesday, July 5th. FBR & Co restated an “outperform” rating and issued a $205.00 target price on shares of Snap-On in a research note on Tuesday, July 11th. Finally, Zacks Investment Research downgraded shares of Snap-On from a “hold” rating to a “sell” rating in a research note on Wednesday, July 12th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and five have given a buy rating to the stock. Snap-On presently has a consensus rating of “Buy” and an average price target of $197.86.
In other news, Director Ruth Ann M. Gillis purchased 265 shares of the company’s stock in a transaction dated Friday, August 4th. The shares were bought at an average price of $152.58 per share, with a total value of $40,433.70. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Iain Boyd sold 18,418 shares of Snap-On stock in a transaction that occurred on Monday, July 24th. The shares were sold at an average price of $147.54, for a total transaction of $2,717,391.72. The disclosure for this sale can be found here. Company insiders own 3.70% of the company’s stock.
Snap-on Incorporated is a manufacturer and marketer of tools, equipment, diagnostics, repair information and systems solutions. The Company’s segments include the Commercial & Industrial Group, the Snap-on Tools Group, the Repair Systems & Information Group, and Financial Services. The Commercial & Industrial Group consists of business operations serving a range of industrial and commercial customers, including customers in the aerospace, natural resources, government, power generation, transportation and technical education markets.
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