Mitsubishi UFJ Kokusai Asset Management Co. Ltd. lowered its stake in Snap-On Incorporated (NYSE:SNA) by 10.4% during the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 8,330 shares of the company’s stock after selling 962 shares during the period. Mitsubishi UFJ Kokusai Asset Management Co. Ltd.’s holdings in Snap-On were worth $1,316,000 as of its most recent filing with the SEC.
Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Boston Partners acquired a new position in Snap-On during the second quarter valued at about $100,171,000. Schwab Charles Investment Management Inc. boosted its position in Snap-On by 3.9% in the second quarter. Schwab Charles Investment Management Inc. now owns 257,225 shares of the company’s stock valued at $40,642,000 after buying an additional 9,614 shares in the last quarter. Trexquant Investment LP acquired a new position in Snap-On during the second quarter valued at about $506,000. Morgan Dempsey Capital Management LLC boosted its position in Snap-On by 63.7% in the second quarter. Morgan Dempsey Capital Management LLC now owns 676 shares of the company’s stock valued at $107,000 after buying an additional 263 shares in the last quarter. Finally, Blue Sky Asset Management LLC acquired a new position in Snap-On during the second quarter valued at about $1,318,000. 93.32% of the stock is owned by institutional investors and hedge funds.
Shares of Snap-On Incorporated (SNA) opened at 147.96 on Friday. The company has a 50 day moving average price of $153.49 and a 200-day moving average price of $163.21. Snap-On Incorporated has a 12 month low of $145.17 and a 12 month high of $181.73. The firm has a market capitalization of $8.52 billion, a PE ratio of 15.32 and a beta of 1.05.
Snap-On (NYSE:SNA) last posted its quarterly earnings results on Thursday, July 20th. The company reported $2.60 EPS for the quarter, topping the Zacks’ consensus estimate of $2.55 by $0.05. The business had revenue of $921.40 million during the quarter, compared to the consensus estimate of $920.87 million. Snap-On had a return on equity of 20.90% and a net margin of 16.22%. The company’s revenue for the quarter was up 5.6% compared to the same quarter last year. During the same period last year, the firm earned $2.36 earnings per share. Equities research analysts expect that Snap-On Incorporated will post $10.09 EPS for the current fiscal year.
Snap-On declared that its Board of Directors has approved a share buyback plan on Monday, August 7th that authorizes the company to repurchase $500.00 million in shares. This repurchase authorization authorizes the company to purchase shares of its stock through open market purchases. Stock 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. Investors of record on Friday, August 18th will be paid a $0.71 dividend. The ex-dividend date is Wednesday, August 16th. This represents a $2.84 dividend on an annualized basis and a yield of 1.92%. Snap-On’s dividend payout ratio (DPR) is 29.34%.
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Several research analysts have recently issued reports on the company. Robert W. Baird reaffirmed an “outperform” rating and set a $197.00 price objective on shares of Snap-On in a research report on Wednesday, August 2nd. BidaskClub raised Snap-On from a “strong sell” rating to a “sell” rating in a research report on Monday, July 31st. FBR & Co set a $205.00 price objective on Snap-On and gave the stock a “buy” rating in a research report on Friday, July 21st. Zacks Investment Research raised Snap-On from a “sell” rating to a “hold” rating in a research report on Wednesday, July 19th. Finally, Jefferies Group LLC reaffirmed a “hold” rating and set a $175.00 price objective on shares of Snap-On in a research report on Thursday, July 6th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and five have given a buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus price target of $197.86.
In other news, Director Ruth Ann M. Gillis purchased 265 shares of the firm’s stock in a transaction that occurred on Friday, August 4th. The stock was acquired at an average cost of $152.58 per share, for a total transaction of $40,433.70. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, VP Iain Boyd sold 18,418 shares of Snap-On stock in a transaction dated Monday, July 24th. The stock was sold at an average price of $147.54, for a total value of $2,717,391.72. The disclosure for this sale can be found here. 3.70% of the stock is currently owned by company insiders.
About Snap-On
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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