New York State Common Retirement Fund raised its stake in Snap-on Incorporated (NYSE:SNA) by 8.7% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 127,495 shares of the company’s stock after purchasing an additional 10,184 shares during the period. New York State Common Retirement Fund owned 0.24% of Snap-on worth $26,640,000 as of its most recent SEC filing.
Other institutional investors and hedge funds also recently bought and sold shares of the company. West Financial Advisors LLC bought a new stake in Snap-on in the third quarter valued at $35,000. WASHINGTON TRUST Co grew its holdings in shares of Snap-on by 33.3% during the second quarter. WASHINGTON TRUST Co now owns 200 shares of the company’s stock valued at $45,000 after buying an additional 50 shares during the last quarter. NuWave Investment Management LLC acquired a new position in shares of Snap-on during the third quarter valued at about $58,000. Koshinski Asset Management Inc. acquired a new position in shares of Snap-on during the third quarter valued at about $68,000. Finally, Mitsubishi UFJ Morgan Stanley Securities Co. Ltd. acquired a new position in shares of Snap-on during the second quarter valued at about $78,000. 86.74% of the stock is owned by hedge funds and other institutional investors.
Snap-on stock opened at $213.97 on Tuesday. Snap-on Incorporated has a fifty-two week low of $165.88 and a fifty-two week high of $259.99. The stock has a market cap of $11.50 billion, a PE ratio of 14.61, a price-to-earnings-growth ratio of 1.51 and a beta of 1.23. The firm’s 50-day simple moving average is $212.84 and its 200 day simple moving average is $218.24. The company has a debt-to-equity ratio of 0.29, a quick ratio of 2.23 and a current ratio of 3.04.
Snap-on (NYSE:SNA) last released its quarterly earnings results on Thursday, October 21st. The company reported $3.57 earnings per share for the quarter, topping the consensus estimate of $3.35 by $0.22. Snap-on had a net margin of 19.10% and a return on equity of 20.37%. The business had revenue of $1.04 billion for the quarter, compared to analysts’ expectations of $1.01 billion. During the same period in the previous year, the company earned $3.28 earnings per share. The firm’s revenue for the quarter was up 10.2% compared to the same quarter last year. As a group, analysts predict that Snap-on Incorporated will post 14.46 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Friday, December 10th. Stockholders of record on Friday, November 19th were given a $1.42 dividend. The ex-dividend date was Thursday, November 18th. This represents a $5.68 annualized dividend and a dividend yield of 2.65%. This is a positive change from Snap-on’s previous quarterly dividend of $1.23. Snap-on’s payout ratio is 38.77%.
Snap-on announced that its board has authorized a share buyback program on Thursday, November 4th that permits the company to buyback $500.00 million in outstanding shares. This buyback authorization permits the company to reacquire up to 4.4% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s management believes its stock is undervalued.
A number of brokerages have recently issued reports on SNA. Bank of America cut shares of Snap-on from a “neutral” rating to an “underperform” rating and set a $240.00 price objective for the company. in a report on Friday, September 17th. Tigress Financial lifted their price objective on shares of Snap-on from $289.00 to $295.00 and gave the company a “buy” rating in a report on Friday, October 29th. Finally, Zacks Investment Research upgraded shares of Snap-on from a “hold” rating to a “buy” rating and set a $225.00 price objective for the company in a report on Friday, October 22nd. One research analyst has rated the stock with a sell rating, one has given a hold rating and three have assigned a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $256.00.
In other news, CEO Nicholas T. Pinchuk sold 24,880 shares of the business’s stock in a transaction that occurred on Friday, December 17th. The shares were sold at an average price of $213.70, for a total value of $5,316,856.00. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Aldo John Pagliari sold 6,191 shares of the company’s stock in a transaction that occurred on Thursday, December 9th. The stock was sold at an average price of $214.00, for a total transaction of $1,324,874.00. The disclosure for this sale can be found here. In the last three months, insiders sold 33,330 shares of company stock worth $7,124,162. Insiders own 4.20% of the company’s stock.
Snap-On, Inc engages in the manufacture and marketing of tools, equipment, diagnostics, repair information, and systems solutions for professional users performing critical tasks. Its products and services include hand and power tools, tool storage, diagnostics software, handheld and PC-based diagnostic products, information and management systems, shop equipment and other solutions for vehicle dealerships and repair centers, as well as for customers in industries, such as aviation and aerospace, agriculture, construction, government and military, mining, natural resources, power generation and technical education.
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