Meiji Yasuda Life Insurance Co Invests $442,000 in Snap-on Incorporated (NYSE:SNA)

Meiji Yasuda Life Insurance Co purchased a new position in Snap-on Incorporated (NYSE:SNA) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 1,690 shares of the company’s stock, valued at approximately $442,000.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Bridgefront Capital LLC acquired a new position in shares of Snap-on in the 4th quarter valued at approximately $1,119,000. Rockland Trust Co. bought a new stake in Snap-on during the first quarter worth $889,000. Goldman Sachs Group Inc. boosted its holdings in shares of Snap-on by 11.8% in the 4th quarter. Goldman Sachs Group Inc. now owns 271,436 shares of the company’s stock valued at $78,401,000 after purchasing an additional 28,566 shares in the last quarter. Manning & Napier Advisors LLC bought a new position in shares of Snap-on in the 2nd quarter valued at $4,571,000. Finally, SG Americas Securities LLC raised its holdings in shares of Snap-on by 32.7% during the 2nd quarter. SG Americas Securities LLC now owns 13,140 shares of the company’s stock worth $3,435,000 after buying an additional 3,238 shares in the last quarter. Institutional investors and hedge funds own 84.88% of the company’s stock.

Analyst Ratings Changes

Several analysts recently weighed in on the company. Tigress Financial reaffirmed a “buy” rating and issued a $336.00 price objective on shares of Snap-on in a research note on Thursday, July 25th. Robert W. Baird reduced their price target on shares of Snap-on from $282.00 to $275.00 and set a “neutral” rating on the stock in a research note on Friday, July 12th. Barrington Research reiterated an “outperform” rating and set a $325.00 price objective on shares of Snap-on in a research report on Tuesday, July 16th. Finally, Roth Mkm restated a “buy” rating and issued a $324.00 target price on shares of Snap-on in a research report on Tuesday, July 16th. One analyst has rated the stock with a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $315.00.

Insider Buying and Selling

In related news, CEO Nicholas T. Pinchuk sold 24,145 shares of the company’s stock in a transaction that occurred on Monday, August 12th. The stock was sold at an average price of $268.95, for a total value of $6,493,797.75. Following the sale, the chief executive officer now directly owns 759,019 shares in the company, valued at $204,138,160.05. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, CEO Nicholas T. Pinchuk sold 24,145 shares of Snap-on stock in a transaction 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 completion of the transaction, the chief executive officer now owns 759,019 shares of the company’s stock, valued at $204,138,160.05. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Aldo John Pagliari sold 4,473 shares of the company’s stock in a transaction on Thursday, August 22nd. The shares were sold at an average price of $278.74, for a total transaction of $1,246,804.02. Following the sale, 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 sold a total of 29,804 shares of company stock valued at $8,077,390 in the last three months. Insiders own 4.10% of the company’s stock.

Snap-on Stock Performance

Shares of SNA stock opened at $280.66 on Thursday. The firm has a market capitalization of $14.80 billion, a price-to-earnings ratio of 14.73, a PEG ratio of 1.93 and a beta of 0.98. The company has a current ratio of 4.06, a quick ratio of 3.05 and a debt-to-equity ratio of 0.22. The business’s 50-day moving average price is $276.59 and its 200-day moving average price is $276.62. Snap-on Incorporated has a 12 month low of $249.84 and a 12 month high of $298.49.

Snap-on (NYSE:SNA) last posted its earnings results on Thursday, July 18th. The company reported $5.07 EPS for the quarter, topping the consensus estimate of $4.94 by $0.13. Snap-on had a net margin of 21.90% and a return on equity of 19.90%. The business had revenue of $1.18 billion for the quarter, compared to the consensus estimate of $1.20 billion. During the same period last year, the company earned $4.89 EPS. The firm’s revenue was down 1.0% compared to the same quarter last year. Equities research analysts forecast that Snap-on Incorporated will post 18.95 EPS for the current year.

Snap-on Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, September 10th. Investors of record on Monday, August 19th were paid a $1.86 dividend. The ex-dividend date was Monday, August 19th. This represents a $7.44 annualized dividend and a dividend yield of 2.65%. Snap-on’s dividend payout ratio is 39.03%.

Snap-on declared that its board has initiated a share repurchase program on Thursday, August 8th that allows the company to buyback $500.00 million in outstanding shares. This buyback authorization allows the company to repurchase up to 3.5% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s board 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.