Meiji Yasuda Asset Management Co Ltd. Buys 520 Shares of Snap-on Incorporated (NYSE:SNA)

Meiji Yasuda Asset Management Co Ltd. increased its position in Snap-on Incorporated (NYSE:SNA) by 30.8% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 2,206 shares of the company’s stock after acquiring an additional 520 shares during the quarter. Meiji Yasuda Asset Management Co Ltd.’s holdings in Snap-on were worth $577,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. Renasant Bank boosted its holdings in Snap-on by 2.3% in the 1st quarter. Renasant Bank now owns 1,592 shares of the company’s stock valued at $472,000 after purchasing an additional 36 shares during the period. Phillips Wealth Planners LLC grew its position in Snap-on by 3.8% during the first quarter. Phillips Wealth Planners LLC now owns 1,012 shares of the company’s stock worth $286,000 after buying an additional 37 shares in the last quarter. TFB Advisors LLC increased its stake in Snap-on by 3.2% in the 2nd quarter. TFB Advisors LLC now owns 1,226 shares of the company’s stock worth $320,000 after acquiring an additional 38 shares during the last quarter. Financial Advocates Investment Management raised its holdings in shares of Snap-on by 1.2% in the 2nd quarter. Financial Advocates Investment Management now owns 3,360 shares of the company’s stock valued at $878,000 after acquiring an additional 39 shares in the last quarter. Finally, Ritholtz Wealth Management boosted its position in shares of Snap-on by 4.0% during the 2nd quarter. Ritholtz Wealth Management now owns 1,013 shares of the company’s stock valued at $265,000 after acquiring an additional 39 shares during the last quarter. Hedge funds and other institutional investors own 84.88% of the company’s stock.

Insider Activity at Snap-on

In other Snap-on news, CEO Nicholas T. Pinchuk sold 24,145 shares of the firm’s stock in a transaction on Monday, August 12th. The shares were 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 owns 759,019 shares of the company’s stock, valued at approximately $204,138,160.05. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other Snap-on news, CEO Nicholas T. Pinchuk sold 24,145 shares of the 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 completion of the sale, the chief executive officer now owns 759,019 shares in the company, valued at approximately $204,138,160.05. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, 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 transaction, the vice president now directly owns 2,283 shares in the company, valued at $648,303.51. The disclosure for this sale can be found here. Insiders sold 29,804 shares of company stock worth $8,077,390 in the last three months. 4.10% of the stock is owned by insiders.

Snap-on Stock Performance

Snap-on stock opened at $283.19 on Friday. The firm has a fifty day simple moving average of $277.23 and a two-hundred day simple moving average of $276.68. Snap-on Incorporated has a twelve month low of $249.84 and a twelve month high of $298.49. The company has a market capitalization of $14.92 billion, a PE ratio of 14.86, a P/E/G ratio of 1.95 and a beta of 0.98. The company has a quick ratio of 3.05, a current ratio of 4.06 and a debt-to-equity ratio of 0.22.

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

Snap-on announced that its Board of Directors has authorized a share repurchase plan on Thursday, August 8th that authorizes the company to buyback $500.00 million in outstanding shares. This buyback authorization authorizes the company to reacquire up to 3.5% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s management believes its stock is undervalued.

Snap-on Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 10th. Investors of record on Monday, August 19th were paid a $1.86 dividend. This represents a $7.44 annualized dividend and a dividend yield of 2.63%. The ex-dividend date was Monday, August 19th. Snap-on’s payout ratio is 39.03%.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on the stock. Robert W. Baird lowered their target price 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. Roth Mkm restated a “buy” rating and set a $324.00 price target on shares of Snap-on in a research report on Tuesday, July 16th. Tigress Financial reiterated a “buy” rating and issued a $336.00 price objective on shares of Snap-on in a report on Thursday, July 25th. Finally, Barrington Research reissued an “outperform” rating and set a $325.00 price objective on shares of Snap-on in a report on Friday. One analyst has rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $315.00.

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.