Snap-on Incorporated (NYSE:SNA) Shares Purchased by Skandinaviska Enskilda Banken AB publ

Skandinaviska Enskilda Banken AB publ boosted its holdings in shares of Snap-on Incorporated (NYSE:SNA) by 5.5% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 103,278 shares of the company’s stock after acquiring an additional 5,342 shares during the period. Skandinaviska Enskilda Banken AB publ owned about 0.20% of Snap-on worth $26,996,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently modified their holdings of SNA. Confluence Investment Management LLC purchased a new position in Snap-on during the first quarter worth $173,451,000. Norges Bank purchased a new stake in Snap-on during the 4th quarter worth about $145,665,000. Mawer Investment Management Ltd. raised its stake in Snap-on by 234.7% in the 2nd quarter. Mawer Investment Management Ltd. now owns 632,226 shares of the company’s stock valued at $165,258,000 after purchasing an additional 443,333 shares during the last quarter. Glassman Wealth Services purchased a new position in Snap-on in the 2nd quarter valued at about $26,608,000. Finally, Earnest Partners LLC boosted its stake in shares of Snap-on by 9.9% during the 1st quarter. Earnest Partners LLC now owns 929,710 shares of the company’s stock worth $275,399,000 after purchasing an additional 83,686 shares during the last quarter. Hedge funds and other institutional investors own 84.88% of the company’s stock.

Analysts Set New Price Targets

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

Insider Transactions at Snap-on

In related news, CEO Nicholas T. Pinchuk sold 24,145 shares of the firm’s stock in a transaction that occurred 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 transaction, the chief executive officer now owns 759,019 shares in the company, valued at $204,138,160.05. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other news, VP June C. Lemerand sold 1,186 shares of the company’s stock in a transaction dated Monday, August 26th. The stock was sold at an average price of $283.97, for a total value of $336,788.42. Following the completion of the sale, the vice president now owns 2,283 shares of the company’s stock, valued at $648,303.51. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Nicholas T. Pinchuk sold 24,145 shares of the stock in a transaction dated 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 completion of the sale, the chief executive officer now owns 759,019 shares of the company’s stock, valued at approximately $204,138,160.05. The disclosure for this sale can be found here. In the last quarter, insiders sold 29,804 shares of company stock worth $8,077,390. 4.10% of the stock is currently owned by company insiders.

Snap-on Stock Performance

NYSE:SNA opened at $283.19 on Friday. Snap-on Incorporated has a fifty-two week low of $249.84 and a fifty-two week high of $298.49. The firm’s 50 day moving average is $277.23 and its two-hundred day moving average is $276.68. The company has a market cap of $14.93 billion, a P/E 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, topping the consensus estimate of $4.94 by $0.13. Snap-on had a return on equity of 19.90% and a net margin of 21.90%. The business had revenue of $1.18 billion for the quarter, compared to analyst estimates of $1.20 billion. During the same period last year, the company posted $4.89 EPS. The business’s quarterly revenue was down 1.0% on a year-over-year basis. Analysts expect that Snap-on Incorporated will post 18.95 EPS for the current year.

Snap-on Announces Dividend

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

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

About Snap-on

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.