Intech Investment Management LLC Sells 322 Shares of Snap-on Incorporated (NYSE:SNA)

Intech Investment Management LLC lessened its position in Snap-on Incorporated (NYSE:SNA) by 1.2% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 25,940 shares of the company’s stock after selling 322 shares during the quarter. Intech Investment Management LLC’s holdings in Snap-on were worth $6,780,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently made changes to their positions in the company. Confluence Investment Management LLC bought a new position in Snap-on in the first quarter worth $173,451,000. Mawer Investment Management Ltd. increased its stake in shares of Snap-on by 234.7% in the 2nd quarter. Mawer Investment Management Ltd. now owns 632,226 shares of the company’s stock worth $165,258,000 after acquiring an additional 443,333 shares in the last quarter. Glassman Wealth Services purchased a new position in Snap-on during the 2nd quarter valued at about $26,608,000. Earnest Partners LLC boosted its stake in Snap-on by 9.9% during the first quarter. Earnest Partners LLC now owns 929,710 shares of the company’s stock worth $275,399,000 after acquiring an additional 83,686 shares in the last quarter. Finally, Hsbc Holdings PLC grew its holdings in Snap-on by 23.0% in the second quarter. Hsbc Holdings PLC now owns 397,134 shares of the company’s stock worth $103,698,000 after purchasing an additional 74,154 shares during the period. 84.88% of the stock is currently owned by institutional investors.

Snap-on Stock Performance

SNA stock opened at $283.19 on Friday. The stock’s 50 day simple moving average is $277.23 and its 200 day simple moving average is $276.64. The company has a current ratio of 4.06, a quick ratio of 3.05 and a debt-to-equity ratio of 0.22. Snap-on Incorporated has a 12-month low of $249.84 and a 12-month high of $298.49. The stock has a market capitalization of $14.93 billion, a PE ratio of 14.86, a price-to-earnings-growth ratio of 1.95 and a beta of 0.98.

Snap-on (NYSE:SNA) last released its quarterly earnings data on Thursday, July 18th. The company reported $5.07 EPS for the quarter, beating 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 company had revenue of $1.18 billion for the quarter, compared to analysts’ expectations of $1.20 billion. During the same period last year, the firm posted $4.89 earnings per share. Snap-on’s revenue was down 1.0% compared to the same quarter last year. As a group, research analysts forecast that Snap-on Incorporated will post 18.95 earnings per share for the current fiscal year.

Snap-on Announces Dividend

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

Snap-on declared that its Board of Directors has authorized a stock buyback program on Thursday, August 8th that allows the company to repurchase $500.00 million in outstanding shares. This repurchase authorization allows the company to buy up to 3.5% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s leadership believes its shares are undervalued.

Wall Street Analyst Weigh In

SNA has been the topic of a number of analyst reports. Barrington Research reissued an “outperform” rating and issued a $325.00 price target on shares of Snap-on in a research report on Friday. Robert W. Baird dropped their target price on Snap-on from $282.00 to $275.00 and set a “neutral” rating on the stock in a report on Friday, July 12th. Tigress Financial restated a “buy” rating and set a $336.00 price target on shares of Snap-on in a report on Thursday, July 25th. Finally, Roth Mkm reiterated a “buy” rating and issued a $324.00 price target on shares of Snap-on in a research note on Tuesday, July 16th. One equities research analyst has rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $315.00.

Insider Activity

In other Snap-on news, VP June C. Lemerand sold 1,186 shares of Snap-on 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 completion of the sale, the vice president now owns 2,283 shares of the company’s stock, valued at approximately $648,303.51. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In related news, CFO Aldo John Pagliari sold 4,473 shares of the company’s stock in a transaction on Thursday, August 22nd. The stock was sold at an average price of $278.74, for a total transaction of $1,246,804.02. Following the completion of the sale, the chief financial officer now owns 99,244 shares in the company, valued at $27,663,272.56. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, VP June C. Lemerand sold 1,186 shares of the firm’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 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 valued at $8,077,390 over the last three months. Insiders own 4.10% of the company’s stock.

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.