Bank of Montreal Can Reduces Holdings in Snap-on Incorporated (NYSE:SNA)

Bank of Montreal Can lowered its position in Snap-on Incorporated (NYSE:SNA) by 0.2% during the second quarter, according to its most recent filing with the SEC. The institutional investor owned 369,876 shares of the company’s stock after selling 846 shares during the period. Bank of Montreal Can owned 0.70% of Snap-on worth $99,097,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in SNA. Bridgefront Capital LLC purchased a new position in shares of Snap-on in the fourth quarter worth about $1,119,000. Rockland Trust Co. purchased a new position in Snap-on in the 1st quarter worth approximately $889,000. Goldman Sachs Group Inc. boosted its holdings in shares of Snap-on by 11.8% during the 4th quarter. Goldman Sachs Group Inc. now owns 271,436 shares of the company’s stock worth $78,401,000 after purchasing an additional 28,566 shares during the last quarter. Manning & Napier Advisors LLC purchased a new stake in shares of Snap-on in the second quarter valued at approximately $4,571,000. Finally, SG Americas Securities LLC increased its holdings in shares of Snap-on by 32.7% in the second quarter. SG Americas Securities LLC now owns 13,140 shares of the company’s stock valued at $3,435,000 after purchasing an additional 3,238 shares during the last quarter. Institutional investors and hedge funds own 84.88% of the company’s stock.

Snap-on Stock Down 0.3 %

Shares of NYSE:SNA opened at $284.07 on Wednesday. The company has a market capitalization of $14.96 billion, a price-to-earnings ratio of 14.90, a PEG ratio of 1.98 and a beta of 0.98. Snap-on Incorporated has a 12-month low of $249.84 and a 12-month high of $298.49. The business has a 50-day moving average price of $277.61 and a 200 day moving average price of $276.42. 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 (NYSE:SNA) last announced its quarterly earnings results on Thursday, July 18th. The company reported $5.07 earnings per share for the quarter, beating analysts’ consensus estimates 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 during the quarter, compared to analysts’ expectations of $1.20 billion. During the same period last year, the business earned $4.89 earnings per share. The business’s revenue for the quarter was down 1.0% on a year-over-year basis. Sell-side analysts expect that Snap-on Incorporated will post 18.95 EPS for the current year.

Snap-on Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 10th. Shareholders of record on Monday, August 19th were paid a dividend of $1.86 per share. This represents a $7.44 dividend on an annualized basis and a yield of 2.62%. The ex-dividend date was Monday, August 19th. Snap-on’s dividend payout ratio (DPR) is 39.03%.

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

Analysts Set New Price Targets

A number of equities analysts have weighed in on the company. Robert W. Baird lowered their price objective 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. Roth Mkm reissued a “buy” rating and issued a $324.00 price objective on shares of Snap-on in a report on Tuesday, July 16th. Barrington Research restated an “outperform” rating and set a $325.00 price objective on shares of Snap-on in a research report on Friday, September 20th. Finally, Tigress Financial reiterated a “buy” rating and issued a $336.00 target price on shares of Snap-on in a report on Thursday, July 25th. One 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 an average rating of “Moderate Buy” and a consensus target price of $315.00.

Insider Transactions at Snap-on

In related news, VP June C. Lemerand sold 1,186 shares of the business’s stock in a transaction on Monday, August 26th. The stock was sold at an average price of $283.97, for a total value of $336,788.42. Following the sale, the vice president now owns 2,283 shares in the company, valued at approximately $648,303.51. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In related 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 transaction, the vice president now owns 2,283 shares in the company, valued at $648,303.51. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, 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 transaction 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 disclosure for this sale can be found here. Insiders sold a total of 29,804 shares of company stock worth $8,077,390 over the last ninety days. Company insiders own 4.10% of the company’s stock.

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.