Quarry LP Buys 115 Shares of Snap-on Incorporated (NYSE:SNA)

Quarry LP raised its stake in Snap-on Incorporated (NYSE:SNA) by 244.7% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 162 shares of the company’s stock after buying an additional 115 shares during the period. Quarry LP’s holdings in Snap-on were worth $42,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in SNA. Confluence Investment Management LLC bought a new position in shares of Snap-on in the 1st quarter worth $173,451,000. Mawer Investment Management Ltd. increased its holdings 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 buying an additional 443,333 shares during the last quarter. Pacer Advisors Inc. boosted its stake in shares of Snap-on by 51.2% in the 2nd quarter. Pacer Advisors Inc. now owns 829,471 shares of the company’s stock valued at $216,815,000 after purchasing an additional 280,997 shares in the last quarter. Millennium Management LLC boosted its stake in shares of Snap-on by 1,786.4% in the 2nd quarter. Millennium Management LLC now owns 161,175 shares of the company’s stock valued at $42,130,000 after purchasing an additional 152,631 shares in the last quarter. Finally, Glassman Wealth Services purchased a new stake in shares of Snap-on in the 2nd quarter valued at $26,608,000. Institutional investors own 84.88% of the company’s stock.

Snap-on Trading Down 0.7 %

Shares of SNA opened at $286.74 on Friday. The stock has a market capitalization of $15.11 billion, a P/E ratio of 15.04, a PEG ratio of 2.02 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. The firm has a fifty day simple moving average of $279.91 and a two-hundred day simple moving average of $276.36. Snap-on Incorporated has a twelve month low of $249.84 and a twelve 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 firm had revenue of $1.18 billion during the quarter, compared to analysts’ expectations of $1.20 billion. During the same period last year, the company posted $4.89 EPS. The company’s quarterly revenue was down 1.0% compared to the same quarter last year. On average, research analysts anticipate that Snap-on Incorporated will post 18.95 EPS for the current year.

Snap-on Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, September 10th. Stockholders of record on Monday, August 19th were given a $1.86 dividend. The ex-dividend date was Monday, August 19th. This represents a $7.44 annualized dividend and a dividend yield of 2.59%. Snap-on’s dividend payout ratio is 39.03%.

Snap-on declared that its board has authorized a stock repurchase plan on Thursday, August 8th that authorizes the company to buyback $500.00 million in shares. This buyback authorization authorizes the company to repurchase up to 3.5% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s leadership believes its shares are undervalued.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on SNA shares. Roth Mkm reaffirmed a “buy” rating and issued a $324.00 price objective on shares of Snap-on in a research note on Tuesday, July 16th. 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 dropped their price target on shares of Snap-on from $282.00 to $275.00 and set a “neutral” rating for the company in a research report on Friday, July 12th. Finally, Barrington Research reissued an “outperform” rating and set a $325.00 price target on shares of Snap-on in a research report on Friday, September 20th.

Insider Transactions at Snap-on

In other news, VP June C. Lemerand sold 1,186 shares of the firm’s stock in a transaction dated 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 directly owns 2,283 shares of the company’s stock, valued at approximately $648,303.51. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, VP June C. Lemerand sold 1,186 shares of the stock in a transaction dated 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 directly owns 2,283 shares in the company, valued at $648,303.51. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Nicholas T. Pinchuk sold 24,145 shares of the stock in a transaction dated 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 completion of the transaction, the chief executive officer now owns 759,019 shares of the company’s stock, valued at approximately $204,138,160.05. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 29,804 shares of company stock valued at $8,077,390. Company 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.