Seven Eight Capital LP Buys Shares of 1,703 Snap-on Incorporated (NYSE:SNA)

Seven Eight Capital LP purchased a new stake in shares of Snap-on Incorporated (NYSE:SNA) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 1,703 shares of the company’s stock, valued at approximately $445,000.

Other hedge funds and other institutional investors have also modified their holdings of the company. Scarborough Advisors LLC acquired a new position in Snap-on during the 4th quarter valued at about $30,000. Opal Wealth Advisors LLC acquired a new position in shares of Snap-on during the second quarter valued at approximately $30,000. Innealta Capital LLC bought a new stake in Snap-on during the second quarter worth approximately $32,000. Versant Capital Management Inc lifted its position in Snap-on by 529.0% in the second quarter. Versant Capital Management Inc now owns 195 shares of the company’s stock worth $51,000 after purchasing an additional 164 shares during the period. Finally, Fidelis Capital Partners LLC bought a new position in Snap-on during the 1st quarter valued at $56,000. 84.88% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of research firms have recently commented on SNA. Roth Mkm reissued 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 reiterated a “buy” rating and issued a $336.00 price target on shares of Snap-on in a research report on Thursday, July 25th. Barrington Research restated an “outperform” rating and set a $325.00 price objective on shares of Snap-on in a research report on Friday. Finally, Robert W. Baird dropped their target price on shares of Snap-on from $282.00 to $275.00 and set a “neutral” rating on the stock in a report on Friday, July 12th. One equities research analyst has rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $315.00.

Snap-on Stock Down 1.0 %

Shares of Snap-on stock opened at $283.19 on Monday. 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 Incorporated has a 12-month low of $249.84 and a 12-month high of $298.49. The firm 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. The stock’s fifty day moving average is $277.23 and its 200-day moving average is $276.57.

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

Snap-on Announces Dividend

The company also recently disclosed 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 dividend on an annualized basis and a yield of 2.63%. The ex-dividend date was Monday, August 19th. Snap-on’s dividend payout ratio is 39.03%.

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

Insiders Place Their Bets

In other news, VP June C. Lemerand sold 1,186 shares of the firm’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 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 legal filing with the SEC, which is accessible through this link. In related news, VP June C. Lemerand sold 1,186 shares of the company’s stock in a transaction on Monday, August 26th. The stock was sold at an average price of $283.97, for a total transaction of $336,788.42. Following the transaction, the vice president now directly owns 2,283 shares of the company’s stock, valued at $648,303.51. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 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 value of $6,493,797.75. Following the completion of the sale, the chief executive officer now directly owns 759,019 shares of the company’s stock, valued at $204,138,160.05. The disclosure for this sale can be found here. In the last three months, insiders have sold 29,804 shares of company stock worth $8,077,390. Corporate insiders own 4.10% of the company’s stock.

Snap-on Company 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.