Bowen Hanes & Co. Inc. reduced its position in shares of Snap-on Incorporated (NYSE:SNA) by 6.8% in the second quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 12,520 shares of the company’s stock after selling 915 shares during the quarter. Bowen Hanes & Co. Inc.’s holdings in Snap-on were worth $2,074,000 at the end of the most recent quarter.
A number of other large investors have also recently added to or reduced their stakes in SNA. KCL Capital L.P. bought a new stake in Snap-on during the 1st quarter valued at about $12,122,000. BlackRock Inc. increased its stake in Snap-on by 21.0% during the 1st quarter. BlackRock Inc. now owns 5,476,063 shares of the company’s stock valued at $857,113,000 after purchasing an additional 950,400 shares in the last quarter. DekaBank Deutsche Girozentrale increased its stake in Snap-on by 488.4% during the 1st quarter. DekaBank Deutsche Girozentrale now owns 146,465 shares of the company’s stock valued at $26,191,000 after purchasing an additional 121,573 shares in the last quarter. MERIAN GLOBAL INVESTORS UK Ltd bought a new stake in Snap-on during the 1st quarter valued at about $18,485,000. Finally, Investec Asset Management LTD increased its stake in Snap-on by 16.5% during the 2nd quarter. Investec Asset Management LTD now owns 703,954 shares of the company’s stock valued at $116,603,000 after purchasing an additional 99,944 shares in the last quarter.
Shares of SNA opened at $162.86 on Friday. The company’s fifty day moving average is $150.46 and its 200 day moving average is $158.12. Snap-on Incorporated has a fifty-two week low of $135.29 and a fifty-two week high of $189.46. The stock has a market capitalization of $8.41 billion, a PE ratio of 13.79, a P/E/G ratio of 1.43 and a beta of 1.25. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.70 and a current ratio of 2.48.
Snap-on (NYSE:SNA) last announced its quarterly earnings results on Thursday, July 18th. The company reported $3.22 earnings per share for the quarter, topping the consensus estimate of $3.21 by $0.01. Snap-on had a net margin of 18.70% and a return on equity of 21.40%. The company had revenue of $951.30 million for the quarter, compared to analysts’ expectations of $959.33 million. During the same quarter in the previous year, the business posted $3.11 earnings per share. Snap-on’s quarterly revenue was down .3% on a year-over-year basis. As a group, research analysts forecast that Snap-on Incorporated will post 12.27 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 10th. Investors of record on Tuesday, August 20th were given a $0.95 dividend. This represents a $3.80 annualized dividend and a yield of 2.33%. The ex-dividend date was Monday, August 19th. Snap-on’s dividend payout ratio is presently 32.18%.
A number of analysts have recently commented on the stock. Oppenheimer set a $180.00 price target on shares of Snap-on and gave the stock a “buy” rating in a research note on Friday, July 19th. Robert W. Baird set a $164.00 price target on shares of Snap-on and gave the stock a “hold” rating in a research note on Friday, July 19th. Northcoast Research reiterated a “neutral” rating on shares of Snap-on in a research note on Friday, May 17th. Tigress Financial reiterated a “buy” rating on shares of Snap-on in a research note on Wednesday, July 24th. Finally, Longbow Research reiterated a “hold” rating on shares of Snap-on in a research note on Monday, July 1st. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and three have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus price target of $172.60.
In other Snap-on news, SVP Anup R. Banerjee sold 2,800 shares of the business’s stock in a transaction on Monday, July 22nd. The shares were sold at an average price of $150.40, for a total transaction of $421,120.00. Following the transaction, the senior vice president now owns 128 shares in the company, valued at $19,251.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Chairman Nicholas T. Pinchuk sold 19,403 shares of the business’s stock in a transaction on Wednesday, June 19th. The shares were sold at an average price of $164.60, for a total transaction of $3,193,733.80. The disclosure for this sale can be found here. Insiders own 3.90% of the company’s stock.
Snap-on Incorporated manufactures and markets tools, equipment, diagnostics, and repair information and systems solutions for professional users worldwide. It operates through Commercial and Industrial Group, Snap-on Tools Group, and Repair Systems & Information Group segments. The company offers hand tools, including wrenches, sockets, ratchet wrenches, pliers, screwdrivers, punches and chisels, saws and cutting tools, pruning tools, torque measuring instruments, and other products; power tools, such as cordless, pneumatic, hydraulic, and corded tools; and tool storage products comprising tool chests, roll cabinets, and other products.
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