Scott & Selber Inc. acquired a new position in shares of Snap-On Inc. (NYSE:SNA) during the second quarter, Holdings Channel reports. The institutional investor acquired 21,159 shares of the company’s stock, valued at approximately $3,339,000. Snap-On comprises 2.2% of Scott & Selber Inc.’s holdings, making the stock its 14th largest position.
A number of other hedge funds also recently bought and sold shares of the stock. SevenBridge Financial Group LLC purchased a new stake in shares of Snap-On during the first quarter worth approximately $184,000. ING Groep NV purchased a new stake in shares of Snap-On during the first quarter worth approximately $213,000. Wealthsource Partners LLC purchased a new stake in shares of Snap-On during the first quarter worth approximately $262,000. Meeder Asset Management Inc. boosted its stake in shares of Snap-On by 451.9% in the second quarter. Meeder Asset Management Inc. now owns 1,700 shares of the company’s stock worth $269,000 after buying an additional 1,392 shares during the period. Finally, Fox Run Management L.L.C. purchased a new stake in shares of Snap-On during the second quarter worth approximately $284,000. Institutional investors and hedge funds own 84.67% of the company’s stock.
Snap-On Inc. (NYSE:SNA) traded up 0.26% during trading on Tuesday, hitting $149.56. 403,378 shares of the stock were exchanged. Snap-On Inc. has a 52 week low of $133.09 and a 52 week high of $174.52. The stock has a 50 day moving average of $150.27 and a 200-day moving average of $156.05. The stock has a market cap of $8.69 billion, a P/E ratio of 17.15 and a beta of 1.23.
Snap-On (NYSE:SNA) last issued its earnings results on Thursday, July 21st. The company reported $2.36 EPS for the quarter, topping analysts’ consensus estimates of $2.23 by $0.13. The company had revenue of $872.30 million for the quarter, compared to analysts’ expectations of $876.70 million. Snap-On had a net margin of 15.28% and a return on equity of 20.78%. The firm’s revenue was up 2.4% compared to the same quarter last year. During the same quarter last year, the company earned $2.03 EPS. Equities analysts expect that Snap-On Inc. will post $9.09 EPS for the current fiscal year.
A number of analysts have commented on the stock. Zacks Investment Research cut shares of Snap-On from a “buy” rating to a “hold” rating in a research report on Tuesday, June 21st. Robert W. Baird reaffirmed a “buy” rating on shares of Snap-On in a research report on Tuesday, June 28th. Finally, CL King started coverage on shares of Snap-On in a research report on Monday, June 27th. They set a “buy” rating and a $174.00 price objective on the stock. One research analyst has rated the stock with a sell rating, one has given a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average price target of $175.07.
In related news, SVP Thomas J. Ward sold 42,000 shares of Snap-On stock in a transaction on Thursday, September 8th. The shares were sold at an average price of $151.60, for a total value of $6,367,200.00. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, VP Iain Boyd sold 3,500 shares of Snap-On stock in a transaction on Tuesday, July 26th. The stock was sold at an average price of $157.97, for a total transaction of $552,895.00. The disclosure for this sale can be found here. 3.40% of the stock is currently owned by corporate insiders.
Snap-On Incorporated is a manufacturer and marketer of tools, equipment, diagnostics, repair information and systems solutions for professional users. The Company’s segments include Commercial & Industrial Group, the Snap-on Tools Group, the Repair Systems & Information Group and Financial Services. Its Commercial & Industrial Group segment consists of business operations serving a range of industrial and commercial customers across the world.
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