Pacer Advisors Inc. Reduces Position in Snap-On Incorporated $SNA

Pacer Advisors Inc. decreased its stake in shares of Snap-On Incorporated (NYSE:SNA) by 17.4% during the fourth quarter, HoldingsChannel reports. The firm owned 173,092 shares of the company’s stock after selling 36,356 shares during the quarter. Pacer Advisors Inc.’s holdings in Snap-On were worth $59,648,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also made changes to their positions in the company. Norges Bank purchased a new stake in shares of Snap-On during the fourth quarter valued at $210,814,000. Victory Capital Management Inc. lifted its position in Snap-On by 346.0% during the 3rd quarter. Victory Capital Management Inc. now owns 279,484 shares of the company’s stock worth $96,850,000 after acquiring an additional 216,813 shares during the period. PFA Pension Forsikringsaktieselskab acquired a new stake in Snap-On during the 4th quarter worth about $69,751,000. UBS Group AG grew its stake in Snap-On by 30.7% during the 4th quarter. UBS Group AG now owns 617,620 shares of the company’s stock valued at $212,832,000 after purchasing an additional 144,926 shares during the last quarter. Finally, Marshall Wace LLP increased its holdings in shares of Snap-On by 722.7% in the fourth quarter. Marshall Wace LLP now owns 138,302 shares of the company’s stock valued at $47,659,000 after purchasing an additional 121,491 shares during the period. 84.88% of the stock is currently owned by institutional investors and hedge funds.

Snap-On Stock Performance

NYSE SNA opened at $388.01 on Friday. The firm has a market capitalization of $20.10 billion, a P/E ratio of 20.03, a PEG ratio of 2.72 and a beta of 0.73. The stock has a 50-day simple moving average of $376.60 and a two-hundred day simple moving average of $368.77. The company has a debt-to-equity ratio of 0.15, a quick ratio of 2.74 and a current ratio of 3.53. Snap-On Incorporated has a fifty-two week low of $301.82 and a fifty-two week high of $400.88.

Snap-On (NYSE:SNA) last posted its earnings results on Thursday, April 23rd. The company reported $4.69 earnings per share (EPS) for the quarter, missing the consensus estimate of $4.75 by ($0.06). Snap-On had a net margin of 21.28% and a return on equity of 17.13%. The firm had revenue of $1.21 billion during the quarter, compared to analyst estimates of $1.19 billion. During the same quarter in the prior year, the firm earned $4.51 earnings per share. The business’s revenue for the quarter was up 5.8% on a year-over-year basis. On average, equities analysts forecast that Snap-On Incorporated will post 19.7 earnings per share for the current year.

Snap-On Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, June 10th. Investors of record on Wednesday, May 20th were paid a $2.44 dividend. This represents a $9.76 annualized dividend and a dividend yield of 2.5%. The ex-dividend date was Wednesday, May 20th. Snap-On’s payout ratio is currently 50.39%.

Snap-On announced that its Board of Directors has approved a stock repurchase program on Thursday, April 30th that authorizes the company to repurchase $500.00 million in shares. This repurchase authorization authorizes the company to buy up to 2.5% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s board believes its shares are undervalued.

Analysts Set New Price Targets

Several research analysts have recently issued reports on SNA shares. Robert W. Baird raised their price objective on Snap-On from $380.00 to $395.00 and gave the stock a “neutral” rating in a research note on Friday, April 24th. Tigress Financial upped their target price on Snap-On from $405.00 to $445.00 and gave the company a “buy” rating in a research report on Friday, February 27th. Weiss Ratings reiterated a “buy (b)” rating on shares of Snap-On in a report on Monday, April 20th. Roth Mkm reissued a “buy” rating and set a $431.00 price target on shares of Snap-On in a research report on Friday, April 24th. Finally, Barclays assumed coverage on shares of Snap-On in a research note on Thursday, May 28th. They set an “overweight” rating and a $420.00 price objective for the company. Five investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $387.67.

Insiders Place Their Bets

In other Snap-On news, CEO Nicholas T. Pinchuk sold 23,396 shares of the stock in a transaction that occurred on Tuesday, May 5th. The stock was sold at an average price of $375.77, for a total transaction of $8,791,514.92. Following the transaction, the chief executive officer owned 856,918 shares in the company, valued at approximately $322,004,076.86. This represents a 2.66% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, VP Richard Thomas Miller sold 427 shares of the firm’s stock in a transaction that occurred on Wednesday, June 10th. The shares were sold at an average price of $389.55, for a total value of $166,337.85. Following the completion of the sale, the vice president directly owned 4,527 shares in the company, valued at approximately $1,763,492.85. The trade was a 8.62% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders sold 35,117 shares of company stock worth $13,192,082. 3.80% of the stock is owned by company insiders.

About Snap-On

Snap?On Incorporated (NYSE: SNA) is a designer, manufacturer and marketer of tools, diagnostic equipment, repair information and shop equipment for professional users. The company’s product range includes hand and power tools, tool storage and cabinets, diagnostic scan tools and software, shop equipment such as lifts and tire changers, and specialized specialty tools for automotive, aviation, marine and industrial applications. Snap?On also offers information and workflow solutions that combine diagnostic data, repair procedures and parts information to support professional technicians.

Founded in 1920 and headquartered in Kenosha, Wisconsin, Snap?On has established a long history in the professional tools market.