First Trust Advisors LP Buys 65,521 Shares of Snap-On Incorporated $SNA

First Trust Advisors LP lifted its position in Snap-On Incorporated (NYSE:SNA) by 3.3% during the first quarter, HoldingsChannel reports. The institutional investor owned 2,033,129 shares of the company’s stock after purchasing an additional 65,521 shares during the period. Snap-On comprises approximately 0.5% of First Trust Advisors LP’s holdings, making the stock its 23rd biggest holding. First Trust Advisors LP’s holdings in Snap-On were worth $738,473,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of SNA. Auto Owners Insurance Co increased its holdings in Snap-On by 34,360.0% during the 4th quarter. Auto Owners Insurance Co now owns 1,025,185 shares of the company’s stock worth $353,279,000 after acquiring an additional 1,022,210 shares during the period. Norges Bank bought a new position in Snap-On in the 4th quarter valued at $210,814,000. PFA Pension Forsikringsaktieselskab bought a new position in Snap-On in the 4th quarter valued at $69,751,000. UBS Group AG grew its position in shares of 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 in the last quarter. Finally, Miller Howard Investments Inc. NY purchased a new position in shares of Snap-On during the 1st quarter valued at $51,244,000. Hedge funds and other institutional investors own 84.88% of the company’s stock.

Insider Transactions at Snap-On

In other news, VP Richard Thomas Miller sold 2,000 shares of the stock in a transaction dated Wednesday, July 1st. The stock was sold at an average price of $405.92, for a total transaction of $811,840.00. Following the transaction, the vice president directly owned 4,529 shares in the company, valued at approximately $1,838,411.68. This represents a 30.63% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP Jesus Arregui sold 4,251 shares of the firm’s stock in a transaction dated Wednesday, June 10th. The shares were sold at an average price of $383.92, for a total value of $1,632,043.92. Following the transaction, the senior vice president directly owned 4,439 shares in the company, valued at approximately $1,704,220.88. This represents a 48.92% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 37,117 shares of company stock valued at $14,003,922 over the last quarter. 3.80% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of brokerages recently issued reports on SNA. Robert W. Baird increased their price objective on Snap-On from $380.00 to $395.00 and gave the stock a “neutral” rating in a research report on Friday, April 24th. Barclays began coverage on Snap-On in a research report on Thursday, May 28th. They set an “overweight” rating and a $420.00 target price for the company. Weiss Ratings restated a “buy (b)” rating on shares of Snap-On in a research note on Friday. Finally, Roth Capital reaffirmed a “buy” rating and issued a $431.00 price target on shares of Snap-On in a report on Friday, April 24th. Five research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $408.20.

Snap-On Price Performance

Shares of NYSE:SNA opened at $404.37 on Wednesday. The company’s fifty day moving average price is $387.27 and its 200-day moving average price is $377.45. The company has a debt-to-equity ratio of 0.15, a current ratio of 3.53 and a quick ratio of 2.74. The firm has a market capitalization of $20.95 billion, a price-to-earnings ratio of 20.88, a PEG ratio of 2.86 and a beta of 0.73. Snap-On Incorporated has a one year low of $312.78 and a one year high of $419.68.

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

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

Snap-On Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, June 10th. Shareholders of record on Wednesday, May 20th were paid a dividend of $2.44 per share. The ex-dividend date of this dividend was Wednesday, May 20th. This represents a $9.76 annualized dividend and a yield of 2.4%. Snap-On’s payout ratio is 50.39%.

Snap-On Profile

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.