Renaissance Technologies LLC Boosts Stake in Snap-On Incorporated $SNA

Renaissance Technologies LLC lifted its position in Snap-On Incorporated (NYSE:SNA) by 228.0% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 113,020 shares of the company’s stock after purchasing an additional 78,560 shares during the quarter. Renaissance Technologies LLC’s holdings in Snap-On were worth $41,051,000 at the end of the most recent quarter.

Several other institutional investors also recently added to or reduced their stakes in SNA. Keebeck Wealth Management acquired a new stake in shares of Snap-On in the first quarter valued at approximately $294,000. Inceptionr LLC acquired a new position in shares of Snap-On in the 1st quarter valued at $805,000. Liberty One Investment Management LLC raised its position in Snap-On by 11.0% in the 1st quarter. Liberty One Investment Management LLC now owns 1,876 shares of the company’s stock valued at $681,000 after purchasing an additional 186 shares during the last quarter. Gibbs Wealth Management boosted its stake in Snap-On by 528.6% during the 1st quarter. Gibbs Wealth Management now owns 4,293 shares of the company’s stock worth $1,559,000 after purchasing an additional 3,610 shares during the period. Finally, Sei Investments Co. boosted its stake in Snap-On by 0.6% during the 1st quarter. Sei Investments Co. now owns 387,685 shares of the company’s stock worth $140,817,000 after purchasing an additional 2,372 shares during the period. Institutional investors and hedge funds own 84.88% of the company’s stock.

Insiders Place Their Bets

In other Snap-On news, VP Richard Thomas Miller sold 2,000 shares of the business’s stock in a transaction that occurred on 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 owned 4,529 shares in the company, valued at approximately $1,838,411.68. The trade was a 30.63% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Aldo John Pagliari sold 1,330 shares of the stock in a transaction that occurred on Thursday, June 4th. The stock was sold at an average price of $379.27, for a total value of $504,429.10. Following the transaction, the chief financial officer directly owned 118,158 shares of the company’s stock, valued at approximately $44,813,784.66. This trade represents a 1.11% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 37,117 shares of company stock worth $14,003,922 over the last quarter. 3.80% of the stock is owned by company insiders.

Snap-On Stock Up 0.8%

Shares of Snap-On stock opened at $407.27 on Tuesday. Snap-On Incorporated has a one year low of $312.78 and a one year high of $419.68. The company has a market cap of $21.07 billion, a P/E ratio of 20.77, a PEG ratio of 2.85 and a beta of 0.73. The company has a debt-to-equity ratio of 0.15, a quick ratio of 2.64 and a current ratio of 3.43. The firm has a fifty day moving average of $390.45 and a two-hundred day moving average of $378.91.

Snap-On (NYSE:SNA) last issued its earnings results on Thursday, July 23rd. The company reported $4.96 earnings per share for the quarter, beating the consensus estimate of $4.95 by $0.01. Snap-On had a net margin of 21.25% and a return on equity of 17.07%. The business had revenue of $1.24 billion for the quarter, compared to the consensus estimate of $1.22 billion. During the same quarter in the previous year, the firm earned $4.72 earnings per share. The business’s quarterly revenue was up 4.7% compared to the same quarter last year. On average, analysts forecast that Snap-On Incorporated will post 19.67 earnings per share for the current year.

Snap-On declared that its board has initiated a stock buyback program on Thursday, April 30th that allows the company to repurchase $500.00 million in shares. This repurchase authorization allows the company to buy up to 2.5% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s board believes its stock is undervalued.

Snap-On Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, June 10th. Shareholders of record on Wednesday, May 20th were issued a $2.44 dividend. This represents a $9.76 dividend on an annualized basis and a yield of 2.4%. The ex-dividend date of this dividend was Wednesday, May 20th. Snap-On’s payout ratio is currently 49.77%.

Analyst Ratings Changes

A number of research firms have commented on SNA. Weiss Ratings restated a “buy (b)” rating on shares of Snap-On in a research note on Friday, July 17th. Roth Capital reiterated a “buy” rating and set a $461.00 target price (up from $409.00) on shares of Snap-On in a research note on Friday. Robert W. Baird set a $415.00 price target on Snap-On in a report on Friday. Finally, Barclays started coverage on Snap-On in a research report on Thursday, May 28th. They issued an “overweight” rating and a $420.00 price target on the stock. Five research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $418.20.

Snap-On Company 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.