Hsbc Holdings PLC Sells 20,660 Shares of Snap-On Incorporated $SNA

Hsbc Holdings PLC decreased its holdings in Snap-On Incorporated (NYSE:SNA) by 4.7% during the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 421,650 shares of the company’s stock after selling 20,660 shares during the quarter. Hsbc Holdings PLC’s holdings in Snap-On were worth $169,649,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. DV Equities LLC bought a new stake in Snap-On in the 4th quarter worth about $25,000. Western Wealth Management LLC purchased a new position in shares of Snap-On in the 1st quarter worth about $29,000. Montag A & Associates Inc. grew its position in Snap-On by 331.8% during the fourth quarter. Montag A & Associates Inc. now owns 95 shares of the company’s stock valued at $33,000 after buying an additional 73 shares during the period. Quattro Advisors LLC bought a new stake in Snap-On in the fourth quarter worth about $35,000. Finally, Annis Gardner Whiting Capital Advisors LLC increased its stake in shares of Snap-On by 36.4% during the 4th quarter. Annis Gardner Whiting Capital Advisors LLC now owns 105 shares of the company’s stock worth $36,000 after purchasing an additional 28 shares during the last quarter. 84.88% of the stock is owned by institutional investors.

Snap-On Stock Down 0.0%

Shares of NYSE SNA opened at $394.40 on Wednesday. The company has a current ratio of 3.43, a quick ratio of 2.64 and a debt-to-equity ratio of 0.15. The business has a 50-day moving average of $403.56 and a 200-day moving average of $384.85. The firm has a market capitalization of $20.40 billion, a price-to-earnings ratio of 20.11, a PEG ratio of 2.77 and a beta of 0.73. Snap-On Incorporated has a 12 month low of $319.20 and a 12 month high of $423.02.

Snap-On (NYSE:SNA) last announced its earnings results on Thursday, July 23rd. The company reported $4.96 earnings per share (EPS) 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 during the quarter, compared to analyst estimates of $1.22 billion. During the same period in the previous year, the business posted $4.72 earnings per share. Snap-On’s revenue for the quarter was up 4.7% on a year-over-year basis. Sell-side analysts expect that Snap-On Incorporated will post 19.7 earnings per share for the current fiscal year.

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

Snap-On Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, September 10th. Investors of record on Wednesday, August 19th will be given a $2.44 dividend. The ex-dividend date is Wednesday, August 19th. This represents a $9.76 annualized dividend and a yield of 2.5%. Snap-On’s payout ratio is 49.77%.

Insiders Place Their Bets

In other Snap-On news, CEO Nicholas T. Pinchuk sold 22,889 shares of the company’s stock in a transaction that occurred on Tuesday, August 18th. The stock was sold at an average price of $399.69, for a total value of $9,148,504.41. Following the completion of the sale, the chief executive officer owned 867,779 shares of the company’s stock, valued at $346,842,588.51. This represents a 2.57% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP Timothy L. Chambers sold 9,111 shares of the stock in a transaction that occurred on Tuesday, July 28th. The shares were sold at an average price of $419.36, for a total transaction of $3,820,788.96. Following the transaction, the senior vice president owned 21,223 shares in the company, valued at $8,900,077.28. The trade was a 30.04% 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. Insiders have sold 45,928 shares of company stock valued at $18,483,009 over the last quarter. Insiders own 3.80% of the company’s stock.

Analysts Set New Price Targets

SNA has been the topic of several research reports. Roth Capital restated a “buy” rating and issued a $461.00 target price (up from $409.00) on shares of Snap-On in a research note on Friday, July 24th. Tigress Financial lifted their price target on Snap-On from $445.00 to $485.00 and gave the company a “buy” rating in a research report on Friday, July 31st. Barclays initiated coverage on Snap-On in a research note on Thursday, May 28th. They set an “overweight” rating and a $420.00 price objective on the stock. Robert W. Baird set a $415.00 price target on shares of Snap-On in a report on Friday, July 24th. Finally, Weiss Ratings reaffirmed a “buy (b)” rating on shares of Snap-On in a research note on Friday, July 17th. Five investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to MarketBeat.com, Snap-On currently has a consensus rating of “Moderate Buy” and a consensus target price of $426.20.

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.