iA Global Asset Management Inc. Lowers Stake in Snap-On Incorporated $SNA

iA Global Asset Management Inc. cut its holdings in shares of Snap-On Incorporated (NYSE:SNA) by 44.7% during the first quarter, Holdings Channel.com reports. The fund owned 2,137 shares of the company’s stock after selling 1,725 shares during the period. iA Global Asset Management Inc.’s holdings in Snap-On were worth $776,000 at the end of the most recent reporting period.

A number of other large investors also recently bought and sold shares of SNA. Vanguard Group Inc. grew its holdings in Snap-On by 0.5% in the fourth quarter. Vanguard Group Inc. now owns 6,525,488 shares of the company’s stock valued at $2,248,683,000 after purchasing an additional 31,073 shares during the period. State Street Corp raised its stake in shares of Snap-On by 1.3% during the 4th quarter. State Street Corp now owns 2,272,041 shares of the company’s stock worth $782,945,000 after buying an additional 28,071 shares during the period. Charles Schwab Investment Management Inc. lifted its position in shares of Snap-On by 2.0% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,011,914 shares of the company’s stock valued at $693,306,000 after buying an additional 39,765 shares in the last quarter. First Trust Advisors LP lifted its position in shares of Snap-On by 2.7% during the 4th quarter. First Trust Advisors LP now owns 1,967,608 shares of the company’s stock valued at $678,038,000 after buying an additional 51,037 shares in the last quarter. Finally, Nordea Investment Management AB grew its stake in Snap-On by 4.1% in the 4th quarter. Nordea Investment Management AB now owns 1,310,198 shares of the company’s stock valued at $454,206,000 after acquiring an additional 51,486 shares during the period. Institutional investors and hedge funds own 84.88% of the company’s stock.

Snap-On Trading Up 2.2%

Shares of SNA opened at $412.09 on Friday. Snap-On Incorporated has a 52-week low of $310.23 and a 52-week high of $412.33. The stock has a market cap of $21.35 billion, a PE ratio of 21.27, a price-to-earnings-growth ratio of 2.84 and a beta of 0.73. The firm’s fifty day moving average is $380.07 and its two-hundred day moving average is $372.25. The company has a quick ratio of 2.74, a current ratio of 3.53 and a debt-to-equity ratio of 0.15.

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

Snap-On announced that its board has initiated a stock buyback program on Thursday, April 30th that permits the company to buyback $500.00 million in shares. This buyback authorization permits the company to purchase up to 2.5% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s management believes its shares are 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. The ex-dividend date was Wednesday, May 20th. This represents a $9.76 dividend on an annualized basis and a yield of 2.4%. Snap-On’s dividend payout ratio is presently 50.39%.

Insider Buying and Selling at Snap-On

In other Snap-On news, SVP Jesus Arregui sold 4,251 shares of the business’s stock in a transaction on Wednesday, June 10th. The stock was sold at an average price of $383.92, for a total transaction of $1,632,043.92. Following the transaction, the senior vice president owned 4,439 shares of the company’s stock, valued at approximately $1,704,220.88. The trade was a 48.92% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Aldo John Pagliari sold 5,713 shares of the firm’s stock in a transaction on Thursday, May 14th. The stock was sold at an average price of $367.19, for a total value of $2,097,756.47. Following the completion of the sale, the chief financial officer directly owned 119,488 shares of the company’s stock, valued at $43,874,798.72. This trade represents a 4.56% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders sold 37,117 shares of company stock valued at $14,003,922. Company insiders own 3.80% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on SNA shares. Robert W. Baird boosted their price target on shares of Snap-On from $380.00 to $395.00 and gave the stock a “neutral” rating in a report on Friday, April 24th. Weiss Ratings reiterated a “buy (b)” rating on shares of Snap-On in a research report on Monday, April 20th. Roth Mkm reaffirmed a “buy” rating and issued a $431.00 price target on shares of Snap-On in a research note on Friday, April 24th. Finally, Barclays initiated coverage on Snap-On in a report on Thursday, May 28th. They issued an “overweight” rating and a $420.00 price objective on the stock. Five analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $387.67.

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.