Maverick Capital Ltd. Takes $687,000 Position in Snap-On Incorporated $SNA

Maverick Capital Ltd. bought a new stake in shares of Snap-On Incorporated (NYSE:SNA) in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 1,892 shares of the company’s stock, valued at approximately $687,000.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Quantinno Capital Management LP increased its stake in Snap-On by 44.2% in the 1st quarter. Quantinno Capital Management LP now owns 253,770 shares of the company’s stock worth $92,174,000 after purchasing an additional 77,845 shares during the period. SummitTX Capital L.P. purchased a new stake in shares of Snap-On during the first quarter valued at approximately $4,446,000. Gateway Wealth Partners LLC purchased a new stake in shares of Snap-On during the first quarter valued at approximately $225,000. OMERS ADMINISTRATION Corp grew its holdings in shares of Snap-On by 15.9% in the first quarter. OMERS ADMINISTRATION Corp now owns 9,459 shares of the company’s stock worth $3,436,000 after purchasing an additional 1,297 shares during the last quarter. Finally, Lombard Odier Asset Management Switzerland SA bought a new position in shares of Snap-On in the first quarter worth approximately $363,000. 84.88% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on the stock. Weiss Ratings reiterated a “buy (b)” rating on shares of Snap-On in a report on Friday, July 17th. Roth Capital restated a “buy” rating and issued a $461.00 price objective (up from $409.00) on shares of Snap-On in a research report on Friday. 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. Finally, Robert W. Baird set a $415.00 target price on shares of Snap-On in a report on Friday. Five investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $418.20.

Snap-On Price Performance

Shares of Snap-On stock opened at $420.22 on Wednesday. The company has a quick ratio of 2.64, a current ratio of 3.43 and a debt-to-equity ratio of 0.15. The company has a market cap of $21.74 billion, a PE ratio of 21.43, a P/E/G ratio of 2.87 and a beta of 0.73. The business has a 50 day moving average of $391.65 and a 200 day moving average of $379.39. Snap-On Incorporated has a 52 week low of $312.78 and a 52 week high of $420.91.

Snap-On (NYSE:SNA) last released its quarterly 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. The business had revenue of $1.24 billion for the quarter, compared to analysts’ expectations of $1.22 billion. Snap-On had a net margin of 21.25% and a return on equity of 17.07%. The firm’s revenue for the quarter was up 4.7% compared to the same quarter last year. During the same quarter in the previous year, the business posted $4.72 earnings per share. As a group, equities research analysts forecast that Snap-On Incorporated will post 19.7 earnings per share for the current year.

Snap-On Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, June 10th. Stockholders of record on Wednesday, May 20th were given a $2.44 dividend. This represents a $9.76 annualized dividend and a dividend yield of 2.3%. The ex-dividend date of this dividend was Wednesday, May 20th. Snap-On’s dividend payout ratio (DPR) is currently 49.77%.

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

Insider Activity

In related news, VP Richard Thomas Miller sold 2,000 shares of the stock in a transaction dated Wednesday, July 1st. The shares were sold at an average price of $405.92, for a total value of $811,840.00. Following the completion of the transaction, the vice president directly owned 4,529 shares of the company’s stock, valued at $1,838,411.68. This represents a 30.63% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at 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 stock was sold at an average price of $383.92, for a total transaction of $1,632,043.92. Following the completion of the sale, the senior vice president owned 4,439 shares of the company’s stock, valued at $1,704,220.88. This trade represents a 48.92% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 46,617 shares of company stock worth $17,987,869. 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.