Castlefield Investment Partners LLP Invests $3.85 Million in Snap-On Incorporated $SNA

Castlefield Investment Partners LLP purchased a new position in shares of Snap-On Incorporated (NYSE:SNA) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 9,571 shares of the company’s stock, valued at approximately $3,851,000. Snap-On comprises about 2.6% of Castlefield Investment Partners LLP’s investment portfolio, making the stock its 17th largest position.

Other large investors also recently bought and sold shares of the company. OMERS ADMINISTRATION Corp acquired a new position in shares of Snap-On during the second quarter valued at approximately $4,173,000. Sanctuary Advisors LLC acquired a new position in Snap-On in the 2nd quarter valued at $15,028,000. Meiji Yasuda Asset Management Co Ltd. purchased a new position in Snap-On in the 2nd quarter valued at $442,000. Bank of Nova Scotia acquired a new stake in Snap-On during the 2nd quarter worth $2,615,000. Finally, Elevation Point Wealth Partners LLC acquired a new stake in Snap-On during the 2nd quarter worth $236,000. 84.88% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

SNA has been the subject of a number of recent research reports. Tigress Financial increased their target price on shares of Snap-On from $445.00 to $485.00 and gave the company a “buy” rating in a research report on Friday, July 31st. Weiss Ratings restated a “buy (b)” rating on shares of Snap-On in a research report on Friday, July 17th. 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. Roth Capital reiterated a “buy” rating and issued a $461.00 price objective (up from $409.00) on shares of Snap-On in a report on Friday, July 24th. Finally, Robert W. Baird set a $415.00 target price on shares of Snap-On in a research note on Friday, July 24th. Five equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $426.20.

Insider Activity

In related news, CFO Aldo John Pagliari sold 5,531 shares of the stock in a transaction that occurred on Thursday, August 13th. The stock was sold at an average price of $404.25, for a total value of $2,235,906.75. Following the completion of the transaction, the chief financial officer directly owned 120,644 shares in the company, valued at approximately $48,770,337. This represents a 4.38% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible 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 on Wednesday, June 10th. The stock was sold at an average price of $383.92, for a total value of $1,632,043.92. Following the sale, the senior vice president directly owned 4,439 shares of the company’s stock, valued at approximately $1,704,220.88. This trade represents a 48.92% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders have sold 45,928 shares of company stock worth $18,483,009. 3.80% of the stock is owned by company insiders.

Snap-On Stock Down 0.1%

NYSE SNA opened at $393.11 on Monday. The business’s fifty day simple moving average is $403.30 and its 200-day simple moving average is $384.66. 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 firm has a market cap of $20.34 billion, a PE ratio of 20.05, a P/E/G ratio of 2.77 and a beta of 0.73. Snap-On Incorporated has a 52 week low of $319.20 and a 52 week high of $423.02.

Snap-On (NYSE:SNA) last released its quarterly earnings data on Thursday, July 23rd. The company reported $4.96 earnings per share (EPS) for the quarter, topping 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 firm had revenue of $1.24 billion during the quarter, compared to analysts’ expectations of $1.22 billion. During the same period last year, the business earned $4.72 earnings per share. Snap-On’s revenue was up 4.7% compared to the same quarter last year. As a group, equities analysts anticipate that Snap-On Incorporated will post 19.7 earnings per share for the current year.

Snap-On Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 10th. Stockholders of record on Wednesday, August 19th will be issued a dividend of $2.44 per share. The ex-dividend date is Wednesday, August 19th. This represents a $9.76 dividend on an annualized basis and a dividend yield of 2.5%. Snap-On’s dividend payout ratio (DPR) is currently 49.77%.

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

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.