10,370 Shares in Snap-On Incorporated $SNA Bought by OMERS ADMINISTRATION Corp

OMERS ADMINISTRATION Corp bought a new stake in shares of Snap-On Incorporated (NYSE:SNA) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 10,370 shares of the company’s stock, valued at approximately $4,173,000.

Other hedge funds have also bought and sold shares of the company. Sanctuary Advisors LLC bought a new stake in Snap-On during the second quarter valued at about $15,028,000. Meiji Yasuda Asset Management Co Ltd. bought a new position in shares of Snap-On in the second quarter worth about $442,000. Bank of Nova Scotia purchased a new position in shares of Snap-On during the 2nd quarter valued at about $2,615,000. Elevation Point Wealth Partners LLC purchased a new position in shares of Snap-On during the 2nd quarter valued at about $236,000. Finally, Daiichi Life Insurance Co. Ltd. bought a new position in shares of Snap-On during the 2nd quarter valued at approximately $280,000. Institutional investors own 84.88% of the company’s stock.

Snap-On Trading Down 0.0%

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

Snap-On (NYSE:SNA) last issued 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 return on equity of 17.07% and a net margin of 21.25%.The business had revenue of $1.24 billion for the quarter, compared to analysts’ expectations of $1.22 billion. During the same period in the prior year, the firm earned $4.72 EPS. The company’s revenue for the quarter was up 4.7% on a year-over-year basis. Equities research analysts anticipate that Snap-On Incorporated will post 19.7 EPS for the current fiscal year.

Snap-On Announces Dividend

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

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

Wall Street Analysts Forecast Growth

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

Insider Activity

In related news, SVP Timothy L. Chambers sold 9,111 shares of the firm’s stock in a transaction on Tuesday, July 28th. The stock was sold at an average price of $419.36, for a total value of $3,820,788.96. Following the completion of the sale, the senior vice president directly owned 21,223 shares in the company, valued at $8,900,077.28. This trade represents a 30.04% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, VP Richard Thomas Miller sold 2,000 shares of the firm’s stock in a transaction dated Wednesday, July 1st. The stock was sold at an average price of $405.92, for a total transaction of $811,840.00. Following the completion of the sale, the vice president owned 4,529 shares of the company’s stock, valued at $1,838,411.68. This trade represents a 30.63% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders have sold 45,928 shares of company stock worth $18,483,009. Company insiders own 3.80% of the company’s stock.

Snap-On 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.