Korea Investment CORP decreased its stake in Snap-On Incorporated (NYSE:SNA) by 16.8% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 46,351 shares of the company’s stock after selling 9,372 shares during the period. Korea Investment CORP’s holdings in Snap-On were worth $7,323,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in SNA. Adirondack Trust Co. raised its position in Snap-On by 2.5% in the first quarter. Adirondack Trust Co. now owns 624 shares of the company’s stock valued at $105,000 after buying an additional 15 shares in the last quarter. TrimTabs Asset Management LLC raised its position in Snap-On by 88.4% in the first quarter. TrimTabs Asset Management LLC now owns 665 shares of the company’s stock valued at $112,000 after buying an additional 312 shares in the last quarter. Van ECK Associates Corp raised its position in Snap-On by 7.5% in the first quarter. Van ECK Associates Corp now owns 845 shares of the company’s stock valued at $143,000 after buying an additional 59 shares in the last quarter. IHT Wealth Management LLC raised its position in Snap-On by 13.8% in the first quarter. IHT Wealth Management LLC now owns 983 shares of the company’s stock valued at $160,000 after buying an additional 119 shares in the last quarter. Finally, Global X Management Co. LLC raised its position in Snap-On by 28.7% in the first quarter. Global X Management Co. LLC now owns 1,064 shares of the company’s stock valued at $179,000 after buying an additional 237 shares in the last quarter. Institutional investors own 92.25% of the company’s stock.
Shares of Snap-On Incorporated (NYSE:SNA) opened at 155.20 on Thursday. The company’s 50 day moving average is $154.26 and its 200 day moving average is $164.49. The company has a market cap of $8.94 billion, a P/E ratio of 16.07 and a beta of 1.05. Snap-On Incorporated has a one year low of $145.17 and a one year high of $181.73.
Snap-On (NYSE:SNA) last posted its quarterly earnings data on Thursday, July 20th. The company reported $2.60 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.55 by $0.05. Snap-On had a net margin of 16.22% and a return on equity of 20.90%. The business had revenue of $921.40 million during the quarter, compared to the consensus estimate of $920.87 million. During the same quarter last year, the company posted $2.36 earnings per share. The firm’s quarterly revenue was up 5.6% compared to the same quarter last year. On average, equities analysts predict that Snap-On Incorporated will post $10.09 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 8th. Investors of record on Friday, August 18th will be issued a dividend of $0.71 per share. The ex-dividend date of this dividend is Wednesday, August 16th. This represents a $2.84 dividend on an annualized basis and a yield of 1.83%. Snap-On’s dividend payout ratio (DPR) is presently 29.34%.
Snap-On declared that its board has authorized a stock repurchase program on Monday, August 7th that allows the company to repurchase $500.00 million in shares. This repurchase authorization allows the company to buy shares of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s leadership believes its shares are undervalued.
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Several research firms have recently weighed in on SNA. BidaskClub upgraded shares of Snap-On from a “strong sell” rating to a “sell” rating in a research note on Monday, July 31st. Robert W. Baird restated an “outperform” rating and set a $197.00 price objective on shares of Snap-On in a research note on Wednesday, August 2nd. FBR & Co restated an “outperform” rating and set a $205.00 price objective on shares of Snap-On in a research note on Tuesday, July 11th. Zacks Investment Research lowered shares of Snap-On from a “hold” rating to a “sell” rating in a research note on Wednesday, July 12th. Finally, Jefferies Group LLC restated a “hold” rating and set a $175.00 price objective on shares of Snap-On in a research note on Wednesday, May 31st. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and five have assigned a buy rating to the company. Snap-On has a consensus rating of “Buy” and an average target price of $197.86.
In other Snap-On news, Director Ruth Ann M. Gillis bought 265 shares of Snap-On stock in a transaction dated Friday, August 4th. The stock was purchased at an average price of $152.58 per share, for a total transaction of $40,433.70. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Iain Boyd sold 18,418 shares of Snap-On stock in a transaction dated Monday, July 24th. The stock was sold at an average price of $147.54, for a total transaction of $2,717,391.72. The disclosure for this sale can be found here. Company insiders own 3.70% of the company’s stock.
Snap-On Company Profile
Snap-on Incorporated is a manufacturer and marketer of tools, equipment, diagnostics, repair information and systems solutions. The Company’s segments include the Commercial & Industrial Group, the Snap-on Tools Group, the Repair Systems & Information Group, and Financial Services. The Commercial & Industrial Group consists of business operations serving a range of industrial and commercial customers, including customers in the aerospace, natural resources, government, power generation, transportation and technical education markets.
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