Snap-On Incorporated (SNA) Stake Boosted by Sigma Investment Counselors Inc.

Sigma Investment Counselors Inc. boosted its position in Snap-On Incorporated (NYSE:SNA) by 0.1% during the second quarter, Holdings Channel reports. The fund owned 19,244 shares of the company’s stock after buying an additional 20 shares during the period. Sigma Investment Counselors Inc.’s holdings in Snap-On were worth $3,041,000 as of its most recent filing with the SEC.

Several other large investors have also recently made changes to their positions in the company. US Bancorp DE increased its stake in shares of Snap-On by 2.7% in the first quarter. US Bancorp DE now owns 59,483 shares of the company’s stock worth $10,034,000 after buying an additional 1,543 shares during the last quarter. Alliancebernstein L.P. increased its stake in shares of Snap-On by 428.7% in the first quarter. Alliancebernstein L.P. now owns 547,616 shares of the company’s stock worth $92,366,000 after buying an additional 444,039 shares during the last quarter. Macquarie Group Ltd. increased its stake in shares of Snap-On by 140.0% in the fourth quarter. Macquarie Group Ltd. now owns 2,400 shares of the company’s stock worth $411,000 after buying an additional 1,400 shares during the last quarter. Independence Advisors LLC purchased a new stake in shares of Snap-On during the second quarter worth about $3,664,000. Finally, Doyle Wealth Management purchased a new stake in shares of Snap-On during the first quarter worth about $672,000. 92.25% of the stock is currently owned by hedge funds and other institutional investors.

Shares of Snap-On Incorporated (SNA) opened at 155.20 on Thursday. The stock has a market capitalization of $8.94 billion, a P/E ratio of 16.07 and a beta of 1.05. The company has a 50-day moving average of $154.26 and a 200-day moving average of $164.49. Snap-On Incorporated has a 52 week low of $145.17 and a 52 week high of $181.73.

Snap-On (NYSE:SNA) last posted its quarterly earnings results on Thursday, July 20th. The company reported $2.60 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $2.55 by $0.05. Snap-On had a return on equity of 20.90% and a net margin of 16.22%. The business had revenue of $921.40 million during the quarter, compared to the consensus estimate of $920.87 million. During the same period in the prior year, the company posted $2.36 EPS. The firm’s revenue for the quarter was up 5.6% compared to the same quarter last year. On average, analysts anticipate that Snap-On Incorporated will post $10.09 EPS for the current year.

Snap-On declared that its board has authorized a stock buyback program on Monday, August 7th that allows the company to repurchase $500.00 million in shares. This repurchase authorization allows the company to repurchase shares of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s board of directors believes its stock is undervalued.

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 8th. Shareholders of record on Friday, August 18th will be paid a $0.71 dividend. The ex-dividend date is Wednesday, August 16th. This represents a $2.84 annualized dividend and a yield of 1.83%. Snap-On’s payout ratio is 29.34%.

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A number of equities research analysts have recently issued reports on SNA shares. Jefferies Group LLC reissued a “hold” rating and issued a $175.00 price target (up from $165.00) on shares of Snap-On in a report on Sunday, April 23rd. BidaskClub downgraded shares of Snap-On from a “sell” rating to a “strong sell” rating in a report on Tuesday, July 25th. Zacks Investment Research downgraded shares of Snap-On from a “hold” rating to a “sell” rating in a report on Wednesday, July 12th. Robert W. Baird reissued an “outperform” rating and issued a $197.00 price target on shares of Snap-On in a report on Wednesday, August 2nd. Finally, CIBC reissued an “outperform” rating and issued a $200.00 price target on shares of Snap-On in a report on Wednesday, April 12th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and five have assigned a buy rating to the stock. The stock presently has an average rating of “Buy” and an average price target of $197.86.

In other Snap-On news, Director Ruth Ann M. Gillis purchased 265 shares of the company’s stock in a transaction on Friday, August 4th. The stock was acquired at an average cost of $152.58 per share, for a total transaction of $40,433.70. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. Also, VP Iain Boyd sold 18,418 shares of the company’s stock in a transaction that occurred on Monday, July 24th. The stock was sold at an average price of $147.54, for a total value of $2,717,391.72. The disclosure for this sale can be found here. Corporate insiders own 3.70% of the company’s stock.

About Snap-On

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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Institutional Ownership by Quarter for Snap-On (NYSE:SNA)

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