Snap-On Incorporated (SNA) Shares Sold by ING Groep NV

ING Groep NV decreased its stake in shares of Snap-On Incorporated (NYSE:SNA) by 49.7% during the second quarter, Holdings Channel reports. The institutional investor owned 1,659 shares of the company’s stock after selling 1,639 shares during the period. ING Groep NV’s holdings in Snap-On were worth $262,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the stock. BlackRock Inc. increased its position in shares of Snap-On by 2,077.9% in the first quarter. BlackRock Inc. now owns 3,638,208 shares of the company’s stock valued at $613,657,000 after buying an additional 3,471,155 shares during the period. Alliancebernstein L.P. increased its position 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 valued at $92,366,000 after buying an additional 444,039 shares during the period. Findlay Park Partners LLP bought a new position in shares of Snap-On during the first quarter valued at about $73,371,000. Schroder Investment Management Group increased its position in shares of Snap-On by 148.4% in the first quarter. Schroder Investment Management Group now owns 713,988 shares of the company’s stock valued at $120,172,000 after buying an additional 426,521 shares during the period. Finally, Victory Capital Management Inc. increased its position in shares of Snap-On by 4,173.2% in the first quarter. Victory Capital Management Inc. now owns 334,461 shares of the company’s stock valued at $56,413,000 after buying an additional 326,634 shares during the period. Institutional investors and hedge funds own 92.25% of the company’s stock.

Shares of Snap-On Incorporated (NYSE SNA) traded up 0.22% on Friday, hitting $153.11. 369,113 shares of the stock traded hands. Snap-On Incorporated has a 52 week low of $145.17 and a 52 week high of $181.73. The firm has a market cap of $8.82 billion, a P/E ratio of 15.85 and a beta of 1.05. The stock has a 50-day moving average price of $154.25 and a 200 day moving average price of $164.40.

Snap-On (NYSE:SNA) last issued its earnings results on Thursday, July 20th. The company reported $2.60 EPS for the quarter, topping analysts’ consensus estimates of $2.55 by $0.05. The company had revenue of $921.40 million for the quarter, compared to analysts’ expectations of $920.87 million. Snap-On had a net margin of 16.22% and a return on equity of 20.90%. The firm’s revenue was up 5.6% compared to the same quarter last year. During the same quarter last year, the company earned $2.36 EPS. Equities research analysts predict that Snap-On Incorporated will post $10.09 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 8th. Investors of record on Friday, August 18th will be given a $0.71 dividend. This represents a $2.84 dividend on an annualized basis and a yield of 1.86%. The ex-dividend date of this dividend is Wednesday, August 16th. Snap-On’s payout ratio is presently 29.34%.

Snap-On declared that its Board of Directors has approved a share repurchase program on Monday, August 7th that allows the company to repurchase $500.00 million in outstanding shares. This repurchase authorization allows the company to reacquire shares of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s leadership believes its shares are undervalued.

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Several research analysts have recently issued reports on SNA shares. Jefferies Group LLC reiterated a “hold” rating and set a $175.00 price target (up from $165.00) on shares of Snap-On in a report on Sunday, April 23rd. Oppenheimer Holdings, Inc. reiterated an “outperform” rating and set a $200.00 price target on shares of Snap-On in a report on Thursday, June 1st. BidaskClub upgraded shares of Snap-On from a “strong sell” rating to a “sell” rating in a report on Wednesday, July 5th. FBR & Co reiterated an “outperform” rating and set a $205.00 price target on shares of Snap-On in a report on Tuesday, July 11th. Finally, Zacks Investment Research downgraded shares of Snap-On from a “hold” rating to a “sell” rating in a report on Wednesday, July 12th. One equities 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 stock. Snap-On currently has a consensus rating of “Buy” and an average price target of $197.86.

In other Snap-On news, Director Ruth Ann M. Gillis bought 265 shares of the firm’s stock in a transaction that occurred on Friday, August 4th. The shares were bought at an average price of $152.58 per share, for a total transaction of $40,433.70. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, VP Iain Boyd sold 18,418 shares of Snap-On stock in a transaction on 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. 3.70% of the stock is owned by company insiders.

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.

Want to see what other hedge funds are holding SNA? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Snap-On Incorporated (NYSE:SNA).

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

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