Sumitomo Mitsui Trust Holdings Inc. increased its stake in Snap-on Incorporated (NYSE:SNA) by 69.6% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 388,238 shares of the company’s stock after acquiring an additional 159,308 shares during the period. Sumitomo Mitsui Trust Holdings Inc. owned approximately 0.71% of Snap-on worth $53,775,000 at the end of the most recent reporting period.
Other institutional investors also recently bought and sold shares of the company. HBW Advisory Services LLC acquired a new position in Snap-on in the 1st quarter valued at $28,000. Capital Square LLC acquired a new stake in Snap-on in the 1st quarter worth $34,000. Bartlett & Co. LLC acquired a new stake in Snap-on in the 1st quarter worth $44,000. Creative Financial Designs Inc. ADV acquired a new stake in Snap-on in the 2nd quarter worth $47,000. Finally, Parallel Advisors LLC grew its position in Snap-on by 183.0% in the 1st quarter. Parallel Advisors LLC now owns 450 shares of the company’s stock worth $48,000 after purchasing an additional 291 shares during the last quarter. Institutional investors and hedge funds own 92.78% of the company’s stock.
In other Snap-on news, CEO Nicholas T. Pinchuk sold 28,628 shares of the business’s stock in a transaction dated Thursday, June 18th. The shares were sold at an average price of $135.05, for a total value of $3,866,211.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Insiders own 4.20% of the company’s stock.
Snap-on (NYSE:SNA) last announced its earnings results on Friday, July 31st. The company reported $1.91 earnings per share for the quarter, missing the Zacks’ consensus estimate of $1.94 by ($0.03). Snap-on had a return on equity of 19.64% and a net margin of 17.83%. The company had revenue of $724.30 million during the quarter, compared to the consensus estimate of $704.97 million. During the same period in the prior year, the firm posted $3.22 earnings per share. The company’s revenue was down 23.9% on a year-over-year basis. As a group, research analysts expect that Snap-on Incorporated will post 9.13 earnings per share for the current year.
SNA has been the topic of several research analyst reports. Barrington Research restated a “buy” rating and issued a $175.00 price target on shares of Snap-on in a research report on Friday. Tigress Financial reaffirmed a “buy” rating on shares of Snap-on in a report on Thursday, May 7th. ValuEngine raised shares of Snap-on from a “sell” rating to a “hold” rating in a report on Thursday, July 2nd. Finally, TheStreet raised shares of Snap-on from a “c” rating to a “b-” rating in a report on Monday, June 22nd. Four investment analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus price target of $167.00.
Snap-on Company Profile
Snap-on Incorporated manufactures and markets tools, equipment, diagnostics, and repair information and systems solutions for professional users worldwide. It operates through Commercial and Industrial Group, Snap-on Tools Group, and Repair Systems & Information Group segments. The company offers hand tools, including wrenches, sockets, ratchet wrenches, pliers, screwdrivers, punches and chisels, saws and cutting tools, pruning tools, torque measuring instruments, and other products; power tools, such as cordless, pneumatic, hydraulic, and corded tools; and tool storage products comprising tool chests, roll cabinets, and other products.
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