Miller Howard Investments Inc. NY Acquires Shares of 141,082 Snap-On Incorporated $SNA

Miller Howard Investments Inc. NY acquired a new stake in Snap-On Incorporated (NYSE:SNA) during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 141,082 shares of the company’s stock, valued at approximately $51,244,000.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the business. Kennebec Savings Bank lifted its position in Snap-On by 3.6% during the fourth quarter. Kennebec Savings Bank now owns 783 shares of the company’s stock valued at $270,000 after purchasing an additional 27 shares during the period. Annis Gardner Whiting Capital Advisors LLC grew its position in Snap-On by 36.4% during the 4th quarter. Annis Gardner Whiting Capital Advisors LLC now owns 105 shares of the company’s stock worth $36,000 after purchasing an additional 28 shares during the period. Verition Fund Management LLC raised its stake in shares of Snap-On by 1.5% during the 4th quarter. Verition Fund Management LLC now owns 1,844 shares of the company’s stock valued at $635,000 after buying an additional 28 shares during the last quarter. CWM LLC raised its stake in shares of Snap-On by 0.6% during the 4th quarter. CWM LLC now owns 5,517 shares of the company’s stock valued at $1,901,000 after buying an additional 31 shares during the last quarter. Finally, Ritholtz Wealth Management lifted its holdings in shares of Snap-On by 2.5% in the 4th quarter. Ritholtz Wealth Management now owns 1,401 shares of the company’s stock valued at $483,000 after buying an additional 34 shares during the period. Institutional investors and hedge funds own 84.88% of the company’s stock.

Analyst Ratings Changes

SNA has been the topic of a number of recent research reports. Robert W. Baird upped their target price on Snap-On from $380.00 to $395.00 and gave the stock a “neutral” rating in a research note on Friday, April 24th. Weiss Ratings reiterated a “buy (b)” rating on shares of Snap-On in a research report on Monday, April 20th. Barclays began coverage on Snap-On in a report on Thursday, May 28th. They issued an “overweight” rating and a $420.00 price target for the company. Tigress Financial raised their price objective on shares of Snap-On from $405.00 to $445.00 and gave the stock a “buy” rating in a research note on Friday, February 27th. Finally, Roth Mkm reiterated a “buy” rating and issued a $431.00 target price on shares of Snap-On in a research note on Friday, April 24th. Five research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, Snap-On currently has an average rating of “Moderate Buy” and an average price target of $387.67.

Insider Buying and Selling at Snap-On

In other news, CEO Nicholas T. Pinchuk sold 23,396 shares of the stock in a transaction dated Tuesday, May 5th. The shares were sold at an average price of $375.77, for a total value of $8,791,514.92. Following the completion of the sale, the chief executive officer directly owned 856,918 shares in the company, valued at $322,004,076.86. This represents a 2.66% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP Jesus Arregui sold 4,251 shares of the firm’s stock in a transaction dated Wednesday, June 10th. The stock was sold at an average price of $383.92, for a total transaction of $1,632,043.92. Following the completion of the transaction, the senior vice president directly owned 4,439 shares in the company, valued at approximately $1,704,220.88. This represents a 48.92% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 35,117 shares of company stock worth $13,192,082 over the last three months. 3.80% of the stock is owned by corporate insiders.

Snap-On Stock Performance

NYSE SNA opened at $386.56 on Wednesday. The company has a debt-to-equity ratio of 0.15, a current ratio of 3.53 and a quick ratio of 2.74. The stock’s 50 day simple moving average is $376.87 and its 200-day simple moving average is $369.63. The company has a market cap of $20.02 billion, a PE ratio of 19.96, a price-to-earnings-growth ratio of 2.75 and a beta of 0.73. Snap-On Incorporated has a 1-year low of $305.19 and a 1-year high of $400.88.

Snap-On (NYSE:SNA) last issued its quarterly earnings results on Thursday, April 23rd. The company reported $4.69 EPS for the quarter, missing the consensus estimate of $4.75 by ($0.06). Snap-On had a return on equity of 17.13% and a net margin of 21.28%.The firm had revenue of $1.21 billion for the quarter, compared to analysts’ expectations of $1.19 billion. During the same quarter in the previous year, the firm posted $4.51 earnings per share. The firm’s revenue for the quarter was up 5.8% compared to the same quarter last year. As a group, equities research analysts anticipate that Snap-On Incorporated will post 19.7 EPS for the current fiscal year.

Snap-On Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, June 10th. Stockholders of record on Wednesday, May 20th were issued a dividend of $2.44 per share. The ex-dividend date of this dividend was Wednesday, May 20th. This represents a $9.76 dividend on an annualized basis and a dividend yield of 2.5%. Snap-On’s dividend payout ratio is presently 50.39%.

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

Snap-On Company 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.