Snap-On Incorporated $SNA Shares Purchased by Pictet Asset Management Holding SA

Pictet Asset Management Holding SA raised its holdings in Snap-On Incorporated (NYSE:SNA) by 3.0% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 71,643 shares of the company’s stock after purchasing an additional 2,093 shares during the period. Pictet Asset Management Holding SA’s holdings in Snap-On were worth $26,018,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. Vanguard Group Inc. raised its holdings in Snap-On by 0.5% in the fourth quarter. Vanguard Group Inc. now owns 6,525,488 shares of the company’s stock valued at $2,248,683,000 after acquiring an additional 31,073 shares in the last quarter. State Street Corp raised its stake in shares of Snap-On by 1.3% in the 4th quarter. State Street Corp now owns 2,272,041 shares of the company’s stock valued at $782,945,000 after purchasing an additional 28,071 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its position in shares of Snap-On by 2.0% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,011,914 shares of the company’s stock worth $693,306,000 after purchasing an additional 39,765 shares during the last quarter. First Trust Advisors LP grew its stake in Snap-On by 2.7% in the fourth quarter. First Trust Advisors LP now owns 1,967,608 shares of the company’s stock worth $678,038,000 after purchasing an additional 51,037 shares in the last quarter. Finally, Nordea Investment Management AB increased its holdings in Snap-On by 4.1% in the fourth quarter. Nordea Investment Management AB now owns 1,310,198 shares of the company’s stock valued at $454,206,000 after buying an additional 51,486 shares during the last quarter. Institutional investors and hedge funds own 84.88% of the company’s stock.

Snap-On Price Performance

NYSE:SNA opened at $403.54 on Thursday. The company has a quick ratio of 2.74, a current ratio of 3.53 and a debt-to-equity ratio of 0.15. The business’s 50-day moving average price is $379.51 and its 200 day moving average price is $371.82. Snap-On Incorporated has a 52-week low of $310.23 and a 52-week high of $406.30. The firm has a market cap of $20.90 billion, a P/E ratio of 20.83, a PEG ratio of 2.83 and a beta of 0.73.

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

Snap-On Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, June 10th. Shareholders of record on Wednesday, May 20th were issued a $2.44 dividend. This represents a $9.76 annualized dividend and a dividend yield of 2.4%. The ex-dividend date was Wednesday, May 20th. Snap-On’s dividend payout ratio (DPR) is presently 50.39%.

Snap-On announced that its Board of Directors has initiated a share buyback program on Thursday, April 30th that allows the company to repurchase $500.00 million in shares. This repurchase authorization allows the company to repurchase up to 2.5% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s management believes its stock is undervalued.

Analyst Ratings Changes

SNA has been the subject of a number of research reports. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Snap-On in a report on Monday, April 20th. Barclays assumed coverage on shares of Snap-On in a research report on Thursday, May 28th. They issued an “overweight” rating and a $420.00 price target on the stock. Roth Mkm reaffirmed a “buy” rating and issued a $431.00 price target on shares of Snap-On in a report on Friday, April 24th. Finally, Robert W. Baird boosted their price objective on shares of Snap-On from $380.00 to $395.00 and gave the company a “neutral” rating in a research report on Friday, April 24th. Five investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $387.67.

Insider Activity

In other Snap-On news, SVP Jesus Arregui sold 4,251 shares of Snap-On stock in a transaction that occurred on Wednesday, June 10th. The shares were sold at an average price of $383.92, for a total transaction of $1,632,043.92. Following the transaction, the senior vice president directly owned 4,439 shares in the company, valued at approximately $1,704,220.88. The trade was a 48.92% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, VP Richard Thomas Miller sold 427 shares of Snap-On stock in a transaction dated Wednesday, June 10th. The shares were sold at an average price of $389.55, for a total value of $166,337.85. Following the transaction, the vice president directly owned 4,527 shares in the company, valued at approximately $1,763,492.85. This trade represents a 8.62% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders sold 35,117 shares of company stock worth $13,192,082. Company insiders own 3.80% of the company’s stock.

About Snap-On

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.