Maverick Capital Ltd. Takes Position in Snap-On Incorporated $SNA

Maverick Capital Ltd. bought a new position in Snap-On Incorporated (NYSE:SNA) during the first quarter, Holdings Channel reports. The fund bought 1,892 shares of the company’s stock, valued at approximately $687,000.

Several other institutional investors also recently modified their holdings of SNA. Thurston Springer Miller Herd & Titak Inc. purchased a new position in Snap-On during the 4th quarter valued at about $25,000. DV Equities LLC purchased a new stake in Snap-On in the fourth quarter worth about $25,000. Montag A & Associates Inc. increased its stake in shares of Snap-On by 331.8% during the fourth quarter. Montag A & Associates Inc. now owns 95 shares of the company’s stock valued at $33,000 after purchasing an additional 73 shares in the last quarter. Quattro Advisors LLC bought a new position in shares of Snap-On during the fourth quarter valued at approximately $35,000. Finally, Annis Gardner Whiting Capital Advisors LLC lifted its holdings in shares of Snap-On by 36.4% during the fourth quarter. Annis Gardner Whiting Capital Advisors LLC now owns 105 shares of the company’s stock valued at $36,000 after purchasing an additional 28 shares during the last quarter. 84.88% of the stock is currently owned by institutional investors.

Snap-On Stock Up 3.1%

Shares of Snap-On stock opened at $420.22 on Wednesday. The company has a 50-day simple moving average of $391.65 and a two-hundred day simple moving average of $379.39. The stock has a market capitalization of $21.74 billion, a PE ratio of 21.43, a price-to-earnings-growth ratio of 2.87 and a beta of 0.73. Snap-On Incorporated has a 52-week low of $312.78 and a 52-week high of $420.91. The company has a debt-to-equity ratio of 0.15, a quick ratio of 2.64 and a current ratio of 3.43.

Snap-On (NYSE:SNA) last posted its quarterly earnings results on Thursday, July 23rd. The company reported $4.96 EPS for the quarter, beating analysts’ consensus estimates of $4.95 by $0.01. The firm had revenue of $1.24 billion for the quarter, compared to analysts’ expectations of $1.22 billion. Snap-On had a net margin of 21.25% and a return on equity of 17.07%. The business’s revenue for the quarter was up 4.7% on a year-over-year basis. During the same quarter in the prior year, the company posted $4.72 earnings per share. On average, analysts anticipate that Snap-On Incorporated will post 19.7 EPS for the current fiscal year.

Snap-On declared that its Board of Directors has authorized a share buyback plan on Thursday, April 30th that authorizes the company to buyback $500.00 million in outstanding shares. This buyback authorization authorizes the company to buy up to 2.5% of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s leadership believes its shares are undervalued.

Snap-On Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, June 10th. Investors of record on Wednesday, May 20th were given a $2.44 dividend. The ex-dividend date of this dividend was Wednesday, May 20th. This represents a $9.76 annualized dividend and a yield of 2.3%. Snap-On’s dividend payout ratio is 49.77%.

Insider Buying and Selling at Snap-On

In other Snap-On news, SVP Jesus Arregui sold 4,251 shares of Snap-On stock in a transaction on Wednesday, June 10th. The stock was sold at an average price of $383.92, for a total value of $1,632,043.92. Following the completion of the sale, the senior vice president owned 4,439 shares of the company’s stock, valued at approximately $1,704,220.88. This trade represents a 48.92% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, VP Richard Thomas Miller sold 2,000 shares of the business’s stock in a transaction on Wednesday, July 1st. The stock was sold at an average price of $405.92, for a total value of $811,840.00. Following the completion of the transaction, the vice president owned 4,529 shares of the company’s stock, valued at $1,838,411.68. This represents a 30.63% 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. In the last quarter, insiders sold 46,617 shares of company stock worth $17,987,869. Insiders own 3.80% of the company’s stock.

Wall Street Analysts Forecast Growth

SNA has been the topic of a number of analyst reports. Barclays initiated coverage on Snap-On in a research report on Thursday, May 28th. They issued an “overweight” rating and a $420.00 price target on the stock. Robert W. Baird set a $415.00 price objective on Snap-On in a research note on Friday. Roth Capital reissued a “buy” rating and issued a $461.00 target price (up from $409.00) on shares of Snap-On in a report on Friday. Finally, Weiss Ratings reissued a “buy (b)” rating on shares of Snap-On in a research note on Friday, July 17th. Five research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to MarketBeat, Snap-On presently has an average rating of “Moderate Buy” and a consensus price target of $418.20.

Snap-On 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.