Redwood Investment Management LLC Buys New Holdings in Snap-On Incorporated $SNA

Redwood Investment Management LLC purchased a new position in shares of Snap-On Incorporated (NYSE:SNA) during the second quarter, according to its most recent disclosure with the SEC. The institutional investor purchased 2,211 shares of the company’s stock, valued at approximately $890,000.

Several other institutional investors and hedge funds have also added to or reduced their stakes in SNA. Miller Howard Investments Inc. NY purchased a new position in Snap-On during the first quarter worth about $51,244,000. QRG Capital Management Inc. increased its stake in Snap-On by 9.9% in the 1st quarter. QRG Capital Management Inc. now owns 86,849 shares of the company’s stock valued at $31,545,000 after buying an additional 7,798 shares during the last quarter. Fisher Asset Management LLC increased its stake in Snap-On by 21.8% in the 4th quarter. Fisher Asset Management LLC now owns 66,017 shares of the company’s stock valued at $22,750,000 after buying an additional 11,808 shares during the last quarter. Hsbc Holdings PLC lifted its position in shares of Snap-On by 0.9% during the 4th quarter. Hsbc Holdings PLC now owns 374,236 shares of the company’s stock worth $128,974,000 after buying an additional 3,321 shares in the last quarter. Finally, Sanctuary Advisors LLC lifted its position in shares of Snap-On by 8.0% during the 1st quarter. Sanctuary Advisors LLC now owns 36,690 shares of the company’s stock worth $13,326,000 after buying an additional 2,714 shares in the last quarter. Institutional investors own 84.88% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have recently issued reports on SNA shares. Robert W. Baird set a $415.00 target price on Snap-On in a report on Friday, July 24th. Barclays assumed coverage on Snap-On in a report on Thursday, May 28th. They set an “overweight” rating and a $420.00 price target on the stock. Tigress Financial boosted their price objective on Snap-On from $445.00 to $485.00 and gave the stock a “buy” rating in a research report on Friday, July 31st. Roth Capital restated a “buy” rating and issued a $461.00 price objective (up from $409.00) on shares of Snap-On in a research note on Friday, July 24th. Finally, Weiss Ratings reaffirmed a “buy (b)” rating on shares of Snap-On in a research report on Friday, July 17th. Five investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $426.20.

Snap-On Trading Down 0.4%

Shares of Snap-On stock opened at $395.94 on Friday. Snap-On Incorporated has a 52-week low of $319.20 and a 52-week high of $423.02. The stock’s 50-day simple moving average is $404.06 and its 200 day simple moving average is $385.23. The stock has a market capitalization of $20.48 billion, a P/E ratio of 20.19, a P/E/G ratio of 2.80 and a beta of 0.73. 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 issued its earnings results on Thursday, July 23rd. The company reported $4.96 earnings per share for the quarter, topping analysts’ consensus estimates of $4.95 by $0.01. The firm had revenue of $1.24 billion during the quarter, compared to analyst estimates of $1.22 billion. Snap-On had a net margin of 21.25% and a return on equity of 17.07%. The company’s quarterly revenue was up 4.7% on a year-over-year basis. During the same quarter last year, the business earned $4.72 earnings per share. As a group, research analysts anticipate that Snap-On Incorporated will post 19.7 EPS for the current year.

Snap-On Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 10th. Investors of record on Wednesday, August 19th will be paid a dividend of $2.44 per share. This represents a $9.76 dividend on an annualized basis and a dividend yield of 2.5%. The ex-dividend date is Wednesday, August 19th. Snap-On’s dividend payout ratio is presently 49.77%.

Snap-On announced that its Board of Directors has initiated a share repurchase program 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 shares through open market purchases. Shares buyback programs are often a sign that the company’s board believes its stock is undervalued.

Insider Buying and Selling

In other Snap-On news, SVP Jesus Arregui sold 4,251 shares of the stock in a transaction on 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 sale, the senior vice president owned 4,439 shares in the company, valued at $1,704,220.88. This represents a 48.92% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, VP Richard Thomas Miller sold 2,000 shares of the firm’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 directly owned 4,529 shares of the company’s stock, valued at $1,838,411.68. The trade was a 30.63% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 46,728 shares of company stock worth $18,803,009 in the last 90 days. 3.80% of the stock is currently owned by company insiders.

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.