Engineers Gate Manager LP Acquires New Position in Snap-On Incorporated $SNA

Engineers Gate Manager LP acquired a new stake in shares of Snap-On Incorporated (NYSE:SNA) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 6,904 shares of the company’s stock, valued at approximately $2,778,000.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in SNA. California State Teachers Retirement System grew its stake in Snap-On by 37,771.8% in the 2nd quarter. California State Teachers Retirement System now owns 34,015,677 shares of the company’s stock valued at $13,687,908,000 after buying an additional 33,925,859 shares in the last quarter. BlackRock Inc. purchased a new stake in shares of Snap-On during the second quarter worth $1,715,363,000. Auto Owners Insurance Co lifted its position in shares of Snap-On by 34,360.0% during the fourth quarter. Auto Owners Insurance Co now owns 1,025,185 shares of the company’s stock worth $353,279,000 after acquiring an additional 1,022,210 shares in the last quarter. Bank of America Corp DE bought a new position in shares of Snap-On in the second quarter worth $329,779,000. Finally, Norges Bank bought a new position in shares of Snap-On in the fourth quarter worth $210,814,000. Institutional investors own 84.88% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on SNA shares. Roth Capital reiterated a “buy” rating and set a $461.00 price objective (up from $409.00) on shares of Snap-On in a research note on Friday, July 24th. Weiss Ratings restated a “buy (b)” rating on shares of Snap-On in a research note on Friday, July 17th. Barclays started coverage on Snap-On in a report on Thursday, May 28th. They set an “overweight” rating and a $420.00 target price for the company. Tigress Financial upped their price target on Snap-On from $445.00 to $485.00 and gave the company a “buy” rating in a research report on Friday, July 31st. Finally, Robert W. Baird set a $415.00 price target on shares of Snap-On in a report on Friday, July 24th. Five 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, Snap-On presently has a consensus rating of “Moderate Buy” and a consensus target price of $426.20.

Snap-On Stock Up 0.7%

SNA opened at $378.11 on Tuesday. The company has a fifty day moving average price of $399.64 and a 200-day moving average price of $385.19. The firm has a market capitalization of $19.56 billion, a P/E ratio of 19.28, a price-to-earnings-growth ratio of 2.64 and a beta of 0.72. The company has a debt-to-equity ratio of 0.15, a current ratio of 3.43 and a quick ratio of 2.64. Snap-On Incorporated has a one year low of $320.80 and a one year high of $423.02.

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

Snap-On Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, September 10th. Stockholders of record on Wednesday, August 19th were issued a $2.44 dividend. The ex-dividend date of this dividend was Wednesday, August 19th. This represents a $9.76 dividend on an annualized basis and a dividend yield of 2.6%. Snap-On’s dividend payout ratio is presently 49.77%.

Insider Activity

In related news, CFO Aldo Pagliari sold 5,531 shares of the stock in a transaction on Thursday, August 13th. The stock was sold at an average price of $404.25, for a total value of $2,235,906.75. Following the transaction, the chief financial officer owned 120,644 shares of the company’s stock, valued at $48,770,337. This represents a 4.38% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, VP Richard Miller sold 2,000 shares of the stock in a transaction dated Wednesday, July 1st. The shares were sold at an average price of $405.92, for a total value of $811,840.00. Following the transaction, the vice president owned 4,529 shares in the company, valued at $1,838,411.68. This trade represents a 30.63% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders have sold 40,720 shares of company stock worth $16,500,198. Corporate insiders own 3.80% of the company’s stock.

Snap-On Company Profile

Snap-on Incorporated is a manufacturer and distributor of professional tools, equipment, diagnostics and repair information. Its products include hand and power tools, tool storage, vehicle diagnostic systems, shop equipment, repair software and related services. The company serves professional technicians and customers in the automotive repair, commercial transportation, industrial, aviation, military, agriculture and other technical markets.

Snap-on sells products under the Snap-on brand and other brands, including Blue-Point, through a broad distribution network.