Bank of Nova Scotia Buys Shares of 6,498 Snap-On Incorporated $SNA

Bank of Nova Scotia purchased a new position in Snap-On Incorporated (NYSE:SNA) in the 2nd quarter, HoldingsChannel reports. The institutional investor purchased 6,498 shares of the company’s stock, valued at approximately $2,615,000.

A number of other hedge funds have also recently made changes to their positions in the stock. Elevation Point Wealth Partners LLC purchased a new position in Snap-On in the second quarter valued at about $236,000. Daiichi Life Insurance Co. Ltd. purchased a new stake in shares of Snap-On during the second quarter valued at about $280,000. Commerce Bank bought a new stake in shares of Snap-On in the 2nd quarter valued at about $1,202,000. Northwestern Mutual Wealth Management Co. purchased a new position in shares of Snap-On in the 2nd quarter worth approximately $1,092,000. Finally, Quantbot Technologies LP purchased a new position in shares of Snap-On in the 2nd quarter worth approximately $1,272,000. 84.88% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Snap-On

In related news, SVP Timothy L. Chambers sold 9,111 shares of the firm’s stock in a transaction on Tuesday, July 28th. The stock was sold at an average price of $419.36, for a total value of $3,820,788.96. Following the completion of the transaction, the senior vice president owned 21,223 shares in the company, valued at $8,900,077.28. This trade represents a 30.04% decrease in their position. The sale was disclosed in a legal filing with the SEC, 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 Snap-On stock in a transaction dated 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 sale, the senior vice president directly owned 4,439 shares of the company’s stock, valued at approximately $1,704,220.88. This represents a 48.92% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 45,928 shares of company stock worth $18,483,009 over the last 90 days. Insiders own 3.80% of the company’s stock.

Snap-On Stock Up 0.8%

SNA stock opened at $397.69 on Thursday. The firm has a 50 day moving average of $403.90 and a 200 day moving average of $385.04. The stock has a market capitalization of $20.57 billion, a PE ratio of 20.28, a price-to-earnings-growth ratio of 2.78 and a beta of 0.73. The company has a quick ratio of 2.64, a current ratio of 3.43 and a debt-to-equity ratio of 0.15. Snap-On Incorporated has a 52 week low of $319.20 and a 52 week high of $423.02.

Snap-On (NYSE:SNA) last issued its quarterly earnings results on Thursday, July 23rd. The company reported $4.96 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.95 by $0.01. The business had revenue of $1.24 billion for 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%. Snap-On’s revenue for the quarter was up 4.7% compared to the same quarter last year. During the same quarter in the prior year, the business posted $4.72 EPS. Sell-side analysts forecast that Snap-On Incorporated will post 19.7 earnings per share for the current year.

Snap-On declared that its Board of Directors has authorized a stock 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 buy up to 2.5% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s management believes its shares are undervalued.

Snap-On Announces Dividend

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

Analyst Ratings Changes

Several research firms recently commented on SNA. Weiss Ratings reiterated a “buy (b)” rating on shares of Snap-On in a research note on Friday, July 17th. Barclays began coverage on shares of Snap-On in a report on Thursday, May 28th. They issued an “overweight” rating and a $420.00 price target on the stock. Roth Capital reaffirmed a “buy” rating and set a $461.00 price target (up from $409.00) on shares of Snap-On in a research report on Friday, July 24th. Robert W. Baird set a $415.00 price objective on Snap-On in a report on Friday, July 24th. Finally, Tigress Financial raised 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. Five investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $426.20.

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.