Pictet Asset Management Ltd. Cuts Stake in Snap-On Incorporated (SNA)
Pictet Asset Management Ltd. decreased its holdings in Snap-On Incorporated (NYSE:SNA) by 6.2% in the third quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 39,439 shares of the company’s stock after selling 2,600 shares during the period. Pictet Asset Management Ltd. owned approximately 0.07% of Snap-On worth $5,877,000 as of its most recent SEC filing.
A number of other large investors have also recently bought and sold shares of the stock. Duncker Streett & Co. Inc. raised its holdings in Snap-On by 23.5% during the 3rd quarter. Duncker Streett & Co. Inc. now owns 3,230 shares of the company’s stock valued at $481,000 after buying an additional 615 shares during the last quarter. Korea Investment CORP raised its holdings in Snap-On by 30.0% during the 3rd quarter. Korea Investment CORP now owns 60,251 shares of the company’s stock valued at $8,978,000 after buying an additional 13,900 shares during the last quarter. Aperio Group LLC raised its holdings in Snap-On by 6.3% during the 3rd quarter. Aperio Group LLC now owns 21,575 shares of the company’s stock valued at $3,215,000 after buying an additional 1,276 shares during the last quarter. Vaughan Nelson Investment Management L.P. raised its holdings in Snap-On by 107.4% during the 3rd quarter. Vaughan Nelson Investment Management L.P. now owns 694,612 shares of the company’s stock valued at $103,506,000 after buying an additional 359,772 shares during the last quarter. Finally, Cardinal Capital Management raised its holdings in Snap-On by 18.2% during the 3rd quarter. Cardinal Capital Management now owns 7,709 shares of the company’s stock valued at $1,148,000 after buying an additional 1,187 shares during the last quarter. Institutional investors own 94.97% of the company’s stock.
A number of research firms recently commented on SNA. Barrington Research upgraded shares of Snap-On from a “market perform” rating to an “outperform” rating and set a $185.00 price target for the company in a report on Monday, October 23rd. B. Riley reiterated a “buy” rating on shares of Snap-On in a report on Wednesday, November 1st. Jefferies Group LLC reiterated a “hold” rating and set a $175.00 price target on shares of Snap-On in a report on Friday, November 3rd. Zacks Investment Research upgraded shares of Snap-On from a “sell” rating to a “hold” rating in a report on Wednesday, July 19th. Finally, BidaskClub upgraded shares of Snap-On from a “strong sell” rating to a “sell” rating in a report on Wednesday, July 19th. Two analysts have rated the stock with a sell rating, two have issued a hold rating and seven have given a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average price target of $192.00.
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Snap-On Incorporated (NYSE SNA) opened at $155.87 on Friday. The company has a debt-to-equity ratio of 0.26, a current ratio of 1.75 and a quick ratio of 1.22. Snap-On Incorporated has a 1-year low of $140.83 and a 1-year high of $181.73. The company has a market cap of $8,939.30, a price-to-earnings ratio of 15.82, a price-to-earnings-growth ratio of 1.46 and a beta of 1.12.
Snap-On (NYSE:SNA) last issued its quarterly earnings data on Thursday, October 19th. The company reported $2.45 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $2.43 by $0.02. Snap-On had a net margin of 15.95% and a return on equity of 20.82%. The business had revenue of $903.80 million during the quarter, compared to analyst estimates of $889.22 million. During the same period in the prior year, the business earned $2.22 EPS. The company’s revenue for the quarter was up 8.4% on a year-over-year basis. sell-side analysts predict that Snap-On Incorporated will post 10.09 earnings per share for the current fiscal year.
Snap-On declared that its Board of Directors has approved a stock buyback program on Monday, August 7th that authorizes the company to repurchase $500.00 million in shares. This repurchase authorization authorizes the company to purchase shares of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s management believes its shares are undervalued.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 8th. Shareholders of record on Friday, November 17th will be issued a $0.82 dividend. The ex-dividend date of this dividend is Thursday, November 16th. This is a positive change from Snap-On’s previous quarterly dividend of $0.71. This represents a $3.28 annualized dividend and a yield of 2.10%. Snap-On’s dividend payout ratio is 29.13%.
Snap-On Company Profile
Snap-on Incorporated is a manufacturer and marketer of tools, equipment, diagnostics, repair information and systems solutions. The Company’s segments include the Commercial & Industrial Group, the Snap-on Tools Group, the Repair Systems & Information Group, and Financial Services. The Commercial & Industrial Group consists of business operations serving a range of industrial and commercial customers, including customers in the aerospace, natural resources, government, power generation, transportation and technical education markets.
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