New York State Teachers Retirement System Raises Stake in Snap-on Incorporated (NYSE:SNA)

New York State Teachers Retirement System increased its stake in shares of Snap-on Incorporated (NYSE:SNA) by 3.8% in the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 63,322 shares of the company’s stock after buying an additional 2,320 shares during the period. New York State Teachers Retirement System’s holdings in Snap-on were worth $16,552,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in the stock. Scarborough Advisors LLC bought a new stake in shares of Snap-on in the fourth quarter valued at approximately $30,000. Opal Wealth Advisors LLC purchased a new stake in shares of Snap-on during the second quarter worth $30,000. Pacific Capital Wealth Advisors Inc. purchased a new position in shares of Snap-on in the fourth quarter valued at $55,000. Fidelis Capital Partners LLC purchased a new stake in Snap-on during the 1st quarter worth about $56,000. Finally, Versant Capital Management Inc boosted its stake in Snap-on by 529.0% in the 2nd quarter. Versant Capital Management Inc now owns 195 shares of the company’s stock worth $51,000 after purchasing an additional 164 shares during the period. Institutional investors own 84.88% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on SNA shares. Roth Mkm reissued a “buy” rating and issued a $324.00 price target on shares of Snap-on in a report on Tuesday, July 16th. Barrington Research reiterated an “outperform” rating and issued a $325.00 price objective on shares of Snap-on in a research report on Tuesday, July 16th. Robert W. Baird reduced their target price on Snap-on from $282.00 to $275.00 and set a “neutral” rating for the company in a research report on Friday, July 12th. Finally, Tigress Financial reaffirmed a “buy” rating and issued a $336.00 price target on shares of Snap-on in a report on Thursday, July 25th. One equities research analyst has rated the stock with a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat, Snap-on presently has a consensus rating of “Moderate Buy” and an average price target of $315.00.

Insider Activity at Snap-on

In other Snap-on news, SVP Jesus Arregui sold 8,434 shares of the business’s stock in a transaction on Wednesday, May 29th. The stock was sold at an average price of $265.17, for a total value of $2,236,443.78. Following the sale, the senior vice president now directly owns 252 shares of the company’s stock, valued at $66,822.84. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Snap-on news, CFO Aldo John Pagliari sold 4,473 shares of the stock in a transaction on Thursday, August 22nd. The stock was sold at an average price of $278.74, for a total transaction of $1,246,804.02. Following the sale, the chief financial officer now directly owns 99,244 shares in the company, valued at approximately $27,663,272.56. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, SVP Jesus Arregui sold 8,434 shares of the business’s stock in a transaction dated Wednesday, May 29th. The stock was sold at an average price of $265.17, for a total value of $2,236,443.78. Following the completion of the transaction, the senior vice president now directly owns 252 shares of the company’s stock, valued at approximately $66,822.84. The disclosure for this sale can be found here. Insiders sold a total of 61,272 shares of company stock valued at $16,438,942 in the last 90 days. Corporate insiders own 4.10% of the company’s stock.

Snap-on Trading Up 1.8 %

Shares of Snap-on stock traded up $5.09 on Friday, hitting $282.76. The stock had a trading volume of 98,905 shares, compared to its average volume of 291,863. The stock’s 50-day simple moving average is $269.91 and its two-hundred day simple moving average is $275.74. Snap-on Incorporated has a one year low of $249.84 and a one year high of $298.49. The company has a quick ratio of 3.05, a current ratio of 4.06 and a debt-to-equity ratio of 0.22. The stock has a market cap of $14.90 billion, a price-to-earnings ratio of 14.59, a PEG ratio of 1.92 and a beta of 0.98.

Snap-on (NYSE:SNA) last posted its quarterly earnings data on Thursday, July 18th. The company reported $5.07 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.94 by $0.13. The business had revenue of $1.18 billion during the quarter, compared to the consensus estimate of $1.20 billion. Snap-on had a return on equity of 19.90% and a net margin of 21.90%. The firm’s quarterly revenue was down 1.0% compared to the same quarter last year. During the same quarter in the prior year, the company earned $4.89 earnings per share. As a group, sell-side analysts predict that Snap-on Incorporated will post 18.95 EPS for the current year.

Snap-on Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 10th. Stockholders of record on Monday, August 19th will be given a $1.86 dividend. The ex-dividend date is Monday, August 19th. This represents a $7.44 dividend on an annualized basis and a dividend yield of 2.63%. Snap-on’s dividend payout ratio is currently 39.03%.

Snap-on declared that its board has approved a stock repurchase program on Thursday, August 8th that authorizes the company to repurchase $500.00 million in outstanding shares. This repurchase authorization authorizes the company to buy up to 3.5% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s leadership believes its shares are undervalued.

About Snap-on

Snap-on Incorporated manufactures and markets tools, equipment, diagnostics, and repair information and systems solutions for professional users worldwide. It operates through Commercial & Industrial Group, Snap-on Tools Group, Repair Systems & Information Group, and Financial Services segments.