Fifth Third Bancorp Grows Stock Holdings in Snap-On Incorporated $SNA

Fifth Third Bancorp raised its holdings in shares of Snap-On Incorporated (NYSE:SNA) by 196.0% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 28,022 shares of the company’s stock after acquiring an additional 18,554 shares during the quarter. Fifth Third Bancorp’s holdings in Snap-On were worth $10,178,000 as of its most recent filing with the SEC.

Several other large investors have also modified their holdings of SNA. Thurston Springer Miller Herd & Titak Inc. acquired a new position in Snap-On in the fourth quarter valued at $25,000. DV Equities LLC purchased a new position in shares of Snap-On in the 4th quarter valued at approximately $25,000. GoalVest Advisory LLC acquired a new position in Snap-On in the 4th quarter valued at $28,000. Montag A & Associates Inc. increased its stake in shares of Snap-On by 331.8% during the fourth quarter. Montag A & Associates Inc. now owns 95 shares of the company’s stock worth $33,000 after acquiring an additional 73 shares during the period. Finally, Quattro Advisors LLC acquired a new position in Snap-On during the 4th quarter worth approximately $35,000. Institutional investors and hedge funds own 84.88% of the company’s stock.

Snap-On Stock Performance

Shares of SNA stock opened at $404.86 on Wednesday. The company’s fifty day simple moving average is $383.85 and its 200-day simple moving average is $375.41. The company has a market cap of $20.97 billion, a PE ratio of 20.90, a P/E/G ratio of 2.82 and a beta of 0.73. Snap-On Incorporated has a 52 week low of $310.23 and a 52 week high of $414.62. The company has a current ratio of 3.53, a quick ratio of 2.74 and a debt-to-equity ratio of 0.15.

Snap-On (NYSE:SNA) last issued its earnings results on Thursday, April 23rd. The company reported $4.69 earnings per share for the quarter, missing the consensus estimate of $4.75 by ($0.06). The company had revenue of $1.21 billion during the quarter, compared to analysts’ expectations of $1.19 billion. Snap-On had a return on equity of 17.13% and a net margin of 21.28%.Snap-On’s quarterly revenue was up 5.8% on a year-over-year basis. During the same period in the previous year, the company earned $4.51 EPS. As a group, equities research analysts anticipate that Snap-On Incorporated will post 19.7 EPS for the current year.

Snap-On announced that its Board of Directors has authorized a share repurchase plan on Thursday, April 30th that allows the company to buyback $500.00 million in shares. This buyback authorization allows the company to buy up to 2.5% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s leadership believes its shares are undervalued.

Snap-On Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, June 10th. Shareholders of record on Wednesday, May 20th were given a $2.44 dividend. This represents a $9.76 dividend on an annualized basis and a yield of 2.4%. The ex-dividend date of this dividend was Wednesday, May 20th. Snap-On’s dividend payout ratio is presently 50.39%.

Insiders Place Their Bets

In other Snap-On news, CEO Nicholas T. Pinchuk sold 23,396 shares of the firm’s stock in a transaction on Tuesday, May 5th. The shares were sold at an average price of $375.77, for a total transaction of $8,791,514.92. Following the completion of the transaction, the chief executive officer directly owned 856,918 shares of the company’s stock, valued at $322,004,076.86. This trade represents a 2.66% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, VP Richard Thomas Miller sold 2,000 shares of Snap-On stock in a transaction dated 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 owned 4,529 shares of the company’s stock, valued at $1,838,411.68. This trade represents 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. Over the last three months, insiders sold 37,117 shares of company stock worth $14,003,922. Company insiders own 3.80% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on SNA shares. Barclays initiated coverage on shares of Snap-On in a report on Thursday, May 28th. They issued an “overweight” rating and a $420.00 price target for the company. Robert W. Baird boosted their price target on Snap-On from $380.00 to $395.00 and gave the stock a “neutral” rating in a report on Friday, April 24th. Weiss Ratings restated a “buy (b)” rating on shares of Snap-On in a research report on Monday, April 20th. Finally, Roth Capital reiterated a “buy” rating and set a $431.00 target price on shares of Snap-On in a research report on Friday, April 24th. Five equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $387.67.

Snap-On Company Profile

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.