Carderock Capital Management Inc. Grows Stake in Snap-On Incorporated (NYSE:SNA)

Carderock Capital Management Inc. boosted its stake in shares of Snap-On Incorporated (NYSE:SNA) by 0.1% during the 2nd quarter, according to its most recent filing with the SEC. The firm owned 18,137 shares of the company’s stock after purchasing an additional 18 shares during the period. Carderock Capital Management Inc.’s holdings in Snap-On were worth $2,866,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently made changes to their positions in the business. Cadence Capital Management LLC grew its position in Snap-On by 0.4% during the 2nd quarter. Cadence Capital Management LLC now owns 1,891 shares of the company’s stock worth $299,000 after purchasing an additional 8 shares during the period. Doyle Wealth Management grew its position in Snap-On by 0.3% during the 2nd quarter. Doyle Wealth Management now owns 3,996 shares of the company’s stock worth $631,000 after purchasing an additional 13 shares during the period. Intrust Bank NA grew its position in Snap-On by 0.8% during the 1st quarter. Intrust Bank NA now owns 3,062 shares of the company’s stock worth $516,000 after purchasing an additional 23 shares during the period. Pacer Advisors Inc. grew its position in Snap-On by 2.9% during the 1st quarter. Pacer Advisors Inc. now owns 1,185 shares of the company’s stock worth $200,000 after purchasing an additional 33 shares during the period. Finally, Wade G W & Inc. grew its position in Snap-On by 2.0% during the 1st quarter. Wade G W & Inc. now owns 2,661 shares of the company’s stock worth $449,000 after purchasing an additional 53 shares during the period. 93.77% of the stock is currently owned by institutional investors.

Snap-On Incorporated (SNA) traded up 0.144% during midday trading on Wednesday, hitting $149.585. The stock had a trading volume of 165,756 shares. The stock has a 50 day moving average of $149.13 and a 200 day moving average of $160.02. Snap-On Incorporated has a 12 month low of $140.83 and a 12 month high of $181.73. The stock has a market cap of $8.61 billion, a price-to-earnings ratio of 15.485 and a beta of 1.05.

Snap-On (NYSE:SNA) last issued its quarterly earnings results on Thursday, July 20th. The company reported $2.60 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.55 by $0.05. Snap-On had a net margin of 16.22% and a return on equity of 20.90%. The business had revenue of $921.40 million for the quarter, compared to analyst estimates of $920.87 million. During the same period in the previous year, the business posted $2.36 earnings per share. The business’s revenue was up 5.6% compared to the same quarter last year. Analysts expect that Snap-On Incorporated will post $10.09 EPS for the current fiscal year.

The business also recently announced a quarterly dividend, which was paid on Friday, September 8th. Shareholders of record on Friday, August 18th were given a dividend of $0.71 per share. The ex-dividend date of this dividend was Wednesday, August 16th. This represents a $2.84 annualized dividend and a yield of 1.90%. Snap-On’s payout ratio is currently 29.34%.

Snap-On announced that its board has approved a stock repurchase plan on Monday, August 7th that allows the company to repurchase $500.00 million in outstanding shares. This repurchase authorization allows the company to purchase shares of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board of directors believes its shares are undervalued.

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Several equities research analysts have weighed in on SNA shares. BidaskClub downgraded Snap-On from a “sell” rating to a “strong sell” rating in a research report on Wednesday, August 23rd. Longbow Research downgraded Snap-On from a “buy” rating to a “neutral” rating in a research report on Monday, August 21st. Robert W. Baird restated an “outperform” rating and set a $197.00 target price on shares of Snap-On in a research report on Wednesday, August 2nd. Zacks Investment Research cut Snap-On from a “hold” rating to a “sell” rating in a research report on Wednesday, July 12th. Finally, Oppenheimer Holdings, Inc. restated an “outperform” rating and set a $200.00 target price on shares of Snap-On in a research report on Thursday, June 1st. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and five have assigned a buy rating to the company. The stock presently has an average rating of “Hold” and an average target price of $197.86.

In other Snap-On news, Director Ruth Ann M. Gillis purchased 265 shares of the stock in a transaction dated Friday, August 4th. The shares were acquired at an average cost of $152.58 per share, for a total transaction of $40,433.70. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Iain Boyd sold 18,418 shares of the stock in a transaction that occurred on Monday, July 24th. The shares were sold at an average price of $147.54, for a total transaction of $2,717,391.72. The disclosure for this sale can be found here. Corporate insiders own 3.70% of the company’s stock.

Snap-On 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.

Institutional Ownership by Quarter for Snap-On (NYSE:SNA)

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