Hsbc Holdings PLC Buys 68,074 Shares of Snap-On Incorporated $SNA

Hsbc Holdings PLC raised its stake in shares of Snap-On Incorporated (NYSE:SNA) by 18.2% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 442,310 shares of the company’s stock after purchasing an additional 68,074 shares during the quarter. Hsbc Holdings PLC owned approximately 0.85% of Snap-On worth $160,629,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the stock. Thurston Springer Miller Herd & Titak Inc. bought a new stake in shares of Snap-On during the 4th quarter valued at about $25,000. DV Equities LLC bought a new position in Snap-On in the fourth quarter worth about $25,000. GoalVest Advisory LLC purchased a new stake in Snap-On in the fourth quarter worth about $28,000. Montag A & Associates Inc. lifted its holdings in Snap-On by 331.8% in the fourth quarter. Montag A & Associates Inc. now owns 95 shares of the company’s stock worth $33,000 after buying an additional 73 shares during the period. Finally, Quattro Advisors LLC bought a new stake in Snap-On during the 4th quarter valued at approximately $35,000. 84.88% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on SNA shares. Robert W. Baird increased their target price on Snap-On from $380.00 to $395.00 and gave the stock a “neutral” rating in a research 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. Roth Capital reaffirmed a “buy” rating and issued a $431.00 price target on shares of Snap-On in a research note on Friday, April 24th. Finally, Barclays initiated coverage on Snap-On in a report on Thursday, May 28th. They issued an “overweight” rating and a $420.00 price objective for the company. Five equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $408.20.

Insider Buying and Selling

In other Snap-On news, SVP Jesus Arregui sold 4,251 shares of the business’s stock in a transaction on 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. The trade was a 48.92% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Aldo John Pagliari sold 1,330 shares of the stock in a transaction on Thursday, June 4th. The stock was sold at an average price of $379.27, for a total value of $504,429.10. Following the completion of the sale, the chief financial officer directly owned 118,158 shares in the company, valued at approximately $44,813,784.66. This represents a 1.11% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 37,117 shares of company stock valued at $14,003,922. 3.80% of the stock is owned by insiders.

Snap-On Price Performance

Shares of SNA opened at $411.01 on Friday. Snap-On Incorporated has a fifty-two week low of $312.78 and a fifty-two week high of $419.68. The firm’s 50-day simple moving average is $385.83 and its two-hundred day simple moving average is $376.45. The stock has a market cap of $21.29 billion, a PE ratio of 21.22, a price-to-earnings-growth ratio of 2.89 and a beta of 0.73. The company has a debt-to-equity ratio of 0.15, a quick ratio of 2.74 and a current ratio of 3.53.

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

Snap-On Announces Dividend

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

Snap-On declared that its Board of Directors has initiated a stock repurchase program on Thursday, April 30th that permits the company to repurchase $500.00 million in shares. This repurchase authorization permits the company to purchase up to 2.5% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s board believes its shares are undervalued.

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.