Mirae Asset Global Investments Co. Ltd. Grows Stake in Snap-On Incorporated $SNA

Mirae Asset Global Investments Co. Ltd. raised its stake in Snap-On Incorporated (NYSE:SNA) by 10.8% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 54,567 shares of the company’s stock after purchasing an additional 5,299 shares during the quarter. Mirae Asset Global Investments Co. Ltd. owned about 0.10% of Snap-On worth $16,980,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in the stock. Alley Investment Management Company LLC raised its position in Snap-On by 0.3% in the second quarter. Alley Investment Management Company LLC now owns 26,204 shares of the company’s stock valued at $8,154,000 after purchasing an additional 87 shares during the period. Truist Financial Corp raised its position in Snap-On by 3.8% in the second quarter. Truist Financial Corp now owns 19,146 shares of the company’s stock valued at $5,958,000 after purchasing an additional 698 shares during the period. Gleason Group Inc. raised its position in Snap-On by 944.9% in the second quarter. Gleason Group Inc. now owns 930 shares of the company’s stock valued at $289,000 after purchasing an additional 841 shares during the period. Kelly Financial Services LLC raised its position in Snap-On by 13.1% in the second quarter. Kelly Financial Services LLC now owns 681 shares of the company’s stock valued at $212,000 after purchasing an additional 79 shares during the period. Finally, V Square Quantitative Management LLC raised its position in Snap-On by 10.8% in the second quarter. V Square Quantitative Management LLC now owns 709 shares of the company’s stock valued at $221,000 after purchasing an additional 69 shares during the period. 84.88% of the stock is owned by hedge funds and other institutional investors.

Snap-On Stock Down 0.5%

NYSE:SNA opened at $347.39 on Friday. The company has a market capitalization of $18.12 billion, a price-to-earnings ratio of 18.53, a price-to-earnings-growth ratio of 2.42 and a beta of 0.78. Snap-On Incorporated has a one year low of $284.38 and a one year high of $373.89. The stock has a 50-day simple moving average of $329.92 and a 200 day simple moving average of $323.64. The company has a debt-to-equity ratio of 0.21, a quick ratio of 3.42 and a current ratio of 4.48.

Snap-On (NYSE:SNA) last posted its quarterly earnings results on Thursday, July 17th. The company reported $4.72 EPS for the quarter, topping analysts’ consensus estimates of $4.61 by $0.11. The business had revenue of $1.18 billion during the quarter, compared to the consensus estimate of $1.16 billion. Snap-On had a return on equity of 18.02% and a net margin of 20.98%.The company’s revenue for the quarter was up .0% compared to the same quarter last year. During the same period last year, the firm earned $5.07 earnings per share. Sell-side analysts predict that Snap-On Incorporated will post 19.79 EPS for the current fiscal year.

Snap-On Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, September 10th. Investors of record on Tuesday, August 19th were paid a $2.14 dividend. This represents a $8.56 dividend on an annualized basis and a yield of 2.5%. The ex-dividend date was Tuesday, August 19th. Snap-On’s dividend payout ratio (DPR) is 45.65%.

Insider Transactions at Snap-On

In other Snap-On news, CFO Aldo John Pagliari sold 4,731 shares of Snap-On stock in a transaction that occurred on Thursday, August 14th. The stock was sold at an average price of $327.38, for a total value of $1,548,834.78. Following the completion of the transaction, the chief financial officer directly owned 111,667 shares in the company, valued at $36,557,542.46. The trade was a 4.06% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Nicholas T. Pinchuk sold 23,042 shares of Snap-On stock in a transaction that occurred on Monday, August 11th. The shares were sold at an average price of $320.88, for a total value of $7,393,716.96. Following the completion of the transaction, the chief executive officer owned 815,219 shares of the company’s stock, valued at approximately $261,587,472.72. The trade was a 2.75% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 27,898 shares of company stock valued at $8,983,203 over the last quarter. Insiders own 3.90% of the company’s stock.

Analyst Ratings Changes

Several analysts have recently weighed in on the company. Bank of America raised their target price on Snap-On from $265.00 to $285.00 and gave the company an “underperform” rating in a research note on Friday, July 18th. Barrington Research restated an “outperform” rating and set a $350.00 target price on shares of Snap-On in a research note on Tuesday, September 23rd. Robert W. Baird raised their target price on Snap-On from $329.00 to $347.00 and gave the company a “neutral” rating in a research note on Friday, July 18th. Tigress Financial raised their target price on Snap-On from $390.00 to $395.00 and gave the company a “buy” rating in a research note on Friday, August 29th. Finally, Weiss Ratings restated a “buy (b)” rating on shares of Snap-On in a research note on Saturday, September 27th. Five equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $357.00.

Snap-On Profile

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.