Resona Asset Management Co. Ltd. Raises Position in Snap-On Incorporated $SNA

Resona Asset Management Co. Ltd. increased its stake in Snap-On Incorporated (NYSE:SNA) by 6.5% during the 2nd quarter, Holdings Channel reports. The fund owned 19,747 shares of the company’s stock after purchasing an additional 1,199 shares during the quarter. Resona Asset Management Co. Ltd.’s holdings in Snap-On were worth $6,144,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. Choreo LLC lifted its holdings in shares of Snap-On by 78.3% in the 1st quarter. Choreo LLC now owns 7,218 shares of the company’s stock worth $2,432,000 after purchasing an additional 3,170 shares during the last quarter. Advisors Capital Management LLC grew its stake in Snap-On by 5.3% during the 1st quarter. Advisors Capital Management LLC now owns 1,241 shares of the company’s stock worth $418,000 after buying an additional 63 shares during the last quarter. Jump Financial LLC increased its position in Snap-On by 367.7% in the first quarter. Jump Financial LLC now owns 5,523 shares of the company’s stock worth $1,861,000 after buying an additional 4,342 shares during the period. Jacobs Levy Equity Management Inc. acquired a new stake in Snap-On in the first quarter worth $1,986,000. Finally, Ascent Group LLC bought a new stake in Snap-On in the first quarter valued at $421,000. 84.88% of the stock is owned by institutional investors and hedge funds.

Snap-On Stock Performance

Shares of SNA opened at $343.85 on Monday. The company has a debt-to-equity ratio of 0.20, a current ratio of 4.40 and a quick ratio of 3.37. The firm’s 50 day moving average is $337.31 and its 200-day moving average is $326.30. Snap-On Incorporated has a 12-month low of $289.81 and a 12-month high of $373.89. The stock has a market capitalization of $17.88 billion, a P/E ratio of 18.03, a P/E/G ratio of 2.33 and a beta of 0.81.

Snap-On (NYSE:SNA) last posted its quarterly earnings results on Thursday, October 16th. The company reported $4.71 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.59 by $0.12. Snap-On had a net margin of 21.08% and a return on equity of 17.71%. The firm had revenue of $1.19 billion for the quarter, compared to analyst estimates of $1.16 billion. During the same quarter in the previous year, the business posted $4.70 earnings per share. The firm’s quarterly revenue was up 3.8% compared to the same quarter last year. Equities research analysts anticipate that Snap-On Incorporated will post 19.79 EPS for the current fiscal year.

Snap-On Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, December 10th. Stockholders of record on Friday, November 21st will be issued a dividend of $2.44 per share. This is a positive change from Snap-On’s previous quarterly dividend of $2.14. This represents a $9.76 dividend on an annualized basis and a dividend yield of 2.8%. The ex-dividend date is Friday, November 21st. Snap-On’s dividend payout ratio is presently 44.89%.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on SNA shares. Barrington Research reaffirmed an “outperform” rating and issued a $350.00 price objective on shares of Snap-On in a report on Wednesday, October 15th. Bank of America raised their price target on shares of Snap-On from $265.00 to $285.00 and gave the company an “underperform” rating in a research note on Friday, July 18th. Weiss Ratings reiterated a “buy (b)” rating on shares of Snap-On in a research report on Wednesday, October 8th. Wall Street Zen raised Snap-On from a “hold” rating to a “buy” rating in a report on Saturday, October 18th. Finally, Robert W. Baird lifted their target price on Snap-On from $355.00 to $365.00 and gave the company a “neutral” rating in a research note on Friday, October 17th. Five investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, Snap-On currently has a consensus rating of “Moderate Buy” and an average price target of $365.00.

Insiders Place Their Bets

In other Snap-On news, CFO Aldo John Pagliari sold 4,731 shares of the firm’s stock in a transaction dated Thursday, August 14th. The stock was sold at an average price of $327.38, for a total transaction of $1,548,834.78. Following the completion of the sale, the chief financial officer directly owned 111,667 shares in the company, valued at approximately $36,557,542.46. This trade represents a 4.06% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders own 3.90% of the company’s stock.

Snap-On Company 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.