Saudi Central Bank Boosts Holdings in Snap-On Incorporated $SNA

Saudi Central Bank increased its position in Snap-On Incorporated (NYSE:SNA) by 89.8% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 3,644 shares of the company’s stock after buying an additional 1,724 shares during the quarter. Saudi Central Bank’s holdings in Snap-On were worth $1,466,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently added to or reduced their stakes in SNA. Miller Howard Investments Inc. NY bought a new stake in Snap-On during the first quarter worth approximately $51,244,000. QRG Capital Management Inc. raised its holdings in Snap-On by 9.9% during the 1st quarter. QRG Capital Management Inc. now owns 86,849 shares of the company’s stock worth $31,545,000 after buying an additional 7,798 shares during the period. Fisher Asset Management LLC boosted its stake in Snap-On by 21.8% in the 4th quarter. Fisher Asset Management LLC now owns 66,017 shares of the company’s stock worth $22,750,000 after purchasing an additional 11,808 shares during the period. Hsbc Holdings PLC grew its holdings in shares of Snap-On by 0.9% during the fourth quarter. Hsbc Holdings PLC now owns 374,236 shares of the company’s stock valued at $128,974,000 after buying an additional 3,321 shares in the last quarter. Finally, Sanctuary Advisors LLC increased its holdings in shares of Snap-On by 8.0% in the 1st quarter. Sanctuary Advisors LLC now owns 36,690 shares of the company’s stock valued at $13,326,000 after purchasing an additional 2,714 shares during the period. 84.88% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, SVP Timothy L. Chambers sold 9,111 shares of the stock in a transaction that occurred on Tuesday, July 28th. The shares were sold at an average price of $419.36, for a total value of $3,820,788.96. Following the completion of the transaction, the senior vice president owned 21,223 shares of the company’s stock, valued at $8,900,077.28. This represents a 30.04% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Nicholas T. Pinchuk sold 22,889 shares of the stock in a transaction on Tuesday, August 18th. The shares were sold at an average price of $399.69, for a total value of $9,148,504.41. Following the completion of the transaction, the chief executive officer owned 867,779 shares of the company’s stock, valued at $346,842,588.51. The trade was a 2.57% 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 40,720 shares of company stock valued at $16,500,198. Company insiders own 3.80% of the company’s stock.

Snap-On Stock Down 0.8%

NYSE:SNA opened at $379.97 on Wednesday. The company has a current ratio of 3.43, a quick ratio of 2.64 and a debt-to-equity ratio of 0.15. The stock has a market cap of $19.66 billion, a price-to-earnings ratio of 19.38, a PEG ratio of 2.69 and a beta of 0.72. The stock has a 50-day moving average price of $402.36 and a two-hundred day moving average price of $385.44. Snap-On Incorporated has a 1 year low of $320.80 and a 1 year high of $423.02.

Snap-On (NYSE:SNA) last announced its earnings results on Thursday, July 23rd. The company reported $4.96 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.95 by $0.01. The business had revenue of $1.24 billion for the quarter, compared to analyst estimates of $1.22 billion. Snap-On had a return on equity of 17.07% and a net margin of 21.25%.Snap-On’s revenue for the quarter was up 4.7% compared to the same quarter last year. During the same quarter last year, the firm earned $4.72 EPS. As a group, equities analysts expect that Snap-On Incorporated will post 19.7 earnings per share for the current year.

Snap-On Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 10th. Investors of record on Wednesday, August 19th will be given a dividend of $2.44 per share. The ex-dividend date of this dividend is Wednesday, August 19th. This represents a $9.76 annualized dividend and a yield of 2.6%. Snap-On’s dividend payout ratio is currently 49.77%.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on SNA shares. Tigress Financial lifted their price target on Snap-On from $445.00 to $485.00 and gave the company a “buy” rating in a report on Friday, July 31st. Roth Capital reiterated a “buy” rating and set a $461.00 price target (up from $409.00) on shares of Snap-On in a report on Friday, July 24th. Barclays started coverage on Snap-On in a research report on Thursday, May 28th. They set an “overweight” rating and a $420.00 target price on the stock. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Snap-On in a report on Friday, July 17th. Finally, Robert W. Baird set a $415.00 price target on Snap-On in a research report on Friday, July 24th. Five investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat, Snap-On presently has an average rating of “Moderate Buy” and a consensus target price of $426.20.

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.