Sprucegrove Investment Management Ltd. Trims Holdings in Snap-On Incorporated $SNA

Sprucegrove Investment Management Ltd. lowered its holdings in shares of Snap-On Incorporated (NYSE:SNA) by 64.6% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 17,180 shares of the company’s stock after selling 31,400 shares during the period. Snap-On accounts for 0.7% of Sprucegrove Investment Management Ltd.’s investment portfolio, making the stock its 16th largest holding. Sprucegrove Investment Management Ltd.’s holdings in Snap-On were worth $5,920,000 as of its most recent SEC filing.

A number of other institutional investors also recently bought and sold shares of the business. Kennebec Savings Bank grew its holdings in shares of Snap-On by 3.6% during the fourth quarter. Kennebec Savings Bank now owns 783 shares of the company’s stock worth $270,000 after buying an additional 27 shares during the last quarter. Nisa Investment Advisors LLC raised its holdings in shares of Snap-On by 0.4% in the third quarter. Nisa Investment Advisors LLC now owns 7,346 shares of the company’s stock worth $2,546,000 after acquiring an additional 31 shares during the last quarter. CWM LLC lifted its position in shares of Snap-On by 0.6% in the fourth quarter. CWM LLC now owns 5,517 shares of the company’s stock valued at $1,901,000 after acquiring an additional 31 shares in the last quarter. Cardinal Capital Management increased its position in Snap-On by 0.3% during the 3rd quarter. Cardinal Capital Management now owns 11,197 shares of the company’s stock worth $3,880,000 after purchasing an additional 32 shares in the last quarter. Finally, Ritholtz Wealth Management lifted its holdings in Snap-On by 2.5% in the 4th quarter. Ritholtz Wealth Management now owns 1,401 shares of the company’s stock valued at $483,000 after purchasing an additional 34 shares in the last quarter. 84.88% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the stock. Robert W. Baird upped their price objective on shares of Snap-On from $380.00 to $395.00 and gave the company a “neutral” rating in a research note on Friday, April 24th. Roth Mkm reiterated a “buy” rating and issued a $431.00 target price on shares of Snap-On in a research note on Friday, April 24th. Weiss Ratings reiterated a “buy (b)” rating on shares of Snap-On in a research report on Monday, April 20th. Tigress Financial increased their price objective on shares of Snap-On from $405.00 to $445.00 and gave the stock a “buy” rating in a report on Friday, February 27th. Finally, Wall Street Zen lowered shares of Snap-On from a “buy” rating to a “hold” rating in a research report on Saturday, February 7th. Four 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 stock presently has an average rating of “Moderate Buy” and an average price target of $381.20.

Insider Transactions at Snap-On

In related news, CFO Aldo John Pagliari sold 7,043 shares of the firm’s stock in a transaction dated Thursday, February 19th. The stock was sold at an average price of $382.05, for a total transaction of $2,690,778.15. Following the sale, the chief financial officer directly owned 117,183 shares in the company, valued at approximately $44,769,765.15. This trade represents a 5.67% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Nicholas T. Pinchuk sold 23,396 shares of the company’s stock in a transaction that occurred on Tuesday, May 5th. The stock was sold at an average price of $375.77, for a total value of $8,791,514.92. Following the completion of the transaction, the chief executive officer owned 856,918 shares of the company’s stock, valued at approximately $322,004,076.86. This represents a 2.66% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 55,046 shares of company stock valued at $20,921,434 over the last quarter. Company insiders own 3.80% of the company’s stock.

Snap-On Price Performance

SNA opened at $378.76 on Wednesday. Snap-On Incorporated has a 52-week low of $301.82 and a 52-week high of $400.88. The company has a 50 day moving average of $374.23 and a two-hundred day moving average of $360.72. The company has a market cap of $19.62 billion, a P/E ratio of 19.55, a P/E/G ratio of 2.61 and a beta of 0.75. The company has a quick ratio of 2.74, a current ratio of 3.53 and a debt-to-equity ratio of 0.15.

Snap-On (NYSE:SNA) last posted its earnings results on Thursday, April 23rd. The company reported $4.69 earnings per share for the quarter, missing the consensus estimate of $4.75 by ($0.06). Snap-On had a net margin of 21.28% and a return on equity of 17.13%. The business had revenue of $1.21 billion for the quarter, compared to analyst estimates of $1.19 billion. During the same quarter in the previous year, the firm posted $4.51 EPS. The business’s revenue was up 5.8% compared to the same quarter last year. On average, analysts expect that Snap-On Incorporated will post 19.75 earnings per share for the current year.

Snap-On Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 10th. Shareholders of record on Wednesday, May 20th will be paid a dividend of $2.44 per share. This represents a $9.76 dividend on an annualized basis and a dividend yield of 2.6%. The ex-dividend date is Wednesday, May 20th. Snap-On’s payout ratio is currently 50.39%.

Snap-On declared that its Board of Directors has authorized a stock repurchase plan on Thursday, April 30th that permits the company to repurchase $500.00 million in shares. This repurchase authorization permits the company to repurchase up to 2.6% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s management 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.