The Manufacturers Life Insurance Company Sells 1,771 Shares of Snap-On Incorporated $SNA

The Manufacturers Life Insurance Company cut its stake in Snap-On Incorporated (NYSE:SNA) by 5.2% in the 1st quarter, Holdings Channel.com reports. The firm owned 32,043 shares of the company’s stock after selling 1,771 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in Snap-On were worth $11,639,000 as of its most recent filing with the SEC.

A number of other institutional investors have also added to or reduced their stakes in the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in Snap-On by 15.5% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 8,850 shares of the company’s stock valued at $2,983,000 after acquiring an additional 1,185 shares in the last quarter. Woodline Partners LP boosted its holdings in Snap-On by 40.4% in the 1st quarter. Woodline Partners LP now owns 4,426 shares of the company’s stock valued at $1,492,000 after purchasing an additional 1,273 shares during the period. EverSource Wealth Advisors LLC boosted its holdings in Snap-On by 100.9% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 464 shares of the company’s stock valued at $144,000 after purchasing an additional 233 shares during the period. Gamco Investors INC. ET AL grew its position in shares of Snap-On by 32.9% during the 2nd quarter. Gamco Investors INC. ET AL now owns 1,752 shares of the company’s stock valued at $545,000 after purchasing an additional 434 shares in the last quarter. Finally, Natixis grew its position in shares of Snap-On by 136.8% during the 2nd quarter. Natixis now owns 3,048 shares of the company’s stock valued at $948,000 after purchasing an additional 1,761 shares in the last quarter. Hedge funds and other institutional investors own 84.88% of the company’s stock.

Insider Transactions at Snap-On

In other news, VP Richard Thomas Miller sold 2,000 shares of the stock in a transaction dated Wednesday, July 1st. The stock was sold at an average price of $405.92, for a total transaction of $811,840.00. Following the transaction, the vice president directly owned 4,529 shares in the company, valued at approximately $1,838,411.68. This represents a 30.63% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP Jesus Arregui sold 4,251 shares of the firm’s stock in a transaction dated Wednesday, June 10th. The shares were sold at an average price of $383.92, for a total value of $1,632,043.92. Following the transaction, the senior vice president directly owned 4,439 shares in the company, valued at approximately $1,704,220.88. This represents a 48.92% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 23,221 shares of company stock valued at $9,196,355 over the last quarter. 3.80% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

SNA has been the topic of a number of recent analyst reports. Tigress Financial increased their price objective on Snap-On from $445.00 to $485.00 and gave the stock a “buy” rating in a research report on Friday. Weiss Ratings restated a “buy (b)” rating on shares of Snap-On in a research note on Friday, July 17th. Roth Capital reaffirmed a “buy” rating and issued a $461.00 price target (up from $409.00) on shares of Snap-On in a report on Friday, July 24th. Robert W. Baird set a $415.00 price target on Snap-On in a research report on Friday, July 24th. Finally, Barclays initiated coverage on Snap-On in a report on Thursday, May 28th. They set 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. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $426.20.

Snap-On Stock Performance

NYSE SNA opened at $409.58 on Tuesday. Snap-On Incorporated has a 52-week low of $314.38 and a 52-week high of $420.91. The company has a fifty day moving average of $395.36 and a 200-day moving average of $380.82. The company has a market capitalization of $21.19 billion, a P/E ratio of 20.89, a P/E/G 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 2.64 and a current ratio of 3.43.

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

Snap-On announced that its Board of Directors has authorized a share buyback program on Thursday, April 30th that allows the company to repurchase $500.00 million in shares. This repurchase authorization allows the company to purchase up to 2.5% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s board believes its stock is undervalued.

Snap-On 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.