Prescott Group Capital Management L.L.C. Boosts Stake in Snap-On Incorporated $SNA

Prescott Group Capital Management L.L.C. increased its holdings in Snap-On Incorporated (NYSE:SNA) by 300.0% in the 3rd quarter, HoldingsChannel reports. The fund owned 8,000 shares of the company’s stock after purchasing an additional 6,000 shares during the quarter. Prescott Group Capital Management L.L.C.’s holdings in Snap-On were worth $2,772,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Generali Asset Management SPA SGR acquired a new stake in shares of Snap-On during the third quarter worth about $2,068,000. Norges Bank acquired a new position in Snap-On in the 2nd quarter valued at $168,010,000. First Citizens Bank & Trust Co. raised its holdings in Snap-On by 3.6% in the 3rd quarter. First Citizens Bank & Trust Co. now owns 40,140 shares of the company’s stock valued at $13,910,000 after acquiring an additional 1,404 shares during the last quarter. Vanguard Group Inc. lifted its stake in shares of Snap-On by 1.3% during the 2nd quarter. Vanguard Group Inc. now owns 6,495,475 shares of the company’s stock worth $2,021,262,000 after purchasing an additional 80,422 shares during the period. Finally, Nordea Investment Management AB boosted its holdings in shares of Snap-On by 3.0% during the third quarter. Nordea Investment Management AB now owns 1,258,712 shares of the company’s stock worth $433,601,000 after purchasing an additional 36,964 shares during the last quarter. 84.88% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

SNA has been the topic of several recent analyst reports. Weiss Ratings reiterated a “buy (b)” rating on shares of Snap-On in a research report on Wednesday, January 21st. Tigress Financial increased their price objective on shares of Snap-On from $395.00 to $405.00 and gave the stock a “buy” rating in a report on Tuesday, October 21st. Robert W. Baird set a $375.00 target price on shares of Snap-On in a report on Friday, February 6th. Roth Mkm reaffirmed a “buy” rating and set a $409.00 price target (up previously from $385.00) on shares of Snap-On in a research note on Tuesday. Finally, Wall Street Zen cut shares of Snap-On from a “buy” rating to a “hold” rating in a research note on Saturday, February 7th. Five equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $370.67.

Snap-On Stock Performance

Snap-On stock opened at $378.65 on Friday. Snap-On Incorporated has a 12-month low of $289.81 and a 12-month high of $390.13. The company has a debt-to-equity ratio of 0.20, a current ratio of 4.79 and a quick ratio of 3.68. The company has a market capitalization of $19.69 billion, a price-to-earnings ratio of 19.73, a price-to-earnings-growth ratio of 2.63 and a beta of 0.81. The firm’s fifty day moving average price is $359.68 and its 200 day moving average price is $342.93.

Snap-On (NYSE:SNA) last posted its quarterly earnings data on Thursday, February 5th. The company reported $4.94 earnings per share for the quarter, beating analysts’ consensus estimates of $4.86 by $0.08. Snap-On had a net margin of 21.44% and a return on equity of 17.34%. The company had revenue of $1.23 billion during the quarter, compared to analysts’ expectations of $1.24 billion. During the same period in the prior year, the company posted $4.82 EPS. The firm’s revenue for the quarter was up 2.8% on a year-over-year basis. On average, research analysts forecast that Snap-On Incorporated will post 19.79 EPS for the current fiscal year.

Snap-On Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, March 10th. Stockholders of record on Tuesday, February 24th will be issued a dividend of $2.44 per share. The ex-dividend date is Tuesday, February 24th. This represents a $9.76 dividend on an annualized basis and a dividend yield of 2.6%. Snap-On’s payout ratio is currently 50.86%.

Insider Activity at Snap-On

In related news, SVP Timothy L. Chambers sold 8,000 shares of the firm’s stock in a transaction that occurred on Wednesday, February 4th. The shares were sold at an average price of $385.13, for a total transaction of $3,081,040.00. Following the completion of the sale, the senior vice president directly owned 19,480 shares in the company, valued at approximately $7,502,332.40. This trade represents a 29.11% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, VP Richard Thomas Miller sold 2,000 shares of Snap-On stock in a transaction dated Thursday, December 4th. The shares were sold at an average price of $348.27, for a total value of $696,540.00. Following the sale, the vice president owned 4,158 shares of the company’s stock, valued at approximately $1,448,106.66. This represents a 32.48% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 48,036 shares of company stock worth $16,792,028. Company insiders own 3.90% of the company’s stock.

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.