Royal Bank of Canada Purchases 13,665 Shares of Snap-On Incorporated $SNA

Royal Bank of Canada lifted its position in shares of Snap-On Incorporated (NYSE:SNA) by 14.0% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 111,046 shares of the company’s stock after purchasing an additional 13,665 shares during the period. Royal Bank of Canada owned about 0.21% of Snap-On worth $40,333,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also added to or reduced their stakes in the company. Auto Owners Insurance Co increased its position in Snap-On by 34,360.0% in the 4th quarter. Auto Owners Insurance Co now owns 1,025,185 shares of the company’s stock valued at $353,279,000 after acquiring an additional 1,022,210 shares during the period. Norges Bank acquired a new position in shares of Snap-On during the fourth quarter worth $210,814,000. PFA Pension Forsikringsaktieselskab bought a new stake in shares of Snap-On in the fourth quarter worth $69,751,000. UBS Group AG raised its position in Snap-On by 30.7% during the 4th quarter. UBS Group AG now owns 617,620 shares of the company’s stock worth $212,832,000 after purchasing an additional 144,926 shares during the last quarter. Finally, Miller Howard Investments Inc. NY acquired a new position in Snap-On during the 1st quarter worth about $51,244,000. 84.88% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

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

Snap-On Stock Performance

Shares of SNA stock opened at $410.78 on Monday. The firm has a 50 day moving average of $394.51 and a 200-day moving average of $380.47. The company has a market cap of $21.25 billion, a price-to-earnings ratio of 20.95, a price-to-earnings-growth ratio of 2.89 and a beta of 0.73. The company has a quick ratio of 2.64, a current ratio of 3.43 and a debt-to-equity ratio of 0.15. Snap-On Incorporated has a 52 week low of $312.78 and a 52 week high of $420.91.

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

Snap-On declared that its board has authorized a share buyback plan on Thursday, April 30th that authorizes the company to repurchase $500.00 million in outstanding shares. This repurchase authorization authorizes the company to reacquire up to 2.5% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s leadership believes its shares are undervalued.

Insider Transactions at Snap-On

In other news, SVP Timothy L. Chambers sold 9,111 shares of the company’s stock in a transaction that occurred on Tuesday, July 28th. The stock was sold at an average price of $419.36, for a total transaction of $3,820,788.96. Following the transaction, the senior vice president directly owned 21,223 shares of the company’s stock, valued at $8,900,077.28. This represents a 30.04% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, VP Richard Thomas Miller sold 2,000 shares of the business’s stock in a transaction on Wednesday, July 1st. The shares were sold at an average price of $405.92, for a total transaction of $811,840.00. Following the sale, the vice president owned 4,529 shares of the company’s stock, valued at $1,838,411.68. This trade represents a 30.63% 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. In the last ninety days, insiders have sold 46,617 shares of company stock valued at $17,987,869. Company insiders own 3.80% of the company’s stock.

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.