Empowered Funds LLC Buys New Position in Snap-On Incorporated $SNA

Empowered Funds LLC bought a new stake in shares of Snap-On Incorporated (NYSE:SNA) during the 2nd quarter, HoldingsChannel.com reports. The institutional investor bought 64,471 shares of the company’s stock, valued at approximately $25,943,000.

Other institutional investors also recently made changes to their positions in the company. DV Equities LLC acquired a new position in shares of Snap-On during the fourth quarter valued at approximately $25,000. Western Wealth Management LLC acquired a new stake in Snap-On in the first quarter worth approximately $29,000. Montag A & Associates Inc. lifted its holdings in Snap-On by 331.8% in the 4th quarter. Montag A & Associates Inc. now owns 95 shares of the company’s stock valued at $33,000 after acquiring an additional 73 shares during the last quarter. Quattro Advisors LLC acquired a new stake in Snap-On in the 4th quarter valued at about $35,000. Finally, Annis Gardner Whiting Capital Advisors LLC boosted its position in shares of Snap-On by 36.4% during the 4th quarter. Annis Gardner Whiting Capital Advisors LLC now owns 105 shares of the company’s stock valued at $36,000 after purchasing an additional 28 shares in the last quarter. 84.88% of the stock is owned by institutional investors and hedge funds.

Snap-On Stock Performance

Shares of Snap-On stock opened at $395.94 on Friday. Snap-On Incorporated has a 12 month low of $319.20 and a 12 month high of $423.02. The company has a quick ratio of 2.64, a current ratio of 3.43 and a debt-to-equity ratio of 0.15. The stock has a market cap of $20.48 billion, a PE ratio of 20.19, a price-to-earnings-growth ratio of 2.80 and a beta of 0.73. The business has a fifty day simple moving average of $404.06 and a 200-day simple moving average of $385.23.

Snap-On (NYSE:SNA) last posted its quarterly earnings results 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 return on equity of 17.07% and a net margin of 21.25%.Snap-On’s quarterly revenue was up 4.7% on a year-over-year basis. During the same period in the previous year, the firm earned $4.72 earnings per share. On average, sell-side analysts anticipate that Snap-On Incorporated will post 19.7 EPS for the current fiscal year.

Snap-On declared that its board has authorized a share buyback program on Thursday, April 30th that authorizes the company to repurchase $500.00 million in outstanding shares. This repurchase authorization authorizes the company to purchase up to 2.5% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s management believes its stock is undervalued.

Snap-On Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 10th. Stockholders of record on Wednesday, August 19th will be issued a $2.44 dividend. The ex-dividend date is Wednesday, August 19th. This represents a $9.76 dividend on an annualized basis and a dividend yield of 2.5%. Snap-On’s dividend payout ratio is currently 49.77%.

Insiders Place Their Bets

In other Snap-On news, CEO Nicholas T. Pinchuk sold 22,889 shares of the company’s stock in a transaction that occurred 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 transaction, the chief executive officer owned 867,779 shares in the company, valued at approximately $346,842,588.51. This represents a 2.57% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Aldo John Pagliari sold 5,531 shares of the stock in a transaction that occurred on Thursday, August 13th. The stock was sold at an average price of $404.25, for a total transaction of $2,235,906.75. Following the completion of the sale, the chief financial officer owned 120,644 shares of the company’s stock, valued at approximately $48,770,337. The trade was a 4.38% 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 46,728 shares of company stock valued at $18,803,009 over the last ninety days. Insiders own 3.80% of the company’s stock.

Analyst Ratings Changes

SNA has been the topic of a number of research reports. Roth Capital reiterated a “buy” rating and issued a $461.00 target price (up from $409.00) on shares of Snap-On in a report on Friday, July 24th. Weiss Ratings restated a “buy (b)” rating on shares of Snap-On in a research report on Friday, July 17th. Barclays initiated coverage on Snap-On in a report on Thursday, May 28th. They issued an “overweight” rating and a $420.00 price target on the stock. Tigress Financial raised their price objective on Snap-On from $445.00 to $485.00 and gave the stock a “buy” rating in a research note on Friday, July 31st. Finally, Robert W. Baird set a $415.00 target price on Snap-On in a report on Friday, July 24th. Five research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat.com, Snap-On presently has a consensus rating of “Moderate Buy” and a consensus target price of $426.20.

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.