Westpac Banking Corp Buys New Position in Snap-On Incorporated $SNA

Westpac Banking Corp purchased a new position in Snap-On Incorporated (NYSE:SNA) in the second quarter, Holdings Channel.com reports. The fund purchased 13,176 shares of the company’s stock, valued at approximately $5,302,000.

Several other large investors have also added to or reduced their stakes in SNA. DV Equities LLC bought a new position in Snap-On in the 4th quarter worth $25,000. Western Wealth Management LLC bought a new stake in shares of Snap-On during the 1st quarter valued at about $29,000. Montag A & Associates Inc. increased its position in shares of Snap-On by 331.8% during the fourth quarter. Montag A & Associates Inc. now owns 95 shares of the company’s stock valued at $33,000 after buying an additional 73 shares during the period. Quattro Advisors LLC bought a new position in Snap-On in the fourth quarter worth about $35,000. Finally, Annis Gardner Whiting Capital Advisors LLC lifted its holdings in Snap-On by 36.4% in the fourth quarter. Annis Gardner Whiting Capital Advisors LLC now owns 105 shares of the company’s stock worth $36,000 after buying an additional 28 shares during the period. Institutional investors own 84.88% of the company’s stock.

Insider Activity at Snap-On

In other Snap-On news, VP Richard Thomas Miller sold 2,000 shares of the business’s stock in a transaction on Wednesday, July 1st. The stock was sold at an average price of $405.92, for a total value of $811,840.00. Following the sale, the vice president directly owned 4,529 shares of the company’s stock, valued at approximately $1,838,411.68. The trade was a 30.63% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Nicholas T. Pinchuk sold 22,889 shares of the stock in a transaction on Tuesday, August 18th. The stock was sold at an average price of $399.69, for a total value of $9,148,504.41. Following the completion of the sale, the chief executive officer directly owned 867,779 shares in the company, valued at approximately $346,842,588.51. This represents a 2.57% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 45,928 shares of company stock worth $18,483,009 over the last quarter. 3.80% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

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

Snap-On Trading Up 0.5%

NYSE:SNA opened at $393.11 on Friday. The firm has a market capitalization of $20.33 billion, a P/E ratio of 20.05, a PEG ratio of 2.75 and a beta of 0.73. The company has a debt-to-equity ratio of 0.15, a current ratio of 3.43 and a quick ratio of 2.64. Snap-On Incorporated has a one year low of $319.20 and a one year high of $423.02. The company’s 50-day simple moving average is $403.30 and its 200 day simple moving average is $384.56.

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

Snap-On announced that its Board of Directors has approved a stock buyback plan on Thursday, April 30th that permits the company to buyback $500.00 million in outstanding shares. This buyback authorization permits the company to purchase up to 2.5% of its shares through open market purchases. Shares buyback plans are generally a sign that the company’s board believes its stock is undervalued.

Snap-On Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 10th. Investors of record on Wednesday, August 19th will be paid a $2.44 dividend. The ex-dividend date is Wednesday, August 19th. This represents a $9.76 annualized dividend and a dividend yield of 2.5%. Snap-On’s dividend payout ratio is presently 49.77%.

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.