Sumitomo Mitsui Trust Holdings Inc. Has $25.41 Million Position in Snap-On Incorporated (SNA)
Sumitomo Mitsui Trust Holdings Inc. cut its stake in shares of Snap-On Incorporated (NYSE:SNA) by 0.4% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 160,804 shares of the company’s stock after selling 618 shares during the period. Sumitomo Mitsui Trust Holdings Inc. owned about 0.28% of Snap-On worth $25,407,000 as of its most recent SEC filing.
Other hedge funds have also recently modified their holdings of the company. US Bancorp DE increased its stake in shares of Snap-On by 2.7% in the first quarter. US Bancorp DE now owns 59,483 shares of the company’s stock valued at $10,034,000 after buying an additional 1,543 shares during the last quarter. Alliancebernstein L.P. increased its stake in shares of Snap-On by 428.7% in the first quarter. Alliancebernstein L.P. now owns 547,616 shares of the company’s stock valued at $92,366,000 after buying an additional 444,039 shares during the last quarter. Blair William & Co. IL increased its stake in shares of Snap-On by 6.5% in the second quarter. Blair William & Co. IL now owns 38,580 shares of the company’s stock valued at $6,096,000 after buying an additional 2,366 shares during the last quarter. KBC Group NV increased its stake in shares of Snap-On by 5.2% in the second quarter. KBC Group NV now owns 62,268 shares of the company’s stock valued at $9,838,000 after buying an additional 3,060 shares during the last quarter. Finally, Macquarie Group Ltd. increased its stake in shares of Snap-On by 140.0% in the fourth quarter. Macquarie Group Ltd. now owns 2,400 shares of the company’s stock valued at $411,000 after buying an additional 1,400 shares during the last quarter. 93.74% of the stock is currently owned by institutional investors and hedge funds.
Shares of Snap-On Incorporated (NYSE SNA) opened at 146.15 on Thursday. The company has a 50 day moving average of $151.58 and a 200 day moving average of $162.12. Snap-On Incorporated has a 52 week low of $140.83 and a 52 week high of $181.73. The firm has a market cap of $8.42 billion, a PE ratio of 15.13 and a beta of 1.05.
Snap-On (NYSE:SNA) last posted its earnings results on Thursday, July 20th. The company reported $2.60 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $2.55 by $0.05. The company had revenue of $921.40 million during the quarter, compared to analyst estimates of $920.87 million. Snap-On had a return on equity of 20.90% and a net margin of 16.22%. The company’s revenue for the quarter was up 5.6% compared to the same quarter last year. During the same period in the previous year, the company earned $2.36 EPS. On average, equities research analysts anticipate that Snap-On Incorporated will post $10.09 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Friday, September 8th. Stockholders of record on Friday, August 18th will be given a dividend of $0.71 per share. The ex-dividend date is Wednesday, August 16th. This represents a $2.84 annualized dividend and a dividend yield of 1.94%. Snap-On’s payout ratio is currently 29.34%.
Snap-On declared that its board has initiated a stock buyback program on Monday, August 7th that authorizes the company to buyback $500.00 million in shares. This buyback authorization authorizes the company to purchase shares of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s management believes its shares are undervalued.
Several analysts have recently weighed in on SNA shares. BidaskClub downgraded shares of Snap-On from a “sell” rating to a “strong sell” rating in a report on Wednesday, August 23rd. Longbow Research cut shares of Snap-On from a “buy” rating to a “neutral” rating in a research note on Monday, August 21st. Robert W. Baird reiterated an “outperform” rating and issued a $197.00 price objective on shares of Snap-On in a research note on Wednesday, August 2nd. Zacks Investment Research cut shares of Snap-On from a “hold” rating to a “sell” rating in a research note on Wednesday, July 12th. Finally, Oppenheimer Holdings, Inc. reiterated an “outperform” rating and issued a $200.00 price objective on shares of Snap-On in a research note on Thursday, June 1st. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and five have assigned a buy rating to the stock. Snap-On currently has an average rating of “Hold” and an average target price of $197.86.
In related news, Director Ruth Ann M. Gillis bought 265 shares of the firm’s stock in a transaction dated Friday, August 4th. The stock was bought at an average cost of $152.58 per share, for a total transaction of $40,433.70. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, VP Iain Boyd sold 18,418 shares of the business’s stock in a transaction dated Monday, July 24th. The stock was sold at an average price of $147.54, for a total value of $2,717,391.72. The disclosure for this sale can be found here. 3.70% of the stock is currently owned by insiders.
Snap-on Incorporated is a manufacturer and marketer of tools, equipment, diagnostics, repair information and systems solutions. The Company’s segments include the Commercial & Industrial Group, the Snap-on Tools Group, the Repair Systems & Information Group, and Financial Services. The Commercial & Industrial Group consists of business operations serving a range of industrial and commercial customers, including customers in the aerospace, natural resources, government, power generation, transportation and technical education markets.
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