Snap-On Incorporated (SNA) Position Reduced by BB&T Corp
BB&T Corp lessened its stake in Snap-On Incorporated (NYSE:SNA) by 60.8% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 2,225 shares of the company’s stock after selling 3,446 shares during the period. BB&T Corp’s holdings in Snap-On were worth $331,000 as of its most recent SEC filing.
Other hedge funds also recently bought and sold shares of the company. Morgan Dempsey Capital Management LLC increased its stake in Snap-On by 63.7% in the 2nd quarter. Morgan Dempsey Capital Management LLC now owns 676 shares of the company’s stock worth $107,000 after buying an additional 263 shares during the period. Acrospire Investment Management LLC increased its stake in Snap-On by 700.0% in the 2nd quarter. Acrospire Investment Management LLC now owns 800 shares of the company’s stock worth $126,000 after buying an additional 700 shares during the period. San Francisco Sentry Investment Group CA purchased a new position in Snap-On in the 2nd quarter worth about $126,000. Lloyds Banking Group plc purchased a new position in Snap-On in the 2nd quarter worth about $129,000. Finally, Commonwealth Bank of Australia increased its stake in Snap-On by 4.4% in the 2nd quarter. Commonwealth Bank of Australia now owns 1,085 shares of the company’s stock worth $171,000 after buying an additional 46 shares during the period. 94.96% of the stock is currently owned by institutional investors.
In other Snap-On news, Director Ruth Ann M. Gillis purchased 265 shares of the business’s stock in a transaction on Friday, August 4th. The shares were bought at an average cost of $152.58 per share, for a total transaction of $40,433.70. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 3.70% of the stock is currently owned by insiders.
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Snap-On (NYSE:SNA) last issued its quarterly earnings data on Thursday, October 19th. The company reported $2.45 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.43 by $0.02. The firm had revenue of $903.80 million for the quarter, compared to analyst estimates of $889.22 million. Snap-On had a net margin of 15.95% and a return on equity of 20.82%. Snap-On’s revenue was up 8.4% on a year-over-year basis. During the same period in the previous year, the firm earned $2.22 EPS.
Snap-On announced that its Board of Directors has initiated a share buyback program on Monday, August 7th that allows the company to buyback $500.00 million in outstanding shares. This buyback authorization allows the company to repurchase shares of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board of directors believes its shares are undervalued.
Several research analysts recently commented on the stock. Barrington Research raised shares of Snap-On from a “market perform” rating to an “outperform” rating and set a $185.00 price target on the stock in a research note on Monday, October 23rd. BidaskClub upgraded shares of Snap-On from a “strong sell” rating to a “sell” rating in a report on Wednesday, July 5th. Zacks Investment Research upgraded shares of Snap-On from a “sell” rating to a “hold” rating in a report on Wednesday, July 19th. Jefferies Group LLC reiterated a “hold” rating and set a $175.00 target price on shares of Snap-On in a report on Thursday, July 6th. Finally, FBR & Co reiterated an “outperform” rating and set a $205.00 target price on shares of Snap-On in a report on Tuesday, July 11th. Two investment analysts have rated the stock with a sell rating, two have issued a hold rating and six have assigned a buy rating to the stock. The company has a consensus rating of “Hold” and an average target price of $192.00.
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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