Olstein Capital Management L.P. Has $9.06 Million Position in Snap-on Incorporated (SNA)
Olstein Capital Management L.P. reduced its stake in Snap-on Incorporated (NYSE:SNA) by 5.5% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 52,000 shares of the company’s stock after selling 3,000 shares during the quarter. Snap-on makes up 1.2% of Olstein Capital Management L.P.’s investment portfolio, making the stock its 27th largest holding. Olstein Capital Management L.P.’s holdings in Snap-on were worth $9,064,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Strs Ohio raised its position in Snap-on by 5.4% in the 3rd quarter. Strs Ohio now owns 441,422 shares of the company’s stock valued at $65,776,000 after buying an additional 22,690 shares during the last quarter. Reinhart Partners Inc. acquired a new position in shares of Snap-on in the 3rd quarter valued at about $18,143,000. Cohen & Steers Inc. acquired a new position in shares of Snap-on in the 3rd quarter valued at about $9,707,000. Toronto Dominion Bank lifted its holdings in shares of Snap-on by 11.3% in the 3rd quarter. Toronto Dominion Bank now owns 21,858 shares of the company’s stock valued at $3,257,000 after buying an additional 2,227 shares during the period. Finally, Bristol Gate Capital Partners Inc. lifted its holdings in shares of Snap-on by 11.0% in the 3rd quarter. Bristol Gate Capital Partners Inc. now owns 209,855 shares of the company’s stock valued at $31,270,000 after buying an additional 20,846 shares during the period. 99.00% of the stock is owned by institutional investors and hedge funds.
In related news, CEO Nicholas T. Pinchuk sold 20,680 shares of Snap-on stock in a transaction dated Thursday, December 28th. The stock was sold at an average price of $174.55, for a total value of $3,609,694.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director William Dudley Lehman sold 387 shares of Snap-on stock in a transaction dated Monday, February 12th. The shares were sold at an average price of $160.60, for a total value of $62,152.20. Following the completion of the transaction, the director now owns 8,376 shares of the company’s stock, valued at approximately $1,345,185.60. The disclosure for this sale can be found here. In the last 90 days, insiders sold 43,838 shares of company stock valued at $7,616,330. 3.70% of the stock is owned by company insiders.
Snap-on (NYSE:SNA) last announced its quarterly earnings results on Thursday, February 8th. The company reported $2.69 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $2.66 by $0.03. Snap-on had a return on equity of 20.54% and a net margin of 15.13%. The firm had revenue of $974.60 million during the quarter, compared to analyst estimates of $940.50 million. During the same quarter in the previous year, the business earned $2.47 EPS. Snap-on’s revenue for the quarter was up 9.5% compared to the same quarter last year. research analysts forecast that Snap-on Incorporated will post 11.35 earnings per share for the current year.
Several equities analysts have recently issued reports on the company. Zacks Investment Research cut Snap-on from a “buy” rating to a “hold” rating in a report on Friday, January 12th. Robert W. Baird reissued a “buy” rating and issued a $220.00 price objective (up previously from $184.00) on shares of Snap-on in a report on Monday, January 29th. They noted that the move was a valuation call. B. Riley reissued a “buy” rating and issued a $205.00 price objective on shares of Snap-on in a report on Thursday, January 4th. Barrington Research raised Snap-on from a “market perform” rating to an “outperform” rating and set a $185.00 price objective for the company in a report on Monday, October 23rd. Finally, Jefferies Group reissued a “hold” rating and issued a $175.00 price objective on shares of Snap-on in a report on Friday, November 3rd. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and seven have given a buy rating to the company’s stock. Snap-on presently has an average rating of “Buy” and an average target price of $195.50.
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Snap-on Company Profile
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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