Cardinal Capital Management Increases Position in Snap-on Incorporated (NYSE:SNA)
Cardinal Capital Management lifted its position in Snap-on Incorporated (NYSE:SNA) by 1.8% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 7,416 shares of the company’s stock after purchasing an additional 130 shares during the period. Cardinal Capital Management’s holdings in Snap-on were worth $1,160,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other hedge funds and other institutional investors have also recently made changes to their positions in the company. First Trust Advisors LP raised its position in Snap-on by 13.2% during the first quarter. First Trust Advisors LP now owns 254,070 shares of the company’s stock valued at $39,767,000 after purchasing an additional 29,597 shares in the last quarter. Marshall Wace LLP acquired a new position in Snap-on during the first quarter valued at approximately $2,360,000. FMR LLC raised its position in Snap-on by 2.1% during the first quarter. FMR LLC now owns 884,058 shares of the company’s stock valued at $138,372,000 after purchasing an additional 18,291 shares in the last quarter. DNB Asset Management AS raised its position in Snap-on by 1.6% during the second quarter. DNB Asset Management AS now owns 11,132 shares of the company’s stock valued at $1,844,000 after purchasing an additional 173 shares in the last quarter. Finally, WINTON GROUP Ltd raised its position in Snap-on by 7,155.3% during the second quarter. WINTON GROUP Ltd now owns 95,842 shares of the company’s stock valued at $15,875,000 after purchasing an additional 94,521 shares in the last quarter.
SNA has been the subject of several research analyst reports. Tigress Financial restated a “buy” rating on shares of Snap-on in a research report on Wednesday, July 24th. Longbow Research restated a “hold” rating on shares of Snap-on in a research report on Monday, July 1st. Barrington Research restated a “buy” rating and set a $185.00 price objective on shares of Snap-on in a research report on Thursday. Robert W. Baird restated a “hold” rating and set a $169.00 price objective on shares of Snap-on in a research report on Friday. Finally, Oppenheimer set a $180.00 price objective on shares of Snap-on and gave the company a “buy” rating in a research report on Friday, July 19th. Two analysts have rated the stock with a sell rating, four have given a hold rating and three have assigned a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus target price of $173.60.
Snap-on (NYSE:SNA) last announced its quarterly earnings results on Thursday, October 17th. The company reported $2.96 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.94 by $0.02. The company had revenue of $901.80 million during the quarter, compared to the consensus estimate of $909.23 million. Snap-on had a net margin of 18.72% and a return on equity of 21.16%. The company’s revenue for the quarter was up .4% compared to the same quarter last year. During the same period in the prior year, the business earned $2.88 earnings per share. On average, equities analysts forecast that Snap-on Incorporated will post 12.25 EPS for the current fiscal year.
In other news, SVP Anup R. Banerjee sold 2,800 shares of the company’s stock in a transaction on Monday, July 22nd. The shares were sold at an average price of $150.40, for a total transaction of $421,120.00. Following the completion of the transaction, the senior vice president now directly owns 128 shares in the company, valued at $19,251.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Nicholas T. Pinchuk sold 19,675 shares of the company’s stock in a transaction on Thursday, September 19th. The stock was sold at an average price of $155.46, for a total transaction of $3,058,675.50. The disclosure for this sale can be found here. 3.90% of the stock is currently owned by corporate insiders.
Snap-on Incorporated manufactures and markets tools, equipment, diagnostics, and repair information and systems solutions for professional users worldwide. It operates through Commercial and Industrial Group, Snap-on Tools Group, and Repair Systems & Information Group segments. The company offers hand tools, including wrenches, sockets, ratchet wrenches, pliers, screwdrivers, punches and chisels, saws and cutting tools, pruning tools, torque measuring instruments, and other products; power tools, such as cordless, pneumatic, hydraulic, and corded tools; and tool storage products comprising tool chests, roll cabinets, and other products.
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