Snap-On Incorporated (NYSE:SNA) Stake Cut by World Asset Management Inc
World Asset Management Inc lowered its position in Snap-On Incorporated (NYSE:SNA) by 16.5% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 5,265 shares of the company’s stock after selling 1,040 shares during the period. World Asset Management Inc’s holdings in Snap-On were worth $832,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also made changes to their positions in SNA. Adirondack Trust Co. raised its stake in Snap-On by 2.5% in the first quarter. Adirondack Trust Co. now owns 624 shares of the company’s stock valued at $105,000 after buying an additional 15 shares during the period. TrimTabs Asset Management LLC raised its stake in Snap-On by 88.4% in the first quarter. TrimTabs Asset Management LLC now owns 665 shares of the company’s stock valued at $112,000 after buying an additional 312 shares during the period. Van ECK Associates Corp raised its stake in Snap-On by 7.5% in the first quarter. Van ECK Associates Corp now owns 845 shares of the company’s stock valued at $143,000 after buying an additional 59 shares during the period. IHT Wealth Management LLC raised its stake in Snap-On by 13.8% in the first quarter. IHT Wealth Management LLC now owns 983 shares of the company’s stock valued at $160,000 after buying an additional 119 shares during the period. Finally, Global X Management Co. LLC raised its stake in Snap-On by 28.7% in the first quarter. Global X Management Co. LLC now owns 1,064 shares of the company’s stock valued at $179,000 after buying an additional 237 shares during the period. 92.25% of the stock is currently owned by hedge funds and other institutional investors.
Snap-On (NYSE:SNA) last issued its earnings results on Thursday, July 20th. The company reported $2.60 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $2.55 by $0.05. The business had revenue of $921.40 million for the quarter, compared to analysts’ expectations of $920.87 million. Snap-On had a return on equity of 20.90% and a net margin of 16.22%. The company’s quarterly revenue was up 5.6% on a year-over-year basis. During the same period in the previous year, the firm posted $2.36 EPS.
The business also recently announced a quarterly dividend, which will be paid on Friday, September 8th. Investors of record on Friday, August 18th will be issued a $0.71 dividend. This represents a $2.84 dividend on an annualized basis and a dividend yield of 1.86%. The ex-dividend date is Wednesday, August 16th. Snap-On’s payout ratio is 29.34%.
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SNA has been the topic of several research reports. Jefferies Group LLC reissued a “hold” rating and issued a $175.00 target price (up previously from $165.00) on shares of Snap-On in a report on Sunday, April 23rd. Zacks Investment Research lowered Snap-On from a “hold” rating to a “sell” rating in a report on Wednesday, July 12th. Robert W. Baird reissued an “outperform” rating and issued a $197.00 target price on shares of Snap-On in a report on Wednesday, August 2nd. Oppenheimer Holdings, Inc. initiated coverage on Snap-On in a report on Tuesday, April 11th. They issued an “outperform” rating and a $200.00 target price on the stock. Finally, BidaskClub lowered Snap-On from a “sell” rating to a “strong sell” rating in a report on Tuesday, July 25th. One analyst has rated the stock with a sell rating, two have given a hold rating and five have issued a buy rating to the company. Snap-On has a consensus rating of “Buy” and a consensus target price of $197.86.
In related news, VP Iain Boyd sold 18,418 shares of Snap-On stock in a transaction on Monday, July 24th. The stock was sold at an average price of $147.54, for a total value of $2,717,391.72. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Ruth Ann M. Gillis bought 265 shares of the firm’s stock in a transaction that occurred on Friday, August 4th. The stock was bought at an average price of $152.58 per share, for a total transaction of $40,433.70. The disclosure for this purchase can be found here. Insiders own 3.70% of the company’s stock.
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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