Connable Office Inc. Has $495,000 Position in Snap-On Incorporated (SNA)
Connable Office Inc. held its stake in shares of Snap-On Incorporated (NYSE:SNA) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 3,130 shares of the company’s stock at the end of the second quarter. Connable Office Inc.’s holdings in Snap-On were worth $495,000 as of its most recent SEC filing.
Other large investors have also modified their holdings of the company. Howland Capital Management LLC increased its stake in shares of Snap-On by 3.6% in the first quarter. Howland Capital Management LLC now owns 10,056 shares of the company’s stock worth $1,696,000 after buying an additional 345 shares in the last quarter. CWM LLC increased its stake in shares of Snap-On by 2,211.5% in the first quarter. CWM LLC now owns 4,623 shares of the company’s stock worth $780,000 after buying an additional 4,423 shares in the last quarter. Doyle Wealth Management acquired a new stake in shares of Snap-On during the first quarter worth $672,000. Atria Investments LLC increased its stake in shares of Snap-On by 14.3% in the first quarter. Atria Investments LLC now owns 5,514 shares of the company’s stock worth $930,000 after buying an additional 691 shares in the last quarter. Finally, Guild Investment Management Inc. increased its stake in shares of Snap-On by 93.1% in the first quarter. Guild Investment Management Inc. now owns 29,183 shares of the company’s stock worth $4,922,000 after buying an additional 14,070 shares in the last quarter. 92.25% of the stock is currently owned by hedge funds and other institutional investors.
Snap-On Incorporated (NYSE SNA) opened at 152.77 on Friday. The stock has a 50 day moving average price of $154.25 and a 200-day moving average price of $164.40. Snap-On Incorporated has a 52 week low of $145.17 and a 52 week high of $181.73. The company has a market capitalization of $8.80 billion, a PE ratio of 15.81 and a beta of 1.05.
Snap-On (NYSE:SNA) last announced its earnings results on Thursday, July 20th. The company reported $2.60 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.55 by $0.05. Snap-On had a net margin of 16.22% and a return on equity of 20.90%. The company had revenue of $921.40 million during the quarter, compared to analyst estimates of $920.87 million. During the same period in the previous year, the business earned $2.36 earnings per share. The firm’s quarterly revenue was up 5.6% compared to the same quarter last year. On average, equities analysts predict that Snap-On Incorporated will post $10.09 earnings per share for the current fiscal year.
Snap-On declared that its Board of Directors has initiated a stock repurchase program on Monday, August 7th that authorizes the company to repurchase $500.00 million in shares. This repurchase authorization authorizes the company to purchase shares of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board believes its shares are undervalued.
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 given a $0.71 dividend. The ex-dividend date is Wednesday, August 16th. This represents a $2.84 annualized dividend and a yield of 1.86%. Snap-On’s dividend payout ratio (DPR) is presently 29.34%.
A number of brokerages have weighed in on SNA. Jefferies Group LLC reaffirmed 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. Oppenheimer Holdings, Inc. reaffirmed an “outperform” rating and issued a $200.00 target price on shares of Snap-On in a report on Thursday, June 1st. BidaskClub raised Snap-On from a “strong sell” rating to a “sell” rating in a report on Wednesday, July 5th. Zacks Investment Research raised Snap-On from a “sell” rating to a “hold” rating in a report on Wednesday, July 19th. Finally, FBR & Co reaffirmed an “outperform” rating and issued a $205.00 target price on shares of Snap-On in a report on Tuesday, July 11th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and five have assigned a buy rating to the company’s stock. Snap-On presently has a consensus rating of “Buy” and a consensus price target of $197.86.
In related news, VP Iain Boyd sold 18,418 shares of the company’s stock in a transaction on Monday, July 24th. The shares were sold at an average price of $147.54, for a total value of $2,717,391.72. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Ruth Ann M. Gillis bought 265 shares of the business’s stock in a transaction that occurred on Friday, August 4th. The stock was bought at an average price of $152.58 per share, with a total value of $40,433.70. The disclosure for this purchase 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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