First Trust Advisors LP Has $21.46 Million Position in Snap-On Incorporated (SNA)
First Trust Advisors LP cut its stake in shares of Snap-On Incorporated (NYSE:SNA) by 5.8% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 135,835 shares of the company’s stock after selling 8,306 shares during the period. First Trust Advisors LP’s holdings in Snap-On were worth $21,462,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors also recently made changes to their positions in SNA. TrimTabs Asset Management LLC increased its position in shares of 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. Morgan Dempsey Capital Management LLC increased its position in shares of Snap-On by 63.7% in the second quarter. Morgan Dempsey Capital Management LLC now owns 676 shares of the company’s stock valued at $107,000 after buying an additional 263 shares during the period. Van ECK Associates Corp increased its position in shares of 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 increased its position in shares of 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 increased its position in shares of 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. Institutional investors own 93.32% of the company’s stock.
Shares of Snap-On Incorporated (SNA) opened at 147.96 on Friday. The company has a 50 day moving average price of $153.49 and a 200-day moving average price of $163.21. Snap-On Incorporated has a 1-year low of $145.17 and a 1-year high of $181.73. The stock has a market capitalization of $8.52 billion, a P/E ratio of 15.32 and a beta of 1.05.
Snap-On (NYSE:SNA) last issued its quarterly earnings results on Thursday, July 20th. The company reported $2.60 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.55 by $0.05. The firm had revenue of $921.40 million during the quarter, compared to analyst estimates of $920.87 million. Snap-On had a return on equity of 20.90% and a net margin of 16.22%. The firm’s quarterly revenue was up 5.6% on a year-over-year basis. During the same period last year, the company posted $2.36 EPS. On average, equities research analysts forecast that Snap-On Incorporated will post $10.09 EPS for the current fiscal year.
Snap-On announced that its Board of Directors has approved a share repurchase plan on Monday, August 7th that authorizes the company to buyback $500.00 million in shares. This buyback authorization authorizes the company to reacquire shares of its stock through open market purchases. Stock buyback plans are often a sign that the company’s board believes its shares are undervalued.
The company also recently declared a quarterly dividend, which will be paid on Friday, September 8th. Shareholders of record on Friday, August 18th will be paid a dividend of $0.71 per share. This represents a $2.84 dividend on an annualized basis and a yield of 1.92%. The ex-dividend date is Wednesday, August 16th. Snap-On’s payout ratio is currently 29.34%.
Several brokerages have weighed in on SNA. BidaskClub upgraded Snap-On from a “strong sell” rating to a “sell” rating in a research note on Monday, July 31st. Robert W. Baird reiterated an “outperform” rating and issued a $197.00 target price on shares of Snap-On in a research note on Wednesday, August 2nd. FBR & Co reiterated an “outperform” rating and issued a $205.00 target price on shares of Snap-On in a research note on Tuesday, July 11th. Jefferies Group LLC restated a “hold” rating and issued a $175.00 price target on shares of Snap-On in a research note on Wednesday, May 31st. Finally, Zacks Investment Research downgraded Snap-On from a “hold” rating to a “sell” rating in a research note on Wednesday, July 12th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and five have given a buy rating to the company. The company presently has an average rating of “Buy” and a consensus price target of $197.86.
In other Snap-On news, VP Iain Boyd sold 18,418 shares of the stock in a transaction on Monday, July 24th. The stock was sold at an average price of $147.54, for a total transaction of $2,717,391.72. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Ruth Ann M. Gillis purchased 265 shares of the firm’s stock in a transaction on Friday, August 4th. The shares were purchased at an average cost of $152.58 per share, with a total value of $40,433.70. The disclosure for this purchase can be found here. Company 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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