Lazard Asset Management LLC Increases Stake in Snap-On Incorporated (SNA)
Lazard Asset Management LLC lifted its position in Snap-On Incorporated (NYSE:SNA) by 31.5% in the 2nd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 198,731 shares of the company’s stock after acquiring an additional 47,625 shares during the period. Lazard Asset Management LLC owned 0.35% of Snap-On worth $31,398,000 as of its most recent SEC filing.
Several other large investors have also recently made changes to their positions in SNA. Karp Capital Management Corp bought a new position in shares of Snap-On in the 1st quarter worth approximately $2,821,000. Commonwealth of Pennsylvania Public School Empls Retrmt SYS raised its position in shares of Snap-On by 29.3% in the 1st quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 4,300 shares of the company’s stock worth $725,000 after acquiring an additional 974 shares in the last quarter. Mutual of America Capital Management LLC raised its position in shares of Snap-On by 7.3% in the 1st quarter. Mutual of America Capital Management LLC now owns 7,244 shares of the company’s stock worth $1,222,000 after acquiring an additional 495 shares in the last quarter. Ffcm LLC raised its position in shares of Snap-On by 4.3% in the 1st quarter. Ffcm LLC now owns 1,330 shares of the company’s stock worth $225,000 after acquiring an additional 55 shares in the last quarter. Finally, Norinchukin Bank The raised its position in shares of Snap-On by 7.0% in the 1st quarter. Norinchukin Bank The now owns 3,768 shares of the company’s stock worth $636,000 after acquiring an additional 248 shares in the last quarter. 93.13% of the stock is owned by hedge funds and other institutional investors.
Shares of Snap-On Incorporated (NYSE SNA) opened at 149.06 on Thursday. Snap-On Incorporated has a 1-year low of $140.83 and a 1-year high of $181.73. The stock has a market cap of $8.58 billion, a P/E ratio of 15.43 and a beta of 1.05. The company has a 50 day moving average price of $148.41 and a 200 day moving average price of $159.16.
Snap-On (NYSE:SNA) last issued its quarterly earnings data on Thursday, July 20th. The company reported $2.60 EPS for the quarter, topping analysts’ consensus estimates of $2.55 by $0.05. The company had revenue of $921.40 million during the quarter, compared to the consensus estimate of $920.87 million. Snap-On had a net margin of 16.22% and a return on equity of 20.90%. Snap-On’s revenue for the quarter was up 5.6% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $2.36 earnings per share. On average, equities analysts anticipate that Snap-On Incorporated will post $10.09 EPS for the current year.
Snap-On declared that its board has initiated a stock buyback program on Monday, August 7th that permits the company to repurchase $500.00 million in outstanding shares. This repurchase authorization permits the company to repurchase shares of its stock through open market purchases. Shares repurchase programs are usually a sign that the company’s management believes its shares are undervalued.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 8th. Investors of record on Friday, August 18th were paid a $0.71 dividend. This represents a $2.84 dividend on an annualized basis and a yield of 1.91%. The ex-dividend date of this dividend was Wednesday, August 16th. Snap-On’s dividend payout ratio (DPR) is 29.34%.
In other news, Director Ruth Ann M. Gillis purchased 265 shares of the business’s stock in a transaction on Friday, August 4th. The shares were acquired at an average cost of $152.58 per share, with a total value of $40,433.70. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, 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 transaction of $2,717,391.72. The disclosure for this sale can be found here. Insiders own 3.70% of the company’s stock.
SNA has been the subject of several research reports. BidaskClub lowered Snap-On from a “sell” rating to a “strong sell” rating in a research report on Wednesday, August 23rd. Longbow Research lowered Snap-On from a “buy” rating to a “neutral” rating in a research report on Monday, August 21st. Robert W. Baird reissued an “outperform” rating and issued a $197.00 target price on shares of Snap-On in a research report on Wednesday, August 2nd. Zacks Investment Research lowered Snap-On from a “hold” rating to a “sell” rating in a research report on Wednesday, July 12th. Finally, Oppenheimer Holdings, Inc. reissued an “outperform” rating and issued a $200.00 target price on shares of Snap-On in a research report on Thursday, June 1st. Two investment analysts have rated the stock with a sell rating, two have issued a hold rating and five have issued a buy rating to the company’s stock. Snap-On presently has a consensus rating of “Hold” and a consensus price target of $197.86.
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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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