Snap-On Incorporated (SNA) Position Reduced by TIAA CREF Investment Management LLC
TIAA CREF Investment Management LLC lessened its holdings in Snap-On Incorporated (NYSE:SNA) by 6.7% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 240,397 shares of the company’s stock after selling 17,219 shares during the quarter. TIAA CREF Investment Management LLC owned approximately 0.42% of Snap-On worth $37,983,000 at the end of the most recent quarter.
Other large investors have also bought and sold shares of the company. Morgan Dempsey Capital Management LLC increased its holdings in 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 last quarter. Lloyds Banking Group plc purchased a new position in Snap-On in the second quarter valued at $129,000. Van ECK Associates Corp increased its holdings 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 last quarter. IHT Wealth Management LLC increased its holdings 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 last quarter. Finally, Global X Management Co. LLC increased its holdings 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 last quarter. 93.13% of the stock is currently owned by hedge funds and other institutional investors.
Several equities analysts recently commented on the company. Oppenheimer Holdings, Inc. reissued an “outperform” rating and issued a $200.00 target price on shares of Snap-On in a report on Thursday, June 1st. Jefferies Group LLC reissued a “hold” rating and issued a $175.00 target price on shares of Snap-On in a report on Wednesday, May 31st. 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 reissued an “outperform” rating and issued a $205.00 target price on shares of Snap-On in a report on Tuesday, July 11th. Two research analysts have rated the stock with a sell rating, two have given a hold rating and five have given a buy rating to the company. The company has an average rating of “Hold” and an average price target of $197.86.
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Snap-On Incorporated (NYSE SNA) opened at 148.58 on Friday. The stock has a market cap of $8.56 billion, a price-to-earnings ratio of 15.38 and a beta of 1.05. Snap-On Incorporated has a one year low of $140.83 and a one year high of $181.73. The firm’s 50 day moving average price is $148.41 and its 200 day moving average price is $159.16.
Snap-On (NYSE:SNA) last released its earnings results on Thursday, July 20th. The company reported $2.60 earnings per share for the quarter, topping the Thomson Reuters’ 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 the consensus estimate of $920.87 million. During the same quarter in the previous year, the firm earned $2.36 EPS. The company’s revenue was up 5.6% on a year-over-year basis. Equities analysts forecast that Snap-On Incorporated will post $10.09 earnings per share for the current year.
Snap-On announced that its board has approved a stock repurchase plan on Monday, August 7th that allows the company to buyback $500.00 million in shares. This buyback authorization allows the company to purchase shares of its stock through open market purchases. Shares buyback plans are typically an indication that the company’s board of directors believes its shares are undervalued.
The company also recently announced a quarterly dividend, which was paid on Friday, September 8th. Shareholders of record on Friday, August 18th were given a $0.71 dividend. This represents a $2.84 annualized dividend 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, VP Iain Boyd sold 18,418 shares of the company’s stock in a transaction that occurred 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 is available through this link. Also, Director Ruth Ann M. Gillis purchased 265 shares of Snap-On stock in a transaction dated Friday, August 4th. The stock was bought 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. 3.70% of the stock is currently owned by corporate insiders.
Snap-On Company Profile
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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