Shelton Capital Management Acquires Shares of 6,924 Snap-On Incorporated (SNA)
Shelton Capital Management acquired a new position in Snap-On Incorporated (NYSE:SNA) in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 6,924 shares of the company’s stock, valued at approximately $1,094,000.
Several other large investors have also recently made changes to their positions in SNA. BlackRock Inc. raised its stake in shares of Snap-On by 2,077.9% in the first quarter. BlackRock Inc. now owns 3,638,208 shares of the company’s stock worth $613,657,000 after purchasing an additional 3,471,155 shares during the last quarter. Boston Partners purchased a new position in shares of Snap-On in the second quarter worth about $100,171,000. Findlay Park Partners LLP purchased a new position in shares of Snap-On in the first quarter worth about $73,371,000. Schroder Investment Management Group raised its stake in shares of Snap-On by 59.2% in the second quarter. Schroder Investment Management Group now owns 1,136,354 shares of the company’s stock worth $177,850,000 after purchasing an additional 422,366 shares during the last quarter. Finally, Renaissance Technologies LLC raised its stake in shares of Snap-On by 1,814.9% in the second quarter. Renaissance Technologies LLC now owns 436,600 shares of the company’s stock worth $68,983,000 after purchasing an additional 413,800 shares during the last quarter. Hedge funds and other institutional investors own 93.13% of the company’s stock.
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Shares of Snap-On Incorporated (NYSE:SNA) opened at 149.27 on Friday. Snap-On Incorporated has a 12-month low of $140.83 and a 12-month high of $181.73. The firm has a market capitalization of $8.60 billion, a price-to-earnings ratio of 15.45 and a beta of 1.05. The company’s 50-day moving average price is $147.07 and its 200 day moving average price is $157.35.
Snap-On (NYSE:SNA) last posted its quarterly earnings data on Thursday, July 20th. The company reported $2.60 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $2.55 by $0.05. The firm had revenue of $921.40 million during the quarter, compared to the consensus estimate of $920.87 million. Snap-On had a return on equity of 20.90% and a net margin of 16.22%. The firm’s revenue was up 5.6% compared to the same quarter last year. During the same period in the prior year, the business earned $2.36 EPS. On average, equities research analysts forecast that Snap-On Incorporated will post $10.09 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Friday, September 8th. Shareholders of record on Friday, August 18th were paid a dividend of $0.71 per share. This represents a $2.84 annualized dividend and a yield of 1.90%. The ex-dividend date of this dividend was Wednesday, August 16th. Snap-On’s dividend payout ratio is presently 29.34%.
Snap-On declared that its Board of Directors has initiated a share repurchase program on Monday, August 7th that allows the company to buyback $500.00 million in shares. This buyback authorization allows the company to repurchase shares of its stock through open market purchases. Shares buyback programs are often an indication that the company’s management believes its stock is undervalued.
Several brokerages have recently issued reports on SNA. Zacks Investment Research cut Snap-On from a “hold” rating to a “sell” rating in a research note on Wednesday, July 12th. BidaskClub raised Snap-On from a “strong sell” rating to a “sell” rating in a report on Wednesday, July 19th. FBR & Co set a $205.00 target price on Snap-On and gave the stock a “buy” rating in a report on Friday, July 21st. Robert W. Baird reaffirmed an “outperform” rating and set a $197.00 target price on shares of Snap-On in a report on Wednesday, August 2nd. Finally, Jefferies Group LLC reaffirmed a “hold” rating and set a $175.00 target price on shares of Snap-On in a report on Thursday, July 6th. Two investment analysts have rated the stock with a sell rating, two have given a hold rating and five have issued a buy rating to the company. The stock has a consensus rating of “Hold” and an average price target of $197.00.
In related news, Director Ruth Ann M. Gillis acquired 265 shares of Snap-On stock in a transaction on Friday, August 4th. The stock was purchased at an average cost of $152.58 per share, with a total value of $40,433.70. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, 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 disclosure for this sale can be found here. 3.70% of the stock is owned by corporate 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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