Bank of Nova Scotia Trims Position in Snap-On Incorporated (SNA)
Bank of Nova Scotia decreased its holdings in Snap-On Incorporated (NYSE:SNA) by 1.6% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 13,020 shares of the company’s stock after selling 212 shares during the quarter. Bank of Nova Scotia’s holdings in Snap-On were worth $2,057,000 at the end of the most recent quarter.
A number of other hedge funds have also added to or reduced their stakes in SNA. Morgan Dempsey Capital Management LLC raised its position in Snap-On by 63.7% in the 2nd quarter. Morgan Dempsey Capital Management LLC now owns 676 shares of the company’s stock valued at $107,000 after purchasing an additional 263 shares during the last quarter. Acrospire Investment Management LLC raised its position in Snap-On by 700.0% in the 2nd quarter. Acrospire Investment Management LLC now owns 800 shares of the company’s stock valued at $126,000 after purchasing an additional 700 shares during the last quarter. San Francisco Sentry Investment Group CA purchased a new stake in Snap-On in the 2nd quarter valued at $126,000. Lloyds Banking Group plc purchased a new stake in Snap-On in the 2nd quarter valued at $129,000. Finally, IHT Wealth Management LLC raised its position in Snap-On by 13.8% in the 1st quarter. IHT Wealth Management LLC now owns 983 shares of the company’s stock valued at $160,000 after purchasing an additional 119 shares during the last quarter. Hedge funds and other institutional investors own 93.13% of the company’s stock.
SNA has been the subject of several research reports. Zacks Investment Research upgraded shares of Snap-On from a “sell” rating to a “hold” rating in a research report on Wednesday, July 19th. BidaskClub downgraded shares of Snap-On from a “sell” rating to a “strong sell” rating in a research report on Tuesday, July 25th. Longbow Research downgraded shares of Snap-On from a “buy” rating to a “neutral” rating in a research report on Monday, August 21st. Jefferies Group LLC reiterated a “hold” rating and issued a $175.00 price target on shares of Snap-On in a research report on Thursday, July 6th. Finally, FBR & Co reiterated a “buy” rating and issued a $205.00 price target on shares of Snap-On in a research report on Thursday. Two research 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. The company has a consensus rating of “Hold” and an average target price of $193.17.
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In other news, VP Iain Boyd sold 18,418 shares of the business’s stock in a transaction on Monday, July 24th. The shares were sold at an average price of $147.54, for a total transaction of $2,717,391.72. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Ruth Ann M. Gillis purchased 265 shares of Snap-On stock in a transaction dated 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. Insiders own 3.70% of the company’s stock.
Snap-On Incorporated (NYSE:SNA) opened at 160.12 on Friday. The firm’s 50-day moving average is $149.49 and its 200-day moving average is $156.33. Snap-On Incorporated has a 12 month low of $140.83 and a 12 month high of $181.73. The stock has a market cap of $9.22 billion, a P/E ratio of 16.58 and a beta of 1.05.
Snap-On (NYSE:SNA) last announced its quarterly earnings results on Thursday, October 19th. The company reported $2.45 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.43 by $0.02. Snap-On had a net margin of 15.95% and a return on equity of 20.82%. The company had revenue of $903.80 million during the quarter, compared to the consensus estimate of $889.22 million. During the same quarter in the previous year, the company posted $2.22 earnings per share. The company’s revenue for the quarter was up 8.4% compared to the same quarter last year. On average, equities analysts forecast 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 plan on Monday, August 7th that permits the company to buyback $500.00 million in shares. This buyback authorization permits the company to buy shares of its stock through open market purchases. Shares buyback plans are usually an indication that the company’s board believes its stock is undervalued.
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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