Cornerstone Capital Management Holdings LLC. Has $1.56 Million Position in Snap-On Incorporated (SNA)
Cornerstone Capital Management Holdings LLC. lowered its holdings in Snap-On Incorporated (NYSE:SNA) by 0.3% in the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 9,864 shares of the company’s stock after selling 31 shares during the period. Cornerstone Capital Management Holdings LLC.’s holdings in Snap-On were worth $1,557,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also modified their holdings of the stock. Janus Henderson Group PLC boosted its holdings in Snap-On by 6.5% in the second quarter. Janus Henderson Group PLC now owns 223,644 shares of the company’s stock valued at $35,335,000 after purchasing an additional 13,737 shares during the last quarter. San Francisco Sentry Investment Group CA purchased a new position in Snap-On in the second quarter valued at about $126,000. Shelton Capital Management purchased a new position in Snap-On in the second quarter valued at about $1,094,000. Sii Investments Inc. WI purchased a new position in Snap-On in the second quarter valued at about $448,000. Finally, Royal Bank of Canada boosted its holdings in Snap-On by 89.2% in the second quarter. Royal Bank of Canada now owns 143,222 shares of the company’s stock valued at $22,629,000 after purchasing an additional 67,540 shares during the last quarter. 93.13% of the stock is owned by hedge funds and other institutional investors.
A number of research analysts recently commented on SNA shares. Zacks Investment Research raised Snap-On from a “sell” rating to a “hold” rating in a report on Wednesday, July 19th. BidaskClub downgraded Snap-On from a “sell” rating to a “strong sell” rating in a report on Tuesday, July 25th. Longbow Research downgraded Snap-On from a “buy” rating to a “neutral” rating in a report on Monday, August 21st. Jefferies Group LLC reissued a “hold” rating and issued a $175.00 price target on shares of Snap-On in a report on Thursday, July 6th. Finally, FBR & Co reissued a “buy” rating and issued a $205.00 price target on shares of Snap-On in a report on Thursday. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating and five have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus target price of $193.17.
Snap-On Incorporated (NYSE SNA) opened at 160.12 on Friday. Snap-On Incorporated has a one year low of $140.83 and a one year high of $181.73. The company has a 50-day moving average price of $149.49 and a 200-day moving average price of $156.33. 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 posted its quarterly earnings data on Thursday, October 19th. The company reported $2.45 EPS for the quarter, topping analysts’ consensus estimates of $2.43 by $0.02. The business had revenue of $903.80 million for the quarter, compared to analyst estimates of $889.22 million. Snap-On had a return on equity of 20.82% and a net margin of 15.95%. The firm’s revenue for the quarter was up 8.4% on a year-over-year basis. During the same period in the previous year, the company posted $2.22 earnings per share. On average, analysts anticipate that Snap-On Incorporated will post $10.09 earnings per share for the current year.
Snap-On announced that its board has authorized a share repurchase program on Monday, August 7th that permits the company to buyback $500.00 million in outstanding shares. This buyback authorization permits the company to repurchase shares of its stock through open market purchases. Shares buyback programs are typically an indication that the company’s leadership believes its shares are undervalued.
In other news, VP Iain Boyd sold 18,418 shares of Snap-On stock in a transaction dated Monday, July 24th. The stock was sold at an average price of $147.54, for a total value of $2,717,391.72. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Ruth Ann M. Gillis acquired 265 shares of the company’s stock in a transaction dated Friday, August 4th. The stock was acquired at an average price of $152.58 per share, for a total transaction of $40,433.70. The disclosure for this purchase can be found here. Insiders own 3.70% of the company’s stock.
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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