Snap-On Incorporated (SNA) Shares Bought by Principal Financial Group Inc.
Principal Financial Group Inc. grew its holdings in Snap-On Incorporated (NYSE:SNA) by 30.7% during the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 849,256 shares of the company’s stock after acquiring an additional 199,647 shares during the period. Principal Financial Group Inc. owned about 1.47% of Snap-On worth $126,547,000 as of its most recent filing with the Securities & Exchange Commission.
Several other institutional investors have also made changes to their positions in the company. Cadence Capital Management LLC lifted its position in shares of Snap-On by 0.4% in the second quarter. Cadence Capital Management LLC now owns 1,891 shares of the company’s stock valued at $299,000 after acquiring an additional 8 shares in the last quarter. Doyle Wealth Management lifted its position in shares of Snap-On by 0.3% in the second quarter. Doyle Wealth Management now owns 3,996 shares of the company’s stock valued at $631,000 after acquiring an additional 13 shares in the last quarter. Ameritas Investment Partners Inc. lifted its position in shares of Snap-On by 1.7% in the second quarter. Ameritas Investment Partners Inc. now owns 1,411 shares of the company’s stock valued at $222,000 after acquiring an additional 23 shares in the last quarter. Commonwealth Bank of Australia lifted its position in shares of Snap-On by 4.4% in the second quarter. Commonwealth Bank of Australia now owns 1,085 shares of the company’s stock valued at $171,000 after acquiring an additional 46 shares in the last quarter. Finally, Synovus Financial Corp lifted its position in shares of Snap-On by 3.5% in the second quarter. Synovus Financial Corp now owns 1,548 shares of the company’s stock valued at $247,000 after acquiring an additional 53 shares in the last quarter. Institutional investors and hedge funds own 94.97% of the company’s stock.
Shares of Snap-On Incorporated (NYSE SNA) opened at $155.87 on Friday. Snap-On Incorporated has a twelve month low of $140.83 and a twelve month high of $181.73. The company has a debt-to-equity ratio of 0.26, a current ratio of 1.75 and a quick ratio of 1.22. The stock has a market capitalization of $8,939.30, a PE ratio of 15.82, a PEG ratio of 1.46 and a beta of 1.12.
Snap-On (NYSE:SNA) last issued its earnings results on Thursday, October 19th. The company reported $2.45 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $2.43 by $0.02. Snap-On had a return on equity of 20.82% and a net margin of 15.95%. The firm had revenue of $903.80 million for the quarter, compared to analysts’ expectations of $889.22 million. During the same period in the previous year, the firm posted $2.22 earnings per share. The business’s revenue was up 8.4% compared to the same quarter last year. research analysts anticipate that Snap-On Incorporated will post 10.09 EPS for the current fiscal year.
Snap-On announced that its Board of Directors has authorized a stock buyback program on Monday, August 7th that authorizes the company to buyback $500.00 million in outstanding shares. This buyback authorization authorizes the company to purchase shares of its stock through open market purchases. Shares buyback programs are typically a sign that the company’s board of directors believes its stock is undervalued.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 8th. Shareholders of record on Friday, November 17th will be paid a dividend of $0.82 per share. This is a boost from Snap-On’s previous quarterly dividend of $0.71. This represents a $3.28 annualized dividend and a yield of 2.10%. The ex-dividend date is Thursday, November 16th. Snap-On’s payout ratio is presently 29.13%.
SNA has been the topic of several research analyst reports. FBR & Co set a $205.00 price objective on Snap-On and gave the company a “buy” rating in a research report on Friday, July 21st. Zacks Investment Research downgraded Snap-On from a “hold” rating to a “sell” rating in a research report on Wednesday, September 20th. Longbow Research downgraded Snap-On from a “buy” rating to a “neutral” rating in a research report on Monday, August 21st. BidaskClub cut Snap-On from a “sell” rating to a “strong sell” rating in a report on Tuesday, July 25th. Finally, Oppenheimer Holdings, Inc. reaffirmed a “buy” rating and issued a $177.00 target price on shares of Snap-On in a report on Thursday, October 19th. Two equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and seven have given a buy rating to the stock. The stock currently has an average rating of “Hold” and an average target price of $192.00.
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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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