Magnetar Financial LLC Takes $1.80 Million Position in Snap-On Incorporated (SNA)
Magnetar Financial LLC purchased a new position in shares of Snap-On Incorporated (NYSE:SNA) during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 12,100 shares of the company’s stock, valued at approximately $1,803,000.
Other institutional investors have also recently added to or reduced their stakes in the company. Morgan Dempsey Capital Management LLC lifted its stake in shares of Snap-On by 63.7% in the 2nd quarter. Morgan Dempsey Capital Management LLC now owns 676 shares of the company’s stock worth $107,000 after acquiring an additional 263 shares during the period. Acrospire Investment Management LLC raised its holdings in shares of Snap-On by 700.0% during the second quarter. Acrospire Investment Management LLC now owns 800 shares of the company’s stock valued at $126,000 after acquiring an additional 700 shares during the period. San Francisco Sentry Investment Group CA acquired a new position in Snap-On in the 2nd quarter valued at approximately $126,000. Lloyds Banking Group plc acquired a new position in Snap-On in the 2nd quarter valued at approximately $129,000. Finally, Amica Retiree Medical Trust acquired a new position in Snap-On in the 3rd quarter valued at approximately $165,000. 99.68% of the stock is currently owned by hedge funds and other institutional investors.
Snap-On Incorporated (NYSE SNA) traded up $2.31 during midday trading on Friday, hitting $170.93. 323,800 shares of the stock were exchanged, compared to its average volume of 611,777. The company has a quick ratio of 1.22, a current ratio of 1.75 and a debt-to-equity ratio of 0.26. 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 $9,612.55, a P/E ratio of 17.01, a PEG ratio of 1.39 and a beta of 1.14.
Snap-On (NYSE:SNA) last posted its quarterly earnings data on Thursday, October 19th. The company reported $2.45 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $2.43 by $0.02. The company had revenue of $903.80 million for the quarter, compared to the consensus estimate of $889.22 million. Snap-On had a net margin of 15.95% and a return on equity of 20.82%. The firm’s revenue was up 8.4% compared to the same quarter last year. During the same period last year, the company earned $2.22 earnings per share. sell-side analysts predict that Snap-On Incorporated will post 10.09 earnings per share for the current fiscal year.
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 given a dividend of $0.82 per share. This represents a $3.28 dividend on an annualized basis and a yield of 1.92%. This is a boost from Snap-On’s previous quarterly dividend of $0.71. The ex-dividend date is Thursday, November 16th. Snap-On’s payout ratio is 33.64%.
Several analysts recently issued reports on SNA shares. Barrington Research raised shares of Snap-On from a “market perform” rating to an “outperform” rating and set a $185.00 price objective for the company in a report on Monday, October 23rd. B. Riley restated a “buy” rating on shares of Snap-On in a research note on Wednesday, November 1st. Jefferies Group restated a “hold” rating and issued a $175.00 price objective on shares of Snap-On in a research note on Friday, November 3rd. Oppenheimer reiterated a “buy” rating and set a $177.00 target price on shares of Snap-On in a research report on Thursday, October 19th. Finally, FBR & Co reissued a “buy” rating and set a $205.00 price objective 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 assigned a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus target price of $192.00.
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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