Hsbc Holdings PLC Increases Stock Position in Snap-On Incorporated $SNA

Hsbc Holdings PLC raised its holdings in shares of Snap-On Incorporated (NYSE:SNA) by 18.2% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 442,310 shares of the company’s stock after purchasing an additional 68,074 shares during the period. Hsbc Holdings PLC’s holdings in Snap-On were worth $160,629,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. Thurston Springer Miller Herd & Titak Inc. purchased a new position in shares of Snap-On in the fourth quarter worth $25,000. DV Equities LLC purchased a new stake in shares of Snap-On during the fourth quarter valued at $25,000. GoalVest Advisory LLC purchased a new stake in shares of Snap-On during the fourth quarter valued at $28,000. Montag A & Associates Inc. increased its holdings in Snap-On by 331.8% in the 4th quarter. Montag A & Associates Inc. now owns 95 shares of the company’s stock worth $33,000 after buying an additional 73 shares in the last quarter. Finally, Quattro Advisors LLC bought a new stake in Snap-On in the 4th quarter worth about $35,000. Institutional investors own 84.88% of the company’s stock.

Snap-On Stock Performance

Shares of SNA opened at $411.01 on Friday. The firm has a market capitalization of $21.29 billion, a P/E ratio of 21.22, a PEG ratio of 2.89 and a beta of 0.73. The company has a debt-to-equity ratio of 0.15, a current ratio of 3.53 and a quick ratio of 2.74. Snap-On Incorporated has a one year low of $312.78 and a one year high of $419.68. The business has a fifty day moving average of $385.83 and a 200 day moving average of $376.45.

Snap-On (NYSE:SNA) last posted its earnings results on Thursday, April 23rd. The company reported $4.69 earnings per share for the quarter, missing analysts’ consensus estimates of $4.75 by ($0.06). The firm had revenue of $1.21 billion during the quarter, compared to the consensus estimate of $1.19 billion. Snap-On had a net margin of 21.28% and a return on equity of 17.13%. The firm’s revenue was up 5.8% compared to the same quarter last year. During the same period in the prior year, the company posted $4.51 EPS. As a group, sell-side analysts anticipate that Snap-On Incorporated will post 19.7 EPS for the current year.

Snap-On Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, June 10th. Investors of record on Wednesday, May 20th were given a dividend of $2.44 per share. This represents a $9.76 annualized dividend and a yield of 2.4%. The ex-dividend date was Wednesday, May 20th. Snap-On’s payout ratio is 50.39%.

Snap-On announced that its Board of Directors has approved a share repurchase program on Thursday, April 30th that authorizes the company to repurchase $500.00 million in shares. This repurchase authorization authorizes the company to buy up to 2.5% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s leadership believes its stock is undervalued.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on SNA shares. Barclays assumed coverage on shares of Snap-On in a research note on Thursday, May 28th. They set an “overweight” rating and a $420.00 target price on the stock. Robert W. Baird lifted their price target on shares of Snap-On from $380.00 to $395.00 and gave the stock a “neutral” rating in a research note on Friday, April 24th. Weiss Ratings reissued a “buy (b)” rating on shares of Snap-On in a report on Monday, April 20th. Finally, Roth Capital restated a “buy” rating and set a $431.00 price objective on shares of Snap-On in a research report on Friday, April 24th. Five research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $408.20.

Insider Buying and Selling at Snap-On

In other Snap-On news, CEO Nicholas T. Pinchuk sold 23,396 shares of the stock in a transaction that occurred on Tuesday, May 5th. The shares were sold at an average price of $375.77, for a total value of $8,791,514.92. Following the transaction, the chief executive officer directly owned 856,918 shares in the company, valued at approximately $322,004,076.86. This trade represents a 2.66% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, VP Richard Thomas Miller sold 2,000 shares of Snap-On stock in a transaction on Wednesday, July 1st. The stock was sold at an average price of $405.92, for a total transaction of $811,840.00. Following the transaction, the vice president owned 4,529 shares in the company, valued at $1,838,411.68. This represents a 30.63% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 37,117 shares of company stock valued at $14,003,922 in the last ninety days. Corporate insiders own 3.80% of the company’s stock.

Snap-On Profile

Snap‑On Incorporated (NYSE: SNA) is a designer, manufacturer and marketer of tools, diagnostic equipment, repair information and shop equipment for professional users. The company’s product range includes hand and power tools, tool storage and cabinets, diagnostic scan tools and software, shop equipment such as lifts and tire changers, and specialized specialty tools for automotive, aviation, marine and industrial applications. Snap‑On also offers information and workflow solutions that combine diagnostic data, repair procedures and parts information to support professional technicians.

Founded in 1920 and headquartered in Kenosha, Wisconsin, Snap‑On has established a long history in the professional tools market.