Meeder Advisory Services Inc. Makes New Investment in Snap-On Incorporated $SNA

Meeder Advisory Services Inc. bought a new position in shares of Snap-On Incorporated (NYSE:SNA) in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 1,308 shares of the company’s stock, valued at approximately $526,000.

A number of other institutional investors also recently modified their holdings of the business. Annis Gardner Whiting Capital Advisors LLC increased its holdings in shares of Snap-On by 36.4% during the fourth quarter. Annis Gardner Whiting Capital Advisors LLC now owns 105 shares of the company’s stock worth $36,000 after purchasing an additional 28 shares during the period. Verition Fund Management LLC boosted its stake in shares of Snap-On by 1.5% in the fourth quarter. Verition Fund Management LLC now owns 1,844 shares of the company’s stock valued at $635,000 after buying an additional 28 shares during the period. CWM LLC boosted its stake in shares of Snap-On by 0.6% in the fourth quarter. CWM LLC now owns 5,517 shares of the company’s stock valued at $1,901,000 after buying an additional 31 shares during the period. Ritholtz Wealth Management grew its position in Snap-On by 2.4% during the first quarter. Ritholtz Wealth Management now owns 1,435 shares of the company’s stock worth $521,000 after buying an additional 34 shares in the last quarter. Finally, Oakworth Capital Inc. grew its position in Snap-On by 9.7% during the fourth quarter. Oakworth Capital Inc. now owns 406 shares of the company’s stock worth $140,000 after buying an additional 36 shares in the last quarter. Institutional investors own 84.88% of the company’s stock.

Snap-On Stock Down 0.7%

SNA stock opened at $391.28 on Friday. The firm has a 50-day moving average price of $403.18 and a 200-day moving average price of $384.50. Snap-On Incorporated has a 12 month low of $319.20 and a 12 month high of $423.02. The company has a current ratio of 3.43, a quick ratio of 2.64 and a debt-to-equity ratio of 0.15. The stock has a market capitalization of $20.24 billion, a P/E ratio of 19.95, a price-to-earnings-growth ratio of 2.77 and a beta of 0.73.

Snap-On (NYSE:SNA) last announced its quarterly earnings results on Thursday, July 23rd. The company reported $4.96 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.95 by $0.01. The company had revenue of $1.24 billion for the quarter, compared to analyst estimates of $1.22 billion. Snap-On had a net margin of 21.25% and a return on equity of 17.07%. The firm’s revenue was up 4.7% on a year-over-year basis. During the same period in the previous year, the firm posted $4.72 EPS. As a group, equities research analysts anticipate that Snap-On Incorporated will post 19.7 EPS for the current fiscal year.

Snap-On declared that its Board of Directors has initiated a share repurchase plan on Thursday, April 30th that allows the company to repurchase $500.00 million in shares. This repurchase authorization allows the company to buy up to 2.5% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board of directors believes its shares are undervalued.

Snap-On Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 10th. Stockholders of record on Wednesday, August 19th will be issued a dividend of $2.44 per share. The ex-dividend date is Wednesday, August 19th. This represents a $9.76 annualized dividend and a dividend yield of 2.5%. Snap-On’s dividend payout ratio is 49.77%.

Insider Activity at Snap-On

In other news, VP Richard Thomas Miller sold 2,000 shares of the stock in a transaction on Wednesday, July 1st. The stock was sold at an average price of $405.92, for a total value of $811,840.00. Following the completion of the transaction, the vice president directly owned 4,529 shares in the company, valued at approximately $1,838,411.68. This represents a 30.63% decrease in their position. The sale 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, SVP Jesus Arregui sold 4,251 shares of the business’s stock in a transaction on Wednesday, June 10th. The stock was sold at an average price of $383.92, for a total value of $1,632,043.92. Following the sale, the senior vice president owned 4,439 shares in the company, valued at $1,704,220.88. This represents a 48.92% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 45,928 shares of company stock valued at $18,483,009. 3.80% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on SNA shares. Barclays initiated coverage on Snap-On in a report on Thursday, May 28th. They issued an “overweight” rating and a $420.00 price objective for the company. Robert W. Baird set a $415.00 target price on Snap-On in a report on Friday, July 24th. Weiss Ratings restated a “buy (b)” rating on shares of Snap-On in a research report on Friday, July 17th. Roth Capital reaffirmed a “buy” rating and issued a $461.00 price target (up from $409.00) on shares of Snap-On in a research note on Friday, July 24th. Finally, Tigress Financial upped their price objective on shares of Snap-On from $445.00 to $485.00 and gave the stock a “buy” rating in a research report on Friday, July 31st. Five investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat, Snap-On presently has an average rating of “Moderate Buy” and a consensus target price of $426.20.

About Snap-On

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.