Saudi Central Bank Acquires 1,724 Shares of Snap-On Incorporated $SNA

Saudi Central Bank grew its position in shares of Snap-On Incorporated (NYSE:SNA) by 89.8% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 3,644 shares of the company’s stock after purchasing an additional 1,724 shares during the quarter. Saudi Central Bank’s holdings in Snap-On were worth $1,466,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. AlphaGrep UK Ltd bought a new position in Snap-On during the second quarter worth $328,000. Raiffeisen Bank International AG increased its holdings in Snap-On by 3,115.6% during the 2nd quarter. Raiffeisen Bank International AG now owns 2,058 shares of the company’s stock worth $820,000 after purchasing an additional 1,994 shares in the last quarter. Syon Capital LLC raised its position in Snap-On by 8.4% in the 2nd quarter. Syon Capital LLC now owns 3,488 shares of the company’s stock valued at $1,404,000 after buying an additional 271 shares during the last quarter. denkapparat Operations GmbH raised its holdings in shares of Snap-On by 229.2% in the second quarter. denkapparat Operations GmbH now owns 3,674 shares of the company’s stock valued at $1,478,000 after purchasing an additional 2,558 shares during the last quarter. Finally, TD Waterhouse Canada Inc. boosted its stake in shares of Snap-On by 3.6% in the 2nd quarter. TD Waterhouse Canada Inc. now owns 4,140 shares of the company’s stock worth $1,670,000 after buying an additional 142 shares during the last quarter. 84.88% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Snap-On

In other Snap-On news, VP Marty V. Ozolins sold 800 shares of the firm’s stock in a transaction dated Wednesday, August 26th. The shares were sold at an average price of $400.00, for a total value of $320,000.00. Following the completion of the sale, the vice president owned 1,526 shares of the company’s stock, valued at $610,400. This trade represents a 34.39% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Aldo Pagliari sold 5,531 shares of the company’s stock in a transaction dated Thursday, August 13th. The stock was sold at an average price of $404.25, for a total transaction of $2,235,906.75. Following the completion of the transaction, the chief financial officer owned 120,644 shares in the company, valued at approximately $48,770,337. The trade was a 4.38% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 40,720 shares of company stock valued at $16,500,198 in the last 90 days. 3.80% of the stock is currently owned by insiders.

Analyst Ratings Changes

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

Snap-On Stock Performance

Shares of SNA stock opened at $379.97 on Wednesday. Snap-On Incorporated has a one year low of $320.80 and a one year high of $423.02. The company has a market capitalization of $19.66 billion, a price-to-earnings ratio of 19.38, a price-to-earnings-growth ratio of 2.69 and a beta of 0.72. The company’s 50-day moving average is $402.36 and its 200 day moving average is $385.44. The company has a debt-to-equity ratio of 0.15, a quick ratio of 2.64 and a current ratio of 3.43.

Snap-On (NYSE:SNA) last issued its quarterly earnings data on Thursday, July 23rd. The company reported $4.96 EPS for the quarter, topping the consensus estimate of $4.95 by $0.01. Snap-On had a return on equity of 17.07% and a net margin of 21.25%.The company had revenue of $1.24 billion during the quarter, compared to analyst estimates of $1.22 billion. During the same quarter in the previous year, the company posted $4.72 earnings per share. Snap-On’s revenue was up 4.7% compared to the same quarter last year. Sell-side analysts expect that Snap-On Incorporated will post 19.7 EPS for the current fiscal year.

Snap-On Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, September 10th. Investors of record on Wednesday, August 19th will be paid a dividend of $2.44 per share. This represents a $9.76 annualized dividend and a yield of 2.6%. The ex-dividend date of this dividend is Wednesday, August 19th. Snap-On’s dividend payout ratio (DPR) is presently 49.77%.

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.