First Trust Advisors LP Buys 65,521 Shares of Snap-On Incorporated $SNA

First Trust Advisors LP boosted its stake in Snap-On Incorporated (NYSE:SNA) by 3.3% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 2,033,129 shares of the company’s stock after buying an additional 65,521 shares during the quarter. Snap-On makes up 0.5% of First Trust Advisors LP’s investment portfolio, making the stock its 23rd largest holding. First Trust Advisors LP owned 3.92% of Snap-On worth $738,473,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors also recently made changes to their positions in the company. Vanguard Group Inc. grew its stake in Snap-On by 0.5% in the 4th quarter. Vanguard Group Inc. now owns 6,525,488 shares of the company’s stock valued at $2,248,683,000 after purchasing an additional 31,073 shares during the period. State Street Corp raised its stake in shares of Snap-On by 1.3% during the 4th quarter. State Street Corp now owns 2,272,041 shares of the company’s stock worth $782,945,000 after purchasing an additional 28,071 shares during the period. Charles Schwab Investment Management Inc. raised its stake in shares of Snap-On by 2.0% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,011,914 shares of the company’s stock worth $693,306,000 after purchasing an additional 39,765 shares during the period. Auto Owners Insurance Co boosted its holdings in shares of Snap-On by 34,360.0% in the 4th quarter. Auto Owners Insurance Co now owns 1,025,185 shares of the company’s stock worth $353,279,000 after buying an additional 1,022,210 shares during the last quarter. Finally, Bank of America Corp DE grew its position in Snap-On by 2.0% during the third quarter. Bank of America Corp DE now owns 933,495 shares of the company’s stock valued at $323,484,000 after buying an additional 18,549 shares during the period. 84.88% of the stock is owned by institutional investors.

Snap-On Stock Down 0.5%

Shares of NYSE SNA opened at $404.37 on Wednesday. The company has a debt-to-equity ratio of 0.15, a current ratio of 3.53 and a quick ratio of 2.74. The stock has a market capitalization of $20.95 billion, a PE ratio of 20.88, a P/E/G ratio of 2.86 and a beta of 0.73. Snap-On Incorporated has a one year low of $312.78 and a one year high of $419.68. The business’s fifty day moving average price is $387.27 and its 200-day moving average price is $377.45.

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

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

Snap-On Announces Dividend

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

Insider Buying and Selling at Snap-On

In related news, CEO Nicholas T. Pinchuk sold 23,396 shares of the firm’s 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 completion of the transaction, the chief executive officer directly owned 856,918 shares of the company’s stock, valued at approximately $322,004,076.86. This trade represents a 2.66% decrease in their position. The transaction was disclosed in a 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 Snap-On stock in a transaction that occurred on Wednesday, June 10th. The shares were sold at an average price of $383.92, for a total transaction of $1,632,043.92. Following the completion of the transaction, the senior vice president owned 4,439 shares of the company’s stock, valued at $1,704,220.88. This represents a 48.92% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 37,117 shares of company stock valued at $14,003,922. 3.80% of the stock is owned by corporate insiders.

Analyst Ratings Changes

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

Snap-On Company 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.