Mitsubishi UFJ Asset Management Co. Ltd. Buys New Holdings in Snap-On Incorporated $SNA

Mitsubishi UFJ Asset Management Co. Ltd. purchased a new position in Snap-On Incorporated (NYSE:SNA) during the 2nd quarter, HoldingsChannel reports. The institutional investor purchased 128,048 shares of the company’s stock, valued at approximately $51,527,000.

A number of other institutional investors also recently bought and sold shares of the business. DV Equities LLC acquired a new stake in Snap-On during the 4th quarter valued at approximately $25,000. Western Wealth Management LLC acquired a new stake in shares of Snap-On in the first quarter worth $29,000. Montag A & Associates Inc. raised its holdings in shares of Snap-On by 331.8% during the fourth quarter. Montag A & Associates Inc. now owns 95 shares of the company’s stock worth $33,000 after purchasing an additional 73 shares during the last quarter. Quattro Advisors LLC purchased a new position in shares of Snap-On during the fourth quarter worth $35,000. Finally, Annis Gardner Whiting Capital Advisors LLC lifted its position in Snap-On by 36.4% during the fourth quarter. Annis Gardner Whiting Capital Advisors LLC now owns 105 shares of the company’s stock valued at $36,000 after purchasing an additional 28 shares during the period. 84.88% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Snap-On

In related news, SVP Timothy L. Chambers sold 9,111 shares of the company’s stock in a transaction dated Tuesday, July 28th. The stock was sold at an average price of $419.36, for a total value of $3,820,788.96. Following the completion of the transaction, the senior vice president owned 21,223 shares of the company’s stock, valued at approximately $8,900,077.28. This represents a 30.04% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed 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 stock in a transaction that occurred 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 transaction, 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. Over the last 90 days, insiders sold 45,928 shares of company stock worth $18,483,009. 3.80% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

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

Snap-On Stock Performance

SNA opened at $394.00 on Thursday. The firm has a fifty day moving average price of $403.06 and a 200 day moving average price of $384.33. Snap-On Incorporated has a 1 year low of $319.20 and a 1 year high of $423.02. The stock has a market cap of $20.38 billion, a P/E ratio of 20.09, a P/E/G ratio of 2.78 and a beta of 0.73. The company has a debt-to-equity ratio of 0.15, a current ratio of 3.43 and a quick ratio of 2.64.

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

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

Snap-On Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 10th. Stockholders 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 dividend yield of 2.5%. The ex-dividend date of this dividend is Wednesday, August 19th. Snap-On’s dividend payout ratio is presently 49.77%.

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.