Hsbc Holdings PLC Sells 20,660 Shares of Snap-On Incorporated $SNA

Hsbc Holdings PLC trimmed its position in Snap-On Incorporated (NYSE:SNA) by 4.7% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 421,650 shares of the company’s stock after selling 20,660 shares during the quarter. Hsbc Holdings PLC owned 0.82% of Snap-On worth $169,649,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Miller Howard Investments Inc. NY acquired a new position in Snap-On in the 1st quarter valued at $51,244,000. QRG Capital Management Inc. raised its stake in Snap-On by 9.9% in the first quarter. QRG Capital Management Inc. now owns 86,849 shares of the company’s stock valued at $31,545,000 after purchasing an additional 7,798 shares in the last quarter. Fisher Asset Management LLC raised its stake in Snap-On by 21.8% in the fourth quarter. Fisher Asset Management LLC now owns 66,017 shares of the company’s stock valued at $22,750,000 after purchasing an additional 11,808 shares in the last quarter. Sanctuary Advisors LLC lifted its position in Snap-On by 8.0% during the first quarter. Sanctuary Advisors LLC now owns 36,690 shares of the company’s stock worth $13,326,000 after purchasing an additional 2,714 shares during the period. Finally, DNB Asset Management AS grew its stake in Snap-On by 24.5% during the fourth quarter. DNB Asset Management AS now owns 29,499 shares of the company’s stock worth $10,165,000 after buying an additional 5,797 shares in the last quarter. Institutional investors and hedge funds own 84.88% of the company’s stock.

Insider Activity at Snap-On

In other Snap-On news, CEO Nicholas T. Pinchuk sold 22,889 shares of the firm’s stock in a transaction on Tuesday, August 18th. The shares were sold at an average price of $399.69, for a total value of $9,148,504.41. Following the completion of the sale, the chief executive officer directly owned 867,779 shares in the company, valued at approximately $346,842,588.51. This trade represents a 2.57% decrease in their ownership of the stock. 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, VP Richard Thomas Miller sold 2,000 shares of Snap-On stock in a transaction on Wednesday, July 1st. The shares were sold at an average price of $405.92, for a total transaction of $811,840.00. Following the completion of the sale, the vice president directly owned 4,529 shares of the company’s stock, valued at approximately $1,838,411.68. This trade represents a 30.63% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 45,928 shares of company stock worth $18,483,009 over the last quarter. 3.80% of the stock is owned by company insiders.

Snap-On Stock Down 0.0%

Snap-On stock opened at $394.40 on Wednesday. The firm has a market cap of $20.40 billion, a price-to-earnings ratio of 20.11, a PEG ratio of 2.77 and a beta of 0.73. Snap-On Incorporated has a 52-week low of $319.20 and a 52-week high of $423.02. The company has a debt-to-equity ratio of 0.15, a quick ratio of 2.64 and a current ratio of 3.43. The firm has a 50 day moving average price of $403.56 and a two-hundred day moving average price of $384.85.

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

Snap-On declared that its Board of Directors has authorized a share repurchase program on Thursday, April 30th that permits the company to buyback $500.00 million in outstanding shares. This buyback authorization permits the company to purchase up to 2.5% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s leadership believes its shares are undervalued.

Snap-On Dividend Announcement

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

Wall Street Analyst Weigh In

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

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.