Royal Bank of Canada Boosts Stake in Snap-On Incorporated $SNA

Royal Bank of Canada increased its holdings in Snap-On Incorporated (NYSE:SNA) by 14.0% in the 1st quarter, HoldingsChannel.com reports. The fund owned 111,046 shares of the company’s stock after buying an additional 13,665 shares during the period. Royal Bank of Canada’s holdings in Snap-On were worth $40,333,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also bought and sold shares of the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in Snap-On by 15.5% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 8,850 shares of the company’s stock worth $2,983,000 after buying an additional 1,185 shares during the last quarter. Woodline Partners LP increased its stake in shares of Snap-On by 40.4% during the 1st quarter. Woodline Partners LP now owns 4,426 shares of the company’s stock worth $1,492,000 after purchasing an additional 1,273 shares during the last quarter. EverSource Wealth Advisors LLC increased its stake in shares of Snap-On by 100.9% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 464 shares of the company’s stock worth $144,000 after purchasing an additional 233 shares during the last quarter. Gamco Investors INC. ET AL raised its holdings in shares of Snap-On by 32.9% in the 2nd quarter. Gamco Investors INC. ET AL now owns 1,752 shares of the company’s stock worth $545,000 after purchasing an additional 434 shares during the period. Finally, Natixis lifted its stake in Snap-On by 136.8% in the second quarter. Natixis now owns 3,048 shares of the company’s stock valued at $948,000 after purchasing an additional 1,761 shares during the last quarter. Hedge funds and other institutional investors own 84.88% of the company’s stock.

Snap-On Stock Up 0.1%

SNA stock opened at $410.78 on Monday. The stock has a 50-day simple moving average of $394.51 and a two-hundred day simple moving average of $380.47. Snap-On Incorporated has a twelve month low of $312.78 and a twelve month high of $420.91. The firm has a market capitalization of $21.25 billion, a PE ratio of 20.95, a PEG ratio of 2.89 and a beta of 0.73. The company has a quick ratio of 2.64, a current ratio of 3.43 and a debt-to-equity ratio of 0.15.

Snap-On (NYSE:SNA) last issued its quarterly earnings data 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 during the quarter, compared to analysts’ expectations of $1.22 billion. During the same quarter in the previous year, the company earned $4.72 earnings per share. Snap-On’s revenue for the quarter was up 4.7% on a year-over-year basis. On average, equities analysts predict that Snap-On Incorporated will post 19.7 EPS for the current fiscal year.

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

Analyst Ratings Changes

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

Insider Activity

In other Snap-On news, SVP Jesus Arregui sold 4,251 shares of the firm’s stock in a transaction dated 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 of the company’s stock, valued at $1,704,220.88. This trade represents a 48.92% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, VP Richard Thomas Miller sold 2,000 shares of Snap-On stock in a transaction dated Wednesday, July 1st. The shares were sold at an average price of $405.92, for a total value of $811,840.00. Following the sale, the vice president 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 position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders sold 46,617 shares of company stock worth $17,987,869. Company insiders own 3.80% of the company’s stock.

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.