Dearborn Partners LLC Acquires New Holdings in Snap-On Incorporated $SNA

Dearborn Partners LLC bought a new position in shares of Snap-On Incorporated (NYSE:SNA) in the second quarter, HoldingsChannel reports. The firm bought 93,789 shares of the company’s stock, valued at approximately $34,066,000. Snap-On comprises about 1.8% of Dearborn Partners LLC’s holdings, making the stock its 13th biggest holding.

Several other institutional investors and hedge funds also recently modified their holdings of SNA. Vanguard Group Inc. increased its position in Snap-On by 0.5% during the fourth quarter. Vanguard Group Inc. now owns 6,525,488 shares of the company’s stock worth $2,248,683,000 after buying an additional 31,073 shares in the last quarter. BlackRock Inc. acquired a new stake in Snap-On in the 2nd quarter worth about $1,715,363,000. State Street Corp grew its holdings in Snap-On by 1.3% in the fourth quarter. State Street Corp now owns 2,272,041 shares of the company’s stock valued at $782,945,000 after purchasing an additional 28,071 shares during the period. First Trust Advisors LP grew its position in Snap-On by 3.3% during the first quarter. First Trust Advisors LP now owns 2,033,129 shares of the company’s stock valued at $738,473,000 after acquiring an additional 65,521 shares during the period. Finally, Charles Schwab Investment Management Inc. grew its stake in Snap-On by 2.0% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,011,914 shares of the company’s stock worth $693,306,000 after buying an additional 39,765 shares during the period. Hedge funds and other institutional investors own 84.88% of the company’s stock.

Insiders Place Their Bets

In related news, CEO Nicholas T. Pinchuk sold 22,889 shares of Snap-On stock in a transaction on Tuesday, August 18th. The stock was sold at an average price of $399.69, for a total transaction of $9,148,504.41. Following the completion of the sale, the chief executive officer directly owned 867,779 shares of the company’s stock, valued at $346,842,588.51. The trade was a 2.57% 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 link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP Timothy L. Chambers sold 9,111 shares of the company’s stock in a transaction dated Tuesday, July 28th. The shares were sold at an average price of $419.36, for a total value of $3,820,788.96. Following the completion of the sale, the senior vice president owned 21,223 shares of the company’s stock, valued at $8,900,077.28. This represents a 30.04% 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. Insiders sold 45,928 shares of company stock worth $18,483,009 over the last three months. Insiders own 3.80% of the company’s stock.

Snap-On Stock Up 0.3%

Shares of NYSE SNA opened at $394.54 on Tuesday. Snap-On Incorporated has a 1 year low of $319.20 and a 1 year high of $423.02. The firm’s 50-day moving average is $403.46 and its 200-day moving average is $384.77. The company has a current ratio of 3.43, a quick ratio of 2.64 and a debt-to-equity ratio of 0.15. The firm has a market capitalization of $20.41 billion, a PE ratio of 20.12, a price-to-earnings-growth ratio of 2.77 and a beta of 0.73.

Snap-On (NYSE:SNA) last posted its quarterly 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. Snap-On had a net margin of 21.25% and a return on equity of 17.07%. The business had revenue of $1.24 billion during the quarter, compared to the consensus estimate of $1.22 billion. During the same period in the previous year, the firm posted $4.72 earnings per share. Snap-On’s revenue for the quarter was up 4.7% compared to the same quarter last year. Equities analysts expect that Snap-On Incorporated will post 19.7 EPS for the current year.

Snap-On declared that its Board of Directors has initiated a share buyback plan on Thursday, April 30th that permits the company to buyback $500.00 million in shares. This buyback authorization permits the company to reacquire up to 2.5% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s board believes its shares are undervalued.

Snap-On Announces Dividend

The business also recently declared 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. The ex-dividend date of this dividend is Wednesday, August 19th. This represents a $9.76 dividend on an annualized basis and a dividend yield of 2.5%. Snap-On’s dividend payout ratio is 49.77%.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on the stock. 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 issued 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 issued an “overweight” rating and a $420.00 price objective for the company. Robert W. Baird set a $415.00 price objective on shares of Snap-On in a research report on Friday, July 24th. Finally, Tigress Financial raised their price objective on shares of Snap-On from $445.00 to $485.00 and gave the stock a “buy” rating in a research note on Friday, July 31st. Five research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $426.20.

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.