CIBC Asset Management Inc Acquires 5,044 Shares of Snap-On Incorporated $SNA

CIBC Asset Management Inc increased its holdings in shares of Snap-On Incorporated (NYSE:SNA) by 57.6% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 13,794 shares of the company’s stock after purchasing an additional 5,044 shares during the period. CIBC Asset Management Inc’s holdings in Snap-On were worth $4,753,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently bought and sold shares of SNA. Vanguard Group Inc. raised its holdings in shares of Snap-On by 0.5% in 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 during the last quarter. State Street Corp raised its holdings in shares of Snap-On by 1.6% during the third quarter. State Street Corp now owns 2,243,970 shares of the company’s stock worth $777,603,000 after purchasing an additional 36,130 shares during the last quarter. First Trust Advisors LP boosted its stake in shares of Snap-On by 1.3% during the 3rd quarter. First Trust Advisors LP now owns 1,916,571 shares of the company’s stock worth $664,149,000 after acquiring an additional 23,863 shares in the last quarter. Nordea Investment Management AB boosted its position in Snap-On by 4.1% during the fourth quarter. Nordea Investment Management AB now owns 1,310,198 shares of the company’s stock worth $454,206,000 after purchasing an additional 51,486 shares in the last quarter. Finally, Bank of America Corp DE grew its holdings in Snap-On by 2.0% in the third quarter. Bank of America Corp DE now owns 933,495 shares of the company’s stock valued at $323,484,000 after purchasing an additional 18,549 shares during the period. Hedge funds and other institutional investors own 84.88% of the company’s stock.

Insider Buying and Selling

In other Snap-On news, CEO Nicholas T. Pinchuk sold 23,396 shares of the 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 sale, the chief executive officer directly owned 856,918 shares of the company’s stock, valued at approximately $322,004,076.86. This represents a 2.66% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Aldo John Pagliari sold 1,330 shares of the stock in a transaction that occurred on Thursday, June 4th. The shares were sold at an average price of $379.27, for a total transaction of $504,429.10. Following the completion of the sale, the chief financial officer directly owned 118,158 shares in the company, valued at approximately $44,813,784.66. This represents a 1.11% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 30,439 shares of company stock worth $11,393,700. Insiders own 3.80% of the company’s stock.

Snap-On Stock Up 0.2%

Snap-On stock opened at $379.67 on Friday. The stock’s fifty day simple moving average is $372.58 and its 200-day simple moving average is $365.28. The company has a current ratio of 3.53, a quick ratio of 2.74 and a debt-to-equity ratio of 0.15. Snap-On Incorporated has a twelve month low of $301.82 and a twelve month high of $400.88. The firm has a market capitalization of $19.67 billion, a P/E ratio of 19.60, a P/E/G ratio of 2.67 and a beta of 0.73.

Snap-On (NYSE:SNA) last issued its quarterly earnings results 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). Snap-On had a return on equity of 17.13% and a net margin of 21.28%.The company had revenue of $1.21 billion for the quarter, compared to analysts’ expectations of $1.19 billion. During the same quarter last year, the company earned $4.51 EPS. Snap-On’s revenue for the quarter was up 5.8% compared to the same quarter last year. As a group, equities analysts expect that Snap-On Incorporated will post 19.7 earnings per share for the current fiscal year.

Snap-On announced that its Board of Directors has approved a share buyback plan on Thursday, April 30th that permits the company to repurchase $500.00 million in outstanding shares. This repurchase authorization permits the company to repurchase up to 2.6% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s management believes its stock is undervalued.

Snap-On Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, June 10th. Shareholders of record on Wednesday, May 20th will be issued a dividend of $2.44 per share. The ex-dividend date is Wednesday, May 20th. This represents a $9.76 annualized dividend and a yield of 2.6%. Snap-On’s dividend payout ratio is 50.39%.

Analyst Ratings Changes

Several analysts have recently issued reports on the stock. Robert W. Baird lifted their target price on shares of Snap-On from $380.00 to $395.00 and gave the company a “neutral” rating in a research report on Friday, April 24th. Barclays initiated coverage on shares of Snap-On in a research report on Thursday, May 28th. They set an “overweight” rating and a $420.00 price target on the stock. Wall Street Zen lowered shares of Snap-On from a “buy” rating to a “hold” rating in a report on Saturday, February 7th. Tigress Financial boosted their target price on shares of Snap-On from $405.00 to $445.00 and gave the company a “buy” rating in a report on Friday, February 27th. Finally, Weiss Ratings reissued a “buy (b)” rating on shares of Snap-On in a research note on Monday, April 20th. Five research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, Snap-On presently has an average rating of “Moderate Buy” and an average target price of $387.67.

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.