Commerce Bank Takes $1.20 Million Position in Snap-On Incorporated $SNA

Commerce Bank acquired a new position in shares of Snap-On Incorporated (NYSE:SNA) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 2,988 shares of the company’s stock, valued at approximately $1,202,000.

A number of other hedge funds have also modified their holdings of the company. Miller Howard Investments Inc. NY bought a new stake in Snap-On during the 1st quarter worth about $51,244,000. QRG Capital Management Inc. boosted its stake in shares of Snap-On by 9.9% during the 1st quarter. QRG Capital Management Inc. now owns 86,849 shares of the company’s stock worth $31,545,000 after buying an additional 7,798 shares during the last quarter. Fisher Asset Management LLC grew its holdings in shares of Snap-On by 21.8% in the 4th quarter. Fisher Asset Management LLC now owns 66,017 shares of the company’s stock valued at $22,750,000 after acquiring an additional 11,808 shares in the last quarter. Hsbc Holdings PLC grew its holdings in shares of Snap-On by 0.9% in the 4th quarter. Hsbc Holdings PLC now owns 374,236 shares of the company’s stock valued at $128,974,000 after acquiring an additional 3,321 shares in the last quarter. Finally, Sanctuary Advisors LLC increased its position in shares of Snap-On by 8.0% in the first quarter. Sanctuary Advisors LLC now owns 36,690 shares of the company’s stock valued at $13,326,000 after acquiring an additional 2,714 shares during the last quarter. 84.88% of the stock is currently owned by institutional investors.

Snap-On Stock Down 0.0%

Shares of SNA stock opened at $394.40 on Wednesday. Snap-On Incorporated has a 52-week low of $319.20 and a 52-week high of $423.02. The stock 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. The firm’s 50-day moving average is $403.56 and its 200-day moving average is $384.85. The company has a debt-to-equity ratio of 0.15, a quick ratio of 2.64 and a current ratio of 3.43.

Snap-On (NYSE:SNA) last posted its quarterly earnings results on Thursday, July 23rd. The company reported $4.96 EPS 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 analysts’ expectations of $1.22 billion. Snap-On had a return on equity of 17.07% and a net margin of 21.25%.Snap-On’s quarterly revenue was up 4.7% on a year-over-year basis. During the same quarter last year, the company posted $4.72 earnings per share. Sell-side analysts predict that Snap-On Incorporated will post 19.7 EPS for the current year.

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 given 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 dividend payout ratio (DPR) is presently 49.77%.

Snap-On announced that its board has initiated a share repurchase program on Thursday, April 30th that authorizes the company to buyback $500.00 million in shares. This buyback authorization authorizes the company to reacquire up to 2.5% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board believes its stock is undervalued.

Analyst Upgrades and Downgrades

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

Insider Activity at Snap-On

In related news, VP Richard Thomas Miller sold 2,000 shares of the business’s stock in a transaction that occurred on Wednesday, July 1st. The stock was sold at an average price of $405.92, for a total transaction of $811,840.00. Following the transaction, the vice president directly owned 4,529 shares of the company’s stock, valued at approximately $1,838,411.68. The trade was a 30.63% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP Timothy L. Chambers sold 9,111 shares of the stock in a transaction on 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 in the company, valued at approximately $8,900,077.28. This trade represents a 30.04% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 45,928 shares of company stock worth $18,483,009 in the last three months. 3.80% of the stock is owned by company insiders.

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.