M&G Plc Takes Position in Snap-on Incorporated (NYSE:SNA)

M&G Plc purchased a new stake in shares of Snap-on Incorporated (NYSE:SNA) in the first quarter, according to its most recent 13F filing with the SEC. The fund purchased 35,737 shares of the company’s stock, valued at approximately $10,578,000.

A number of other hedge funds have also recently made changes to their positions in SNA. Confluence Investment Management LLC purchased a new position in shares of Snap-on during the 1st quarter valued at $173,451,000. Norges Bank purchased a new position in Snap-on in the fourth quarter worth $145,665,000. Mawer Investment Management Ltd. purchased a new position in Snap-on in the first quarter worth $55,954,000. Benjamin F. Edwards & Company Inc. grew its position in Snap-on by 1,416.5% in the fourth quarter. Benjamin F. Edwards & Company Inc. now owns 147,657 shares of the company’s stock worth $42,649,000 after acquiring an additional 137,920 shares in the last quarter. Finally, International Assets Investment Management LLC grew its position in Snap-on by 31,080.3% in the fourth quarter. International Assets Investment Management LLC now owns 74,521 shares of the company’s stock worth $21,525,000 after acquiring an additional 74,282 shares in the last quarter. 84.88% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on SNA. Barrington Research reiterated an “outperform” rating and issued a $325.00 target price on shares of Snap-on in a research report on Tuesday, July 16th. Robert W. Baird cut their target price on shares of Snap-on from $282.00 to $275.00 and set a “neutral” rating for the company in a research report on Friday, July 12th. Finally, Roth Mkm reiterated a “buy” rating and issued a $324.00 target price on shares of Snap-on in a research report on Tuesday, July 16th. One equities research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat, Snap-on presently has a consensus rating of “Moderate Buy” and a consensus price target of $315.00.

Snap-on Trading Up 0.1 %

NYSE SNA traded up $0.36 during trading on Friday, hitting $270.90. 421,094 shares of the company’s stock traded hands, compared to its average volume of 379,449. The stock has a fifty day moving average of $268.08 and a two-hundred day moving average of $277.44. The company has a debt-to-equity ratio of 0.22, a current ratio of 4.06 and a quick ratio of 2.83. Snap-on Incorporated has a 12-month low of $249.84 and a 12-month high of $298.49. The firm has a market cap of $14.28 billion, a P/E ratio of 14.21, a PEG ratio of 1.87 and a beta of 0.98.

Snap-on (NYSE:SNA) last posted its quarterly earnings results on Thursday, July 18th. The company reported $5.07 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.94 by $0.13. Snap-on had a net margin of 21.90% and a return on equity of 19.90%. The business had revenue of $1.18 billion during the quarter, compared to analyst estimates of $1.20 billion. During the same period in the prior year, the business posted $4.89 earnings per share. The company’s revenue was down 1.0% on a year-over-year basis. As a group, sell-side analysts expect that Snap-on Incorporated will post 19 EPS for the current year.

Snap-on Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, June 10th. Shareholders of record on Monday, May 20th were given a dividend of $1.86 per share. The ex-dividend date of this dividend was Friday, May 17th. This represents a $7.44 annualized dividend and a yield of 2.75%. Snap-on’s payout ratio is 39.03%.

Insider Buying and Selling at Snap-on

In other news, CEO Nicholas T. Pinchuk sold 24,220 shares of the company’s stock in a transaction dated Tuesday, June 4th. The shares were sold at an average price of $266.80, for a total transaction of $6,461,896.00. Following the completion of the transaction, the chief executive officer now directly owns 750,663 shares of the company’s stock, valued at $200,276,888.40. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other news, CEO Nicholas T. Pinchuk sold 24,220 shares of the company’s stock in a transaction dated Tuesday, June 4th. The shares were sold at an average price of $266.80, for a total transaction of $6,461,896.00. Following the completion of the transaction, the chief executive officer now directly owns 750,663 shares of the company’s stock, valued at $200,276,888.40. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO Aldo John Pagliari sold 5,978 shares of the company’s stock in a transaction dated Tuesday, May 21st. The shares were sold at an average price of $276.86, for a total transaction of $1,655,069.08. Following the transaction, the chief financial officer now directly owns 97,699 shares of the company’s stock, valued at $27,048,945.14. The disclosure for this sale can be found here. Insiders sold a total of 38,632 shares of company stock worth $10,353,409 over the last three months. Company insiders own 4.10% of the company’s stock.

Snap-on Profile

Snap-on Incorporated manufactures and markets tools, equipment, diagnostics, and repair information and systems solutions for professional users worldwide. It operates through Commercial & Industrial Group, Snap-on Tools Group, Repair Systems & Information Group, and Financial Services segments.