AGF Management Ltd. Reduces Position in Snap-on Incorporated (NYSE:SNA)

AGF Management Ltd. lessened its holdings in shares of Snap-on Incorporated (NYSE:SNA) by 2.4% during the 2nd quarter, HoldingsChannel reports. The fund owned 13,509 shares of the company’s stock after selling 328 shares during the quarter. AGF Management Ltd.’s holdings in Snap-on were worth $3,893,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also modified their holdings of the business. Envestnet Asset Management Inc. raised its position in shares of Snap-on by 968.6% during the 1st quarter. Envestnet Asset Management Inc. now owns 5,349,981 shares of the company’s stock valued at $134,881,000 after purchasing an additional 4,849,325 shares during the period. Norges Bank bought a new stake in shares of Snap-on during the 4th quarter valued at $112,490,000. Bank of Montreal Can bought a new stake in shares of Snap-on during the 2nd quarter valued at $108,803,000. Wellington Management Group LLP raised its position in shares of Snap-on by 7,194.3% during the 1st quarter. Wellington Management Group LLP now owns 241,149 shares of the company’s stock valued at $49,551,000 after purchasing an additional 237,843 shares during the period. Finally, Portside Wealth Group LLC bought a new stake in shares of Snap-on during the 2nd quarter valued at $28,847,000. Hedge funds and other institutional investors own 83.90% of the company’s stock.

Analyst Upgrades and Downgrades

SNA has been the topic of a number of research reports. Tigress Financial lifted their price target on shares of Snap-on from $328.00 to $336.00 and gave the company a “buy” rating in a report on Friday, September 29th. StockNews.com initiated coverage on shares of Snap-on in a report on Thursday, October 5th. They issued a “buy” rating on the stock. Robert W. Baird lifted their price target on shares of Snap-on from $270.00 to $305.00 and gave the company a “neutral” rating in a report on Friday, July 21st. Barrington Research reiterated an “outperform” rating and issued a $325.00 price target on shares of Snap-on in a report on Monday, July 24th. Finally, Roth Mkm reiterated a “buy” rating and issued a $324.00 price target on shares of Snap-on in a report on Thursday, October 19th. One analyst has rated the stock with a sell rating, four have issued a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, Snap-on has a consensus rating of “Hold” and a consensus target price of $298.17.

Snap-on Stock Performance

Shares of NYSE:SNA opened at $274.85 on Thursday. Snap-on Incorporated has a 52 week low of $220.21 and a 52 week high of $297.26. The stock has a market capitalization of $14.51 billion, a P/E ratio of 14.92, a PEG ratio of 1.81 and a beta of 1.06. The firm has a fifty day simple moving average of $259.12 and a two-hundred day simple moving average of $266.22. The company has a quick ratio of 2.62, a current ratio of 3.67 and a debt-to-equity ratio of 0.24.

Snap-on (NYSE:SNA) last issued its quarterly earnings data on Thursday, October 19th. The company reported $4.51 EPS for the quarter, topping analysts’ consensus estimates of $4.44 by $0.07. Snap-on had a net margin of 21.21% and a return on equity of 21.20%. The business had revenue of $1.16 billion during the quarter, compared to analysts’ expectations of $1.15 billion. During the same period last year, the company posted $4.14 EPS. The business’s revenue was up 5.2% on a year-over-year basis. On average, analysts expect that Snap-on Incorporated will post 18.62 earnings per share for the current fiscal year.

Snap-on Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, December 11th. Investors of record on Tuesday, November 21st will be paid a dividend of $1.86 per share. The ex-dividend date is Monday, November 20th. This is a boost from Snap-on’s previous quarterly dividend of $1.62. This represents a $7.44 dividend on an annualized basis and a dividend yield of 2.71%. Snap-on’s payout ratio is currently 35.18%.

Insider Buying and Selling

In related news, CEO Nicholas T. Pinchuk sold 22,078 shares of Snap-on stock in a transaction dated Tuesday, September 19th. The shares were sold at an average price of $258.16, for a total transaction of $5,699,656.48. Following the completion of the transaction, the chief executive officer now directly owns 697,506 shares of the company’s stock, valued at approximately $180,068,148.96. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In other Snap-on news, CFO Aldo John Pagliari sold 4,842 shares of the business’s stock in a transaction dated Tuesday, September 12th. The shares were sold at an average price of $262.13, for a total value of $1,269,233.46. Following the completion of the sale, the chief financial officer now directly owns 86,888 shares of the company’s stock, valued at approximately $22,775,951.44. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CEO Nicholas T. Pinchuk sold 22,078 shares of the business’s stock in a transaction dated Tuesday, September 19th. The shares were sold at an average price of $258.16, for a total transaction of $5,699,656.48. Following the completion of the sale, the chief executive officer now directly owns 697,506 shares of the company’s stock, valued at $180,068,148.96. The disclosure for this sale can be found here. 4.20% of the stock is owned by corporate insiders.

Snap-on Company 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.