Pitcairn Co. Lowers Stake in Snap-On Incorporated (SNA)

Pitcairn Co. reduced its position in shares of Snap-On Incorporated (NYSE:SNA) by 43.0% in the third quarter, according to its most recent filing with the SEC. The fund owned 3,180 shares of the company’s stock after selling 2,401 shares during the quarter. Pitcairn Co.’s holdings in Snap-On were worth $474,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Royce & Associates LP boosted its position in shares of Snap-On by 7.4% during the 2nd quarter. Royce & Associates LP now owns 36,500 shares of the company’s stock valued at $5,767,000 after acquiring an additional 2,500 shares during the last quarter. Strs Ohio boosted its position in shares of Snap-On by 5.4% during the 3rd quarter. Strs Ohio now owns 441,422 shares of the company’s stock valued at $65,776,000 after acquiring an additional 22,690 shares during the last quarter. Reinhart Partners Inc. bought a new position in shares of Snap-On during the 3rd quarter valued at approximately $18,143,000. Blair William & Co. IL boosted its position in shares of Snap-On by 6.5% during the 2nd quarter. Blair William & Co. IL now owns 38,580 shares of the company’s stock valued at $6,096,000 after acquiring an additional 2,366 shares during the last quarter. Finally, Fjarde AP Fonden Fourth Swedish National Pension Fund boosted its position in shares of Snap-On by 20.7% during the 2nd quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 14,930 shares of the company’s stock valued at $2,359,000 after acquiring an additional 2,561 shares during the last quarter. Hedge funds and other institutional investors own 94.97% of the company’s stock.

A number of research analysts have recently commented on the company. B. Riley reiterated a “buy” rating on shares of Snap-On in a research report on Wednesday, November 1st. BidaskClub upgraded Snap-On from a “strong sell” rating to a “sell” rating in a research report on Monday, July 31st. Zacks Investment Research upgraded Snap-On from a “sell” rating to a “hold” rating in a research report on Wednesday, July 19th. FBR & Co set a $205.00 target price on Snap-On and gave the company a “buy” rating in a research report on Friday, July 21st. Finally, Barrington Research upgraded Snap-On from a “market perform” rating to an “outperform” rating and set a $185.00 target price for the company in a research report on Monday, October 23rd. Two investment analysts have rated the stock with a sell rating, two have assigned a hold rating and seven have issued a buy rating to the stock. The stock currently has an average rating of “Hold” and an average target price of $192.00.

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Shares of Snap-On Incorporated (NYSE SNA) traded down $0.94 on Friday, reaching $155.87. The company had a trading volume of 357,900 shares, compared to its average volume of 812,445. The company has a market capitalization of $8,885.68, a P/E ratio of 15.73, a PEG ratio of 1.45 and a beta of 1.12. Snap-On Incorporated has a 12 month low of $140.83 and a 12 month high of $181.73. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.22 and a current ratio of 1.75.

Snap-On (NYSE:SNA) last issued its quarterly earnings results on Thursday, October 19th. The company reported $2.45 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.43 by $0.02. The company had revenue of $903.80 million during the quarter, compared to the consensus estimate of $889.22 million. Snap-On had a return on equity of 20.82% and a net margin of 15.95%. Snap-On’s revenue was up 8.4% on a year-over-year basis. During the same period last year, the company earned $2.22 earnings per share. sell-side analysts anticipate that Snap-On Incorporated will post 10.09 EPS for the current year.

Snap-On announced that its board has authorized a stock repurchase program on Monday, August 7th that allows the company to buyback $500.00 million in shares. This buyback authorization allows the company to purchase shares of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s management believes its shares are undervalued.

The business also recently declared a quarterly dividend, which will be paid on Friday, December 8th. Investors of record on Friday, November 17th will be given a $0.82 dividend. The ex-dividend date of this dividend is Thursday, November 16th. This is an increase from Snap-On’s previous quarterly dividend of $0.71. This represents a $3.28 dividend on an annualized basis and a yield of 2.10%. Snap-On’s dividend payout ratio (DPR) is currently 29.13%.

Snap-On Profile

Snap-on Incorporated is a manufacturer and marketer of tools, equipment, diagnostics, repair information and systems solutions. The Company’s segments include the Commercial & Industrial Group, the Snap-on Tools Group, the Repair Systems & Information Group, and Financial Services. The Commercial & Industrial Group consists of business operations serving a range of industrial and commercial customers, including customers in the aerospace, natural resources, government, power generation, transportation and technical education markets.

Institutional Ownership by Quarter for Snap-On (NYSE:SNA)

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