Fenimore Asset Management Inc. Acquires 9,655 Shares of Snap-on Incorporated (NYSE:SNA)

Fenimore Asset Management Inc. raised its holdings in Snap-on Incorporated (NYSE:SNA) by 3.0% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 329,650 shares of the company’s stock after buying an additional 9,655 shares during the period. Snap-on accounts for about 1.8% of Fenimore Asset Management Inc.’s portfolio, making the stock its 21st largest holding. Fenimore Asset Management Inc. owned about 0.59% of Snap-on worth $54,603,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in SNA. Oregon Public Employees Retirement Fund increased its position in Snap-on by 3.5% in the 2nd quarter. Oregon Public Employees Retirement Fund now owns 12,811 shares of the company’s stock valued at $2,122,000 after acquiring an additional 435 shares during the period. Raymond James Trust N.A. increased its position in shares of Snap-on by 9.3% during the second quarter. Raymond James Trust N.A. now owns 2,299 shares of the company’s stock worth $380,000 after buying an additional 196 shares during the period. First Citizens Bank & Trust Co. increased its position in shares of Snap-on by 9.0% during the second quarter. First Citizens Bank & Trust Co. now owns 17,629 shares of the company’s stock worth $2,920,000 after buying an additional 1,461 shares during the period. Stock Yards Bank & Trust Co. increased its position in shares of Snap-on by 7.0% during the second quarter. Stock Yards Bank & Trust Co. now owns 56,055 shares of the company’s stock worth $9,285,000 after buying an additional 3,666 shares during the period. Finally, Cardinal Capital Management increased its position in shares of Snap-on by 0.9% during the second quarter. Cardinal Capital Management now owns 7,286 shares of the company’s stock worth $1,207,000 after buying an additional 63 shares during the period.

Shares of SNA opened at $144.02 on Friday. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.70 and a current ratio of 2.48. Snap-on Incorporated has a fifty-two week low of $135.29 and a fifty-two week high of $189.46. The firm has a 50 day moving average price of $155.71 and a 200-day moving average price of $159.51. The firm has a market cap of $8.36 billion, a price-to-earnings ratio of 12.19, a PEG ratio of 1.47 and a beta of 1.25.

Snap-on (NYSE:SNA) last issued its earnings results on Thursday, July 18th. The company reported $3.22 EPS for the quarter, topping the consensus estimate of $3.21 by $0.01. The company had revenue of $951.30 million for the quarter, compared to the consensus estimate of $959.33 million. Snap-on had a net margin of 18.70% and a return on equity of 21.40%. The firm’s revenue for the quarter was down .3% on a year-over-year basis. During the same period in the previous year, the firm earned $3.11 earnings per share. As a group, equities research analysts predict that Snap-on Incorporated will post 12.31 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 10th. Stockholders of record on Tuesday, August 20th will be given a $0.95 dividend. This represents a $3.80 dividend on an annualized basis and a dividend yield of 2.64%. The ex-dividend date of this dividend is Monday, August 19th. Snap-on’s dividend payout ratio is presently 32.18%.

In related news, Chairman Nicholas T. Pinchuk sold 19,403 shares of the stock in a transaction that occurred on Wednesday, June 19th. The shares were sold at an average price of $164.60, for a total value of $3,193,733.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Anup R. Banerjee sold 2,800 shares of the stock in a transaction that occurred on Monday, July 22nd. The shares were sold at an average price of $150.40, for a total transaction of $421,120.00. Following the sale, the senior vice president now directly owns 128 shares of the company’s stock, valued at $19,251.20. The disclosure for this sale can be found here. 3.90% of the stock is currently owned by corporate insiders.

Several equities research analysts have recently weighed in on SNA shares. Oppenheimer set a $180.00 price objective on shares of Snap-on and gave the stock a “buy” rating in a research report on Friday, July 19th. Longbow Research reaffirmed a “hold” rating on shares of Snap-on in a research note on Monday, July 1st. Northcoast Research reaffirmed a “neutral” rating on shares of Snap-on in a research note on Friday, May 17th. Zacks Investment Research lowered shares of Snap-on from a “hold” rating to a “sell” rating and set a $166.00 price target on the stock. in a research report on Tuesday, July 16th. Finally, Barrington Research reissued a “buy” rating and set a $185.00 price target on shares of Snap-on in a research report on Wednesday, May 29th. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and three have given a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus price target of $172.60.

About Snap-on

Snap-on Incorporated manufactures and markets tools, equipment, diagnostics, and repair information and systems solutions for professional users worldwide. It operates through Commercial and Industrial Group, Snap-on Tools Group, and Repair Systems & Information Group segments. The company offers hand tools, including wrenches, sockets, ratchet wrenches, pliers, screwdrivers, punches and chisels, saws and cutting tools, pruning tools, torque measuring instruments, and other products; power tools, such as cordless, pneumatic, hydraulic, and corded tools; and tool storage products comprising tool chests, roll cabinets, and other products.

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

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