Bristol Gate Capital Partners Inc. bought a new stake in Snap-On Inc. (NYSE:SNA) during the second quarter, Holdings Channel reports. The fund bought 167,949 shares of the company’s stock, valued at approximately $26,506,000. Snap-On comprises approximately 4.7% of Bristol Gate Capital Partners Inc.’s portfolio, making the stock its 10th largest position.
A number of other hedge funds have also recently added to or reduced their stakes in SNA. ING Groep NV purchased a new stake in Snap-On during the first quarter valued at approximately $213,000. Wealthsource Partners LLC purchased a new stake in Snap-On during the first quarter valued at approximately $262,000. Meeder Asset Management Inc. boosted its stake in Snap-On by 451.9% in the second quarter. Meeder Asset Management Inc. now owns 1,700 shares of the company’s stock valued at $269,000 after buying an additional 1,392 shares during the last quarter. Fox Run Management L.L.C. purchased a new stake in Snap-On during the second quarter valued at approximately $284,000. Finally, Banced Corp boosted its stake in Snap-On by 17.0% in the second quarter. Banced Corp now owns 2,028 shares of the company’s stock valued at $306,000 after buying an additional 295 shares during the last quarter. 84.67% of the stock is owned by hedge funds and other institutional investors.
Shares of Snap-On Inc. (NYSE:SNA) traded up 0.26% during mid-day trading on Tuesday, hitting $149.56. 403,378 shares of the stock traded hands. Snap-On Inc. has a 52 week low of $133.09 and a 52 week high of $174.52. The stock has a 50-day moving average of $150.27 and a 200-day moving average of $156.05. The company has a market cap of $8.69 billion, a price-to-earnings ratio of 17.15 and a beta of 1.23.
Snap-On (NYSE:SNA) last released its earnings results on Thursday, July 21st. The company reported $2.36 EPS for the quarter, beating the consensus estimate of $2.23 by $0.13. Snap-On had a net margin of 15.28% and a return on equity of 20.78%. The business earned $872.30 million during the quarter, compared to analyst estimates of $876.70 million. During the same period in the prior year, the business earned $2.03 earnings per share. The business’s quarterly revenue was up 2.4% on a year-over-year basis. Analysts anticipate that Snap-On Inc. will post $9.09 EPS for the current year.
Several analysts have commented on the stock. Zacks Investment Research cut shares of Snap-On from a “buy” rating to a “hold” rating in a research note on Tuesday, June 21st. Robert W. Baird reaffirmed a “buy” rating on shares of Snap-On in a research note on Tuesday, June 28th. Finally, CL King assumed coverage on shares of Snap-On in a research note on Monday, June 27th. They issued a “buy” rating and a $174.00 target price for the company. One research analyst has rated the stock with a sell rating, one has issued a hold rating, two have issued a buy rating and one has given a strong buy rating to the company’s stock. Snap-On has an average rating of “Buy” and an average price target of $175.07.
In related news, SVP Thomas L. Kassouf sold 2,000 shares of the stock in a transaction that occurred on Thursday, August 18th. The shares were sold at an average price of $153.29, for a total transaction of $306,580.00. Following the completion of the sale, the senior vice president now directly owns 26,612 shares of the company’s stock, valued at $4,079,353.48. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, SVP Thomas J. Ward sold 42,000 shares of the stock in a transaction that occurred on Thursday, September 8th. The shares were sold at an average price of $151.60, for a total transaction of $6,367,200.00. The disclosure for this sale can be found here. Corporate insiders own 3.40% of the company’s stock.
Snap-On Company Profile
Snap-On Incorporated is a manufacturer and marketer of tools, equipment, diagnostics, repair information and systems solutions for professional users. The Company’s segments include Commercial & Industrial Group, the Snap-on Tools Group, the Repair Systems & Information Group and Financial Services. Its Commercial & Industrial Group segment consists of business operations serving a range of industrial and commercial customers across the world.
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