Solid Financial Performance Across the Segments Pushed Snap-On Incorporated (SNA) In Q2
Ariel Investments, an investment management company, released its “Ariel Focus Fund” second-quarter 2023 investor letter. A copy of the same can be downloaded here. In the second quarter, the fund increased +1.97%, compared to a +4.07% and +8.74% return for the Russell 1000 Value Index and the S&P 500 Index, respectively. Global markets continued to rise in the second quarter however, the US economy continues to show signs of cooling. Despite uncertainty and volatility expected to remain high, the firm views these near-term concerns as noise from the perspective of its long-term investment horizon. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Ariel Focus Fund highlighted stocks like Snap-on Incorporated (NYSE:SNA) in the second quarter 2023 investor letter. Headquartered in Kenosha, Wisconsin, Snap-on Incorporated (NYSE:SNA) manufactures and markets tools, equipment, diagnostics, repair information, and systems solutions for professional users performing critical tasks. On September 8, 2023, Snap-on Incorporated (NYSE:SNA) stock closed at $259.74 per share. One-month return of Snap-on Incorporated (NYSE:SNA) was -4.02%, and its shares gained 15.52% of their value over the last 52 weeks. Snap-on Incorporated (NYSE:SNA) has a market capitalization of $13.745 billion.
Ariel Focus Fund made the following comment about Snap-on Incorporated (NYSE:SNA) in its Q2 2023 investor letter:
"Additionally, tool innovator, Snap-on Incorporated (NYSE:SNA), traded up in the period. Solid financial performance across all three of the company’s business segments drove a top- and bottom-line earnings beat. In our view, the automotive repair industry sports a favorable runway due to vehicle age and the increased technological complexity associated with repair. We believe SNA’s value proposition to its end markets remains differentiated, as it continues to invest in new products to service the varying unique characteristics of original equipment manufacturers. In our view, SNA is well positioned for both revenue and profit growth over the next few years."
Snap-on Incorporated (NYSE:SNA) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 27 hedge fund portfolios held Snap-on Incorporated (NYSE:SNA) at the end of second quarter which was 27 in the previous quarter.
We discussed Snap-on Incorporated (NYSE:SNA) in another article and shared the list of most profitable franchises to buy in 2023. In addition, please check out our hedge fund investor letters Q2 2023 page for more investor letters from hedge funds and other leading investors.
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Disclosure: None. This article is originally published at Insider Monkey.
