Acadian Asset Management LLC Sells 745 Shares of Snap-On Incorporated $SNA

Key Points

• Acadian Asset Management LLC reduced its stake in Snap-On Incorporated by 8.8%, now holding 7,759 shares worth approximately $2.61 million after selling 745 shares.
• Other institutional investors also adjusted their positions; for example, Choreo LLC increased its holding by 78.3%, while Jump Financial LLC boosted its stake by 367.7%.
• Snap-On reported a quarterly EPS of $4.72, exceeding analyst expectations, along with an announcement of a $2.14 dividend per share, reflecting a 2.5% dividend yield.

Acadian Asset Management LLC lowered its stake in Snap-On Incorporated (NYSE:SNA - Free Report) by 8.8% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 7,759 shares of the company's stock after selling 745 shares during the period. Acadian Asset Management LLC's holdings in Snap-On were worth $2,613,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. Choreo LLC increased its position in Snap-On by 78.3% during the first quarter. Choreo LLC now owns 7,218 shares of the company's stock worth $2,432,000 after acquiring an additional 3,170 shares during the period. Jump Financial LLC increased its holdings in shares of Snap-On by 367.7% during the 1st quarter. Jump Financial LLC now owns 5,523 shares of the company's stock worth $1,861,000 after purchasing an additional 4,342 shares during the period. Credit Agricole S A raised its position in shares of Snap-On by 7.3% during the first quarter. Credit Agricole S A now owns 15,842 shares of the company's stock valued at $5,339,000 after buying an additional 1,072 shares during the last quarter. Jacobs Levy Equity Management Inc. bought a new stake in shares of Snap-On in the first quarter valued at about $1,986,000. Finally, DAVENPORT & Co LLC bought a new stake in shares of Snap-On in the first quarter valued at about $218,000. Institutional investors and hedge funds own 84.88% of the company's stock.

Analyst Ratings Changes

A number of analysts recently weighed in on SNA shares. Barrington Research reissued an "outperform" rating and issued a $350.00 target price on shares of Snap-On in a research note on Tuesday, July 15th. Bank of America lifted their price objective on Snap-On from $265.00 to $285.00 and gave the company an "underperform" rating in a report on Friday, July 18th. Tigress Financial increased their target price on Snap-On from $390.00 to $395.00 and gave the stock a "buy" rating in a report on Friday, August 29th. Finally, Robert W. Baird boosted their price target on Snap-On from $329.00 to $347.00 and gave the company a "neutral" rating in a research note on Friday, July 18th. Four investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $357.00.

Snap-On Trading Up 2.0%

Shares of SNA stock opened at $340.19 on Tuesday. Snap-On Incorporated has a twelve month low of $279.74 and a twelve month high of $373.89. The stock's fifty day simple moving average is $325.41 and its 200 day simple moving average is $322.75. The company has a quick ratio of 3.42, a current ratio of 4.48 and a debt-to-equity ratio of 0.21. The firm has a market capitalization of $17.74 billion, a P/E ratio of 18.14, a P/E/G ratio of 2.32 and a beta of 0.77.

Snap-On (NYSE:SNA - Get Free Report) last posted its quarterly earnings data on Thursday, July 17th. The company reported $4.72 EPS for the quarter, beating analysts' consensus estimates of $4.61 by $0.11. Snap-On had a net margin of 20.98% and a return on equity of 18.02%. The company had revenue of $1.18 billion for the quarter, compared to analyst estimates of $1.16 billion. During the same period in the prior year, the firm posted $5.07 EPS. The company's quarterly revenue was up .0% on a year-over-year basis. As a group, sell-side analysts predict that Snap-On Incorporated will post 19.79 EPS for the current fiscal year.

Snap-On Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, September 10th. Stockholders of record on Tuesday, August 19th were paid a dividend of $2.14 per share. This represents a $8.56 dividend on an annualized basis and a dividend yield of 2.5%. The ex-dividend date was Tuesday, August 19th. Snap-On's payout ratio is presently 45.65%.

Insider Transactions at Snap-On

In other Snap-On news, CEO Nicholas T. Pinchuk sold 23,042 shares of the stock in a transaction that occurred on Monday, August 11th. The shares were sold at an average price of $320.88, for a total value of $7,393,716.96. Following the sale, the chief executive officer directly owned 815,219 shares in the company, valued at $261,587,472.72. This represents a 2.75% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Aldo John Pagliari sold 4,731 shares of the firm's stock in a transaction that occurred on Thursday, August 14th. The shares were sold at an average price of $327.38, for a total transaction of $1,548,834.78. Following the completion of the sale, the chief financial officer directly owned 111,667 shares in the company, valued at $36,557,542.46. This represents a 4.06% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 27,898 shares of company stock worth $8,983,203 over the last three months. 3.90% of the stock is owned by insiders.

Snap-On 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.

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