Allianz Asset Management GmbH Grows Stock Holdings in Snap-On Incorporated (NYSE:SNA)

Key Points

• Allianz Asset Management GmbH boosted its stake in Snap-On by 80.1%, acquiring an additional 17,819 shares, bringing its total ownership to approximately 40,078 shares worth $13.5 million.
• Recent insider sales included 1,090 shares sold by Director Karen L. Daniel at $319.92 each, and 5,553 shares sold by CFO Aldo John Pagliari at $326.84 each, reflecting a decrease in their respective holdings.
• Snap-On received several analyst upgrades, with Wall Street Zen moving it from a "hold" to a "buy" rating and Longbow Research setting a price target of $400.00, indicating strong market confidence in the company's future performance.

Allianz Asset Management GmbH boosted its stake in shares of Snap-On Incorporated (NYSE:SNA - Free Report) by 80.1% during the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 40,078 shares of the company's stock after buying an additional 17,819 shares during the period. Allianz Asset Management GmbH owned 0.08% of Snap-On worth $13,507,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Alpine Bank Wealth Management purchased a new stake in Snap-On in the first quarter valued at $25,000. Golden State Wealth Management LLC raised its position in Snap-On by 421.1% in the first quarter. Golden State Wealth Management LLC now owns 99 shares of the company's stock valued at $33,000 after purchasing an additional 80 shares during the period. Cullen Frost Bankers Inc. raised its position in Snap-On by 248.3% in the first quarter. Cullen Frost Bankers Inc. now owns 101 shares of the company's stock valued at $34,000 after purchasing an additional 72 shares during the period. Opal Wealth Advisors LLC purchased a new stake in Snap-On in the first quarter valued at $35,000. Finally, ORG Partners LLC raised its position in Snap-On by 150.8% in the first quarter. ORG Partners LLC now owns 158 shares of the company's stock valued at $54,000 after purchasing an additional 95 shares during the period. Institutional investors and hedge funds own 84.88% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on the company. Longbow Research upgraded Snap-On from a "neutral" rating to a "buy" rating and set a $400.00 target price on the stock in a research report on Monday, March 31st. Wall Street Zen upgraded Snap-On from a "hold" rating to a "buy" rating in a report on Friday, May 16th. Robert W. Baird boosted their price objective on Snap-On from $329.00 to $347.00 and gave the company a "neutral" rating in a report on Friday, July 18th. Bank of America boosted 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. Finally, Barrington Research reiterated an "outperform" rating and issued a $350.00 price objective on shares of Snap-On in a report on Tuesday, July 15th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $356.17.

Insider Transactions at Snap-On

In other news, Director Karen L. Daniel sold 1,090 shares of the company's stock in a transaction dated Thursday, June 5th. The stock was sold at an average price of $319.92, for a total transaction of $348,712.80. Following the completion of the transaction, the director directly owned 8,030 shares of the company's stock, valued at approximately $2,568,957.60. This represents a 11.95% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Nicholas T. Pinchuk sold 23,172 shares of the company's stock in a transaction dated Monday, June 2nd. The stock was sold at an average price of $315.85, for a total value of $7,318,876.20. Following the transaction, the chief executive officer directly owned 804,510 shares of the company's stock, valued at approximately $254,104,483.50. This represents a 2.80% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 29,815 shares of company stock valued at $9,482,532. 3.90% of the stock is currently owned by corporate insiders.

Snap-On Stock Down 0.1%

NYSE SNA traded down $0.22 during trading hours on Friday, hitting $330.11. 259,831 shares of the company were exchanged, compared to its average volume of 377,600. The company has a 50 day moving average of $319.13 and a two-hundred day moving average of $327.62. The company has a quick ratio of 3.42, a current ratio of 4.48 and a debt-to-equity ratio of 0.21. Snap-On Incorporated has a 52-week low of $266.56 and a 52-week high of $373.89. The firm has a market cap of $17.22 billion, a price-to-earnings ratio of 17.61, a PEG ratio of 2.30 and a beta of 0.76.

Snap-On (NYSE:SNA - Get Free Report) last issued its quarterly earnings results on Thursday, July 17th. The company reported $4.72 earnings per share for the quarter, topping the consensus estimate of $4.61 by $0.11. The company had revenue of $1.18 billion for the quarter, compared to the consensus estimate of $1.16 billion. Snap-On had a return on equity of 18.02% and a net margin of 20.98%. Snap-On's revenue was up .0% on a year-over-year basis. During the same quarter in the prior year, the business earned $5.07 EPS. Equities research analysts anticipate that Snap-On Incorporated will post 19.79 earnings per share for the current year.

Snap-On Company 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.