Allianz Asset Management GmbH Sells 19,137 Shares of Snap-On Incorporated $SNA

Key Points

• Allianz Asset Management GmbH sold 19,137 shares of Snap-On Incorporated, reducing its stake by 47.7%, leaving them with 20,941 shares valued at approximately $6.5 million.
• Snap-On's Q3 earnings report showed an EPS of $4.71, surpassing estimates by $0.12, with revenue reaching $1.19 billion, a 3.8% increase from the previous year.
• The company recently declared a $2.14 quarterly dividend, resulting in an annualized yield of 2.5%, with a payout ratio of 44.89%.

Allianz Asset Management GmbH trimmed its stake in Snap-On Incorporated (NYSE:SNA - Free Report) by 47.7% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 20,941 shares of the company's stock after selling 19,137 shares during the quarter. Allianz Asset Management GmbH's holdings in Snap-On were worth $6,516,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in SNA. Alpine Bank Wealth Management acquired a new stake in shares of Snap-On in the 1st quarter valued at approximately $25,000. Ameritas Advisory Services LLC bought a new stake in Snap-On during the second quarter worth $30,000. Golden State Wealth Management LLC raised its position in Snap-On by 421.1% during the first quarter. Golden State Wealth Management LLC now owns 99 shares of the company's stock worth $33,000 after acquiring an additional 80 shares in the last quarter. Cullen Frost Bankers Inc. raised its position in Snap-On by 248.3% during the first quarter. Cullen Frost Bankers Inc. now owns 101 shares of the company's stock worth $34,000 after acquiring an additional 72 shares in the last quarter. Finally, Ransom Advisory Ltd bought a new stake in Snap-On during the first quarter worth $34,000. Institutional investors own 84.88% of the company's stock.

Snap-On Stock Performance

SNA opened at $342.79 on Thursday. The business has a fifty day simple moving average of $333.74 and a 200 day simple moving average of $324.14. The company has a market capitalization of $17.83 billion, a PE ratio of 17.98, a price-to-earnings-growth ratio of 2.39 and a beta of 0.78. Snap-On Incorporated has a 1 year low of $289.81 and a 1 year high of $373.89. The company has a debt-to-equity ratio of 0.20, a current ratio of 4.40 and a quick ratio of 3.37.

Snap-On (NYSE:SNA - Get Free Report) last released its quarterly earnings results on Thursday, October 16th. The company reported $4.71 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.59 by $0.12. The business had revenue of $1.19 billion during the quarter, compared to the consensus estimate of $1.16 billion. Snap-On had a return on equity of 17.71% and a net margin of 21.08%.The firm's quarterly revenue was up 3.8% on a year-over-year basis. During the same period in the previous year, the company posted $4.70 EPS. Research analysts expect that Snap-On Incorporated will post 19.79 EPS for the current year.

Snap-On Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, September 10th. Shareholders of record on Tuesday, August 19th were issued a $2.14 dividend. The ex-dividend date of this dividend was Tuesday, August 19th. This represents a $8.56 annualized dividend and a yield of 2.5%. Snap-On's payout ratio is currently 44.89%.

Insider Buying and Selling at Snap-On

In other Snap-On news, CFO Aldo John Pagliari sold 4,731 shares of Snap-On stock in a transaction on Thursday, August 14th. The stock was sold at an average price of $327.38, for a total value of $1,548,834.78. Following the completion of the transaction, the chief financial officer directly owned 111,667 shares of the company's stock, valued at $36,557,542.46. The trade was a 4.06% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Nicholas T. Pinchuk sold 23,042 shares of Snap-On stock in a transaction 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 completion of the transaction, the chief executive officer directly owned 815,219 shares of the company's stock, valued at $261,587,472.72. This represents a 2.75% 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 valued at $8,983,203 over the last ninety days. Insiders own 3.90% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts have issued reports on SNA shares. Barrington Research reaffirmed an "outperform" rating and set a $350.00 price target on shares of Snap-On in a research report on Wednesday, October 15th. Bank of America lifted their target price on Snap-On from $265.00 to $285.00 and gave the stock an "underperform" rating in a research note on Friday, July 18th. Tigress Financial lifted their target price on Snap-On from $395.00 to $405.00 and gave the stock a "buy" rating in a research note on Tuesday. Robert W. Baird lifted their target price on Snap-On from $355.00 to $365.00 and gave the stock a "neutral" rating in a research note on Friday, October 17th. Finally, Roth Capital reiterated a "buy" rating and set a $385.00 target price on shares of Snap-On in a research note on Friday, October 17th. Five research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $365.00.

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.

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