Allspring Global Investments Holdings LLC Sells 1,538 Shares of Snap-On Incorporated $SNA

Key Points

• Allspring Global Investments Holdings LLC reduced its stake in Snap-On Incorporated by 7.9%, selling 1,538 shares, with holdings valued at $5,696,000 by the end of the quarter.
• CEO Nicholas T. Pinchuk sold 23,042 shares of Snap-On stock for approximately $7.39 million on August 11th, decreasing his ownership by 2.75%.
• Snap-On reported $4.71 EPS for the quarter, beating estimates, and declared a quarterly dividend of $2.14, yielding 2.5% annually.

Allspring Global Investments Holdings LLC lessened its position in Snap-On Incorporated (NYSE:SNA - Free Report) by 7.9% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 17,919 shares of the company's stock after selling 1,538 shares during the quarter. Allspring Global Investments Holdings LLC's holdings in Snap-On were worth $5,696,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Alpine Bank Wealth Management bought a new position in shares of Snap-On during the 1st quarter worth about $25,000. Ameritas Advisory Services LLC bought a new position in shares of Snap-On during the 2nd quarter worth about $30,000. Golden State Wealth Management LLC increased its holdings in shares of Snap-On by 421.1% during the 1st quarter. Golden State Wealth Management LLC now owns 99 shares of the company's stock worth $33,000 after purchasing an additional 80 shares during the period. Cullen Frost Bankers Inc. increased its holdings in shares of Snap-On by 248.3% during the 1st quarter. Cullen Frost Bankers Inc. now owns 101 shares of the company's stock worth $34,000 after purchasing an additional 72 shares during the period. Finally, Ransom Advisory Ltd bought a new position in shares of Snap-On during the 1st quarter worth about $34,000. Institutional investors own 84.88% of the company's stock.

Insider Transactions at Snap-On

In other Snap-On news, CEO Nicholas T. Pinchuk sold 23,042 shares of the business's stock in a transaction dated 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 transaction, the chief executive officer directly owned 815,219 shares in the company, valued at $261,587,472.72. The trade was a 2.75% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Aldo John Pagliari sold 4,731 shares of the company's stock in a transaction that occurred on Thursday, August 14th. The stock was sold at an average price of $327.38, for a total transaction of $1,548,834.78. Following the transaction, the chief financial officer owned 111,667 shares in the company, valued at $36,557,542.46. The trade was a 4.06% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 27,898 shares of company stock worth $8,983,203. Company insiders own 3.90% of the company's stock.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the stock. Wall Street Zen upgraded shares of Snap-On from a "hold" rating to a "buy" rating in a report on Saturday. Robert W. Baird boosted their price objective on shares of Snap-On from $355.00 to $365.00 and gave the stock a "neutral" rating in a report on Friday. Bank of America boosted their price objective on shares of Snap-On from $265.00 to $285.00 and gave the stock an "underperform" rating in a report on Friday, July 18th. Weiss Ratings reissued a "buy (b)" rating on shares of Snap-On in a research note on Wednesday, October 8th. Finally, Barrington Research reissued an "outperform" rating and issued a $350.00 target price on shares of Snap-On in a research note on Wednesday, October 15th. Six investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $363.57.

Snap-On Price Performance

NYSE:SNA opened at $339.61 on Monday. The firm has a market cap of $17.66 billion, a PE ratio of 17.81, a price-to-earnings-growth ratio of 2.36 and a beta of 0.78. Snap-On Incorporated has a 12 month low of $289.81 and a 12 month high of $373.89. The company has a quick ratio of 3.37, a current ratio of 4.40 and a debt-to-equity ratio of 0.20. The company's 50-day moving average price is $332.77 and its two-hundred day moving average price is $323.68.

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

Snap-On Dividend Announcement

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

About Snap-On

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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