Ariel Investments LLC Reduces Holdings in Snap-On Incorporated $SNA

Key Points

• Ariel Investments LLC reduced its stake in Snap-On Incorporated by 13.2%, owning 34,986 shares valued at approximately $11.79 million after selling 5,306 shares in the first quarter.
• Notable insider activity includes Director Karen L. Daniel selling 1,090 shares and CFO Aldo John Pagliari selling 125 shares, reflecting a decrease in their respective holdings.
• Snap-On recently announced a quarterly dividend of $2.14 per share, scheduled for payment on September 10th, with a dividend yield of 2.6% and a payout ratio of 45.65%.

Ariel Investments LLC reduced its stake in Snap-On Incorporated (NYSE:SNA - Free Report) by 13.2% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 34,986 shares of the company's stock after selling 5,306 shares during the quarter. Ariel Investments LLC owned about 0.07% of Snap-On worth $11,791,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Charles Schwab Investment Management Inc. lifted its stake in shares of Snap-On by 6.4% in the first quarter. Charles Schwab Investment Management Inc. now owns 1,921,584 shares of the company's stock worth $647,593,000 after acquiring an additional 115,306 shares during the period. Auto Owners Insurance Co lifted its stake in shares of Snap-On by 35,967.2% in the first quarter. Auto Owners Insurance Co now owns 1,073,000 shares of the company's stock worth $361,612,000 after acquiring an additional 1,070,025 shares during the period. Northern Trust Corp lifted its stake in shares of Snap-On by 5.4% in the first quarter. Northern Trust Corp now owns 841,721 shares of the company's stock worth $283,668,000 after acquiring an additional 43,467 shares during the period. Envestnet Asset Management Inc. lifted its stake in shares of Snap-On by 2.0% in the first quarter. Envestnet Asset Management Inc. now owns 774,526 shares of the company's stock worth $261,023,000 after acquiring an additional 15,097 shares during the period. Finally, GAMMA Investing LLC lifted its stake in shares of Snap-On by 65,113.6% in the first quarter. GAMMA Investing LLC now owns 703,003 shares of the company's stock worth $236,919,000 after acquiring an additional 701,925 shares during the period. 84.88% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Snap-On news, CFO Aldo John Pagliari sold 4,731 shares of the company's 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 owned 111,667 shares in the company, valued at $36,557,542.46. This represents a 4.06% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Nicholas T. Pinchuk sold 23,042 shares of the company's 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 transaction, 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 disclosure for this sale can be found here. Insiders sold a total of 27,898 shares of company stock valued at $8,983,203 in the last 90 days. Corporate insiders own 3.90% of the company's stock.

Snap-On Stock Down 0.0%

Shares of NYSE SNA traded down $0.12 during midday trading on Friday, hitting $328.65. 157,227 shares of the stock traded hands, compared to its average volume of 212,322. The business has a 50 day moving average price of $323.96 and a two-hundred day moving average price of $323.20. Snap-On Incorporated has a one year low of $268.90 and a one year high of $373.89. The company has a market cap of $17.14 billion, a PE ratio of 17.53, a P/E/G ratio of 2.29 and a beta of 0.77. The company has a debt-to-equity ratio of 0.21, a quick ratio of 3.42 and a current ratio of 4.48.

Snap-On (NYSE:SNA - Get Free Report) last announced its quarterly earnings results on Thursday, July 17th. The company reported $4.72 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.61 by $0.11. The business had revenue of $1.18 billion during 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% compared to the same quarter last year. During the same quarter in the prior year, the company posted $5.07 earnings per share. On average, equities analysts predict that Snap-On Incorporated will post 19.79 EPS for the current year.

Snap-On Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 10th. Shareholders of record on Tuesday, August 19th will be paid a $2.14 dividend. This represents a $8.56 dividend on an annualized basis and a yield of 2.6%. The ex-dividend date is Tuesday, August 19th. Snap-On's dividend payout ratio is 45.65%.

Analyst Upgrades and Downgrades

SNA has been the topic of several recent analyst reports. Barrington Research reissued an "outperform" rating and issued a $350.00 price target on shares of Snap-On in a research note on Tuesday, July 15th. Wall Street Zen raised Snap-On from a "hold" rating to a "buy" rating in a research note on Friday, May 16th. 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. Tigress Financial boosted their price target on Snap-On from $390.00 to $395.00 and gave the company a "buy" rating in a research note on Friday, August 29th. Finally, Bank of America boosted their price target on Snap-On from $265.00 to $285.00 and gave the company an "underperform" rating in a research note on Friday, July 18th. Four research 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 MarketBeat, Snap-On presently has an average rating of "Moderate Buy" and an average target price of $357.00.

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.