Bank of New York Mellon Corp Grows Stock Holdings in Snap-On Incorporated (NYSE:SNA)

Bank of New York Mellon Corp grew its position in shares of Snap-On Incorporated (NYSE:SNA - Free Report) by 2.2% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 361,809 shares of the company's stock after purchasing an additional 7,742 shares during the period. Bank of New York Mellon Corp owned approximately 0.69% of Snap-On worth $121,933,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in the business. GAMMA Investing LLC lifted its stake in 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 purchasing an additional 701,925 shares during the last quarter. Norges Bank bought a new stake in Snap-On during the 4th quarter valued at $145,342,000. First Trust Advisors LP boosted its position in Snap-On by 29.2% during the 4th quarter. First Trust Advisors LP now owns 1,819,403 shares of the company's stock valued at $617,651,000 after acquiring an additional 411,317 shares in the last quarter. Proficio Capital Partners LLC purchased a new stake in shares of Snap-On during the 4th quarter valued at $57,738,000. Finally, Northern Trust Corp lifted its holdings in shares of Snap-On by 22.4% during the 4th quarter. Northern Trust Corp now owns 798,254 shares of the company's stock valued at $270,991,000 after purchasing an additional 145,861 shares during the last quarter. Institutional investors own 84.88% of the company's stock.

Snap-On Trading Down 1.0%

NYSE SNA traded down $3.05 on Friday, reaching $317.65. The stock had a trading volume of 260,950 shares, compared to its average volume of 367,495. The firm has a market capitalization of $16.61 billion, a price-to-earnings ratio of 16.63, a P/E/G ratio of 2.29 and a beta of 0.76. The company has a quick ratio of 3.18, a current ratio of 4.14 and a debt-to-equity ratio of 0.21. Snap-On Incorporated has a 12-month low of $266.55 and a 12-month high of $373.90. The stock has a fifty day moving average price of $317.94 and a two-hundred day moving average price of $328.47.

Snap-On (NYSE:SNA - Get Free Report) last posted its quarterly earnings data on Thursday, April 17th. The company reported $4.51 earnings per share for the quarter, missing analysts' consensus estimates of $4.81 by ($0.30). Snap-On had a return on equity of 18.60% and a net margin of 21.42%. The company had revenue of $1.14 billion for the quarter, compared to analysts' expectations of $1.20 billion. During the same period in the prior year, the company posted $4.91 EPS. As a group, sell-side analysts forecast that Snap-On Incorporated will post 19.79 EPS for the current fiscal year.

Snap-On Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, June 10th. Stockholders of record on Tuesday, May 20th were given a dividend of $2.14 per share. This represents a $8.56 dividend on an annualized basis and a dividend yield of 2.69%. The ex-dividend date was Tuesday, May 20th. Snap-On's dividend payout ratio is currently 44.82%.

Insider Activity at Snap-On

In related news, Director Karen L. Daniel sold 1,090 shares of the stock in a transaction on Thursday, June 5th. The stock was sold at an average price of $319.92, for a total value of $348,712.80. Following the transaction, the director owned 8,030 shares of the company's stock, valued at $2,568,957.60. This represents a 11.95% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CFO Aldo John Pagliari sold 5,553 shares of the stock in a transaction on Thursday, May 15th. The shares were sold at an average price of $326.84, for a total value of $1,814,942.52. Following the completion of the transaction, the chief financial officer directly owned 109,560 shares in the company, valued at $35,808,590.40. This trade represents a 4.82% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 29,815 shares of company stock valued at $9,482,532 over the last quarter. 3.90% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on SNA shares. Longbow Research upgraded Snap-On from a "neutral" rating to a "buy" rating and set a $400.00 target price for the company in a research note on Monday, March 31st. Robert W. Baird dropped their target price on Snap-On from $349.00 to $320.00 and set a "neutral" rating on the stock in a research report on Monday, April 21st. Barrington Research reiterated an "outperform" rating and issued a $350.00 price objective on shares of Snap-On in a report on Monday, May 19th. Finally, Wall Street Zen upgraded Snap-On from a "hold" rating to a "buy" rating in a report on Friday, May 16th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $350.83.

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.