California State Teachers Retirement System lowered its stake in Snap-On Incorporated (NYSE:SNA - Free Report) by 5.9% in the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 84,532 shares of the company's stock after selling 5,286 shares during the quarter. California State Teachers Retirement System owned 0.16% of Snap-On worth $34,015,677 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also made changes to their positions in the company. Annis Gardner Whiting Capital Advisors LLC lifted its stake in Snap-On by 36.4% in the 4th quarter. Annis Gardner Whiting Capital Advisors LLC now owns 105 shares of the company's stock valued at $36,000 after buying an additional 28 shares in the last quarter. Ritholtz Wealth Management grew its holdings in shares of Snap-On by 2.4% during the first quarter. Ritholtz Wealth Management now owns 1,435 shares of the company's stock valued at $521,000 after purchasing an additional 34 shares during the last quarter. Pinnacle Associates Ltd. boosted its position in shares of Snap-On by 5.4% in the 4th quarter. Pinnacle Associates Ltd. now owns 758 shares of the company's stock valued at $261,000 after purchasing an additional 39 shares during the period. CX Institutional lifted its position in shares of Snap-On by 10.6% in the second quarter. CX Institutional now owns 447 shares of the company's stock worth $180,000 after buying an additional 43 shares during the last quarter. Finally, IFM Investors Pty Ltd raised its stake in shares of Snap-On by 0.4% in the 1st quarter. IFM Investors Pty Ltd now owns 11,301 shares of the company's stock valued at $4,105,000 after buying an additional 45 shares in the last quarter. Institutional investors own 84.88% of the company's stock.
Analyst Ratings Changes
SNA has been the subject of a number of recent analyst reports. Weiss Ratings reiterated a "buy (b)" rating on shares of Snap-On in a research report on Friday, July 17th. Tigress Financial boosted their target price on shares of Snap-On from $445.00 to $485.00 and gave the company a "buy" rating in a research report on Friday, July 31st. Roth Capital reaffirmed a "buy" rating and set a $461.00 price target (up from $409.00) on shares of Snap-On in a research report on Friday, July 24th. Barclays began coverage on Snap-On in a report on Thursday, May 28th. They set an "overweight" rating and a $420.00 target price for the company. Finally, Robert W. Baird set a $415.00 price objective on Snap-On in a research note on Friday, July 24th. Five equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $426.20.
Check Out Our Latest Report on Snap-On
Insider Activity at Snap-On
In related news, CEO Nicholas T. Pinchuk sold 22,889 shares of the stock in a transaction dated Tuesday, August 18th. The shares were sold at an average price of $399.69, for a total value of $9,148,504.41. Following the completion of the transaction, the chief executive officer owned 867,779 shares of the company's stock, valued at $346,842,588.51. This represents a 2.57% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP Timothy L. Chambers sold 9,111 shares of Snap-On stock in a transaction that occurred on Tuesday, July 28th. The shares were sold at an average price of $419.36, for a total transaction of $3,820,788.96. Following the completion of the sale, the senior vice president owned 21,223 shares in the company, valued at $8,900,077.28. This trade represents a 30.04% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 40,720 shares of company stock worth $16,500,198 in the last 90 days. Corporate insiders own 3.80% of the company's stock.
Snap-On Price Performance
NYSE:SNA traded down $0.10 on Tuesday, hitting $377.69. The company had a trading volume of 78,416 shares, compared to its average volume of 355,473. Snap-On Incorporated has a 52 week low of $320.80 and a 52 week high of $423.02. The company has a current ratio of 3.43, a quick ratio of 2.64 and a debt-to-equity ratio of 0.15. The stock has a market capitalization of $19.54 billion, a price-to-earnings ratio of 19.26, a PEG ratio of 2.64 and a beta of 0.72. The firm has a 50 day moving average of $399.64 and a two-hundred day moving average of $385.19.
Snap-On (NYSE:SNA - Get Free Report) last posted its earnings results on Thursday, July 23rd. The company reported $4.96 earnings per share for the quarter, topping analysts' consensus estimates of $4.95 by $0.01. Snap-On had a net margin of 21.25% and a return on equity of 17.07%. The business had revenue of $1.24 billion for the quarter, compared to analyst estimates of $1.22 billion. During the same quarter in the prior year, the firm posted $4.72 EPS. Snap-On's revenue was up 4.7% on a year-over-year basis. On average, research analysts anticipate that Snap-On Incorporated will post 19.7 earnings per share for the current year.
Snap-On Announces Dividend
The business also recently announced a quarterly dividend, which was paid on Thursday, September 10th. Investors of record on Wednesday, August 19th were issued a $2.44 dividend. The ex-dividend date was Wednesday, August 19th. This represents a $9.76 dividend on an annualized basis and a yield of 2.6%. Snap-On's dividend payout ratio (DPR) is 49.77%.
About Snap-On
(
Free Report)
Snap-on Incorporated is a manufacturer and distributor of professional tools, equipment, diagnostics and repair information. Its products include hand and power tools, tool storage, vehicle diagnostic systems, shop equipment, repair software and related services. The company serves professional technicians and customers in the automotive repair, commercial transportation, industrial, aviation, military, agriculture and other technical markets.
Snap-on sells products under the Snap-on brand and other brands, including Blue-Point, through a broad distribution network.
Further Reading
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