Snap-On Incorporated $SNA Shares Sold by Comerica Bank

Key Points

• Comerica Bank reduced its stake in Snap-On Incorporated by 16.5%, selling 3,129 shares during the first quarter, leaving it with a total of 15,876 shares valued at approximately $5.35 million.
• Notable insider transactions include Director Karen L. Daniel selling 1,090 shares and CFO Aldo John Pagliari selling 4,731 shares, reflecting decreased ownership stakes of 11.95% and 4.06%, respectively.
• Snap-On recently announced a quarterly dividend of $2.14 per share to be paid on September 10th, translating to an annualized yield of 2.6% and a payout ratio of 45.65%.

Comerica Bank reduced its position in shares of Snap-On Incorporated (NYSE:SNA - Free Report) by 16.5% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 15,876 shares of the company's stock after selling 3,129 shares during the period. Comerica Bank's holdings in Snap-On were worth $5,350,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in the company. Charles Schwab Investment Management Inc. raised its holdings in Snap-On by 6.4% during the first quarter. Charles Schwab Investment Management Inc. now owns 1,921,584 shares of the company's stock worth $647,593,000 after purchasing an additional 115,306 shares in the last quarter. Auto Owners Insurance Co raised its holdings in Snap-On by 35,967.2% during the first quarter. Auto Owners Insurance Co now owns 1,073,000 shares of the company's stock worth $361,612,000 after purchasing an additional 1,070,025 shares in the last quarter. Northern Trust Corp raised its holdings in Snap-On by 5.4% during the first quarter. Northern Trust Corp now owns 841,721 shares of the company's stock worth $283,668,000 after purchasing an additional 43,467 shares in the last quarter. Envestnet Asset Management Inc. raised its holdings in Snap-On by 2.0% during the first quarter. Envestnet Asset Management Inc. now owns 774,526 shares of the company's stock worth $261,023,000 after purchasing an additional 15,097 shares in the last quarter. Finally, GAMMA Investing LLC raised its holdings in Snap-On by 65,113.6% during 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 in the last quarter. 84.88% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

SNA has been the subject of a number of research analyst reports. Barrington Research reaffirmed an "outperform" rating and issued a $350.00 target price on shares of Snap-On in a report on Tuesday, July 15th. Robert W. Baird increased their target price on shares of Snap-On from $329.00 to $347.00 and gave the company a "neutral" rating in a report on Friday, July 18th. Wall Street Zen raised shares of Snap-On from a "hold" rating to a "buy" rating in a report on Friday, May 16th. Bank of America increased their target price on shares of Snap-On from $265.00 to $285.00 and gave the company an "underperform" rating in a report on Friday, July 18th. Finally, Tigress Financial increased their price target on shares of Snap-On from $390.00 to $395.00 and gave the company a "buy" rating in a research report on Friday. Four research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $357.00.

Insider Buying and Selling

In related news, Director Karen L. Daniel sold 1,090 shares of the firm's stock in a transaction that occurred on Thursday, June 5th. The shares were sold at an average price of $319.92, for a total transaction of $348,712.80. Following the sale, the director owned 8,030 shares in the company, valued at approximately $2,568,957.60. This trade represents a 11.95% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Aldo John Pagliari sold 125 shares of Snap-On stock in a transaction on Friday, August 15th. The shares were sold at an average price of $325.21, for a total transaction of $40,651.25. Following the completion of the transaction, the chief financial officer owned 111,721 shares in the company, valued at approximately $36,332,786.41. This trade represents a 0.11% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 28,988 shares of company stock worth $9,331,916. 3.90% of the stock is owned by insiders.

Snap-On Trading Down 0.5%

NYSE SNA traded down $1.64 during mid-day trading on Tuesday, reaching $323.60. 96,221 shares of the stock were exchanged, compared to its average volume of 371,700. Snap-On Incorporated has a 1-year low of $268.90 and a 1-year high of $373.89. The business's fifty day simple moving average is $322.64 and its 200 day simple moving average is $323.51. The stock has a market capitalization of $16.88 billion, a PE ratio of 17.22, a PEG ratio of 2.26 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 earnings results on Thursday, July 17th. The company reported $4.72 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $4.61 by $0.11. Snap-On had a net margin of 20.98% and a return on equity of 18.02%. The firm had revenue of $1.18 billion for the quarter, compared to analyst estimates of $1.16 billion. During the same quarter last year, the business earned $5.07 earnings per share. Snap-On's revenue was up .0% compared to the same quarter last year. On average, research analysts anticipate that Snap-On Incorporated will post 19.79 earnings per share for the current fiscal year.

Snap-On Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 10th. Investors of record on Tuesday, August 19th will be given a dividend of $2.14 per share. The ex-dividend date is Tuesday, August 19th. This represents a $8.56 dividend on an annualized basis and a yield of 2.6%. Snap-On's dividend payout ratio (DPR) is 45.65%.

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.