Deutsche Bank AG Cuts Stake in Snap-On Incorporated (NYSE:SNA)

Key Points

• Deutsche Bank AG reduced its stake in Snap-On Incorporated by 6.0%, holding 200,605 shares valued at $67.6 million after selling 12,721 shares.
• Snap-On reported an EPS of $4.72 for the latest quarter, exceeding estimates, and had a revenue of $1.18 billion.
• The company announced a quarterly dividend of $2.14 per share, resulting in an annual yield of 2.7% and a payout ratio of 45.65%.

Deutsche Bank AG lessened its stake in Snap-On Incorporated (NYSE:SNA - Free Report) by 6.0% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 200,605 shares of the company's stock after selling 12,721 shares during the quarter. Deutsche Bank AG owned approximately 0.38% of Snap-On worth $67,606,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of the stock. Chicago Partners Investment Group LLC purchased a new position in Snap-On in the 1st quarter valued at approximately $239,000. Charles Schwab Investment Management Inc. grew its stake in Snap-On by 6.4% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 1,921,584 shares of the company's stock valued at $647,593,000 after buying an additional 115,306 shares in the last quarter. ASR Vermogensbeheer N.V. purchased a new position in Snap-On in the 1st quarter valued at approximately $413,000. Intrust Bank NA grew its stake in Snap-On by 2.5% in the 1st quarter. Intrust Bank NA now owns 3,418 shares of the company's stock valued at $1,152,000 after buying an additional 83 shares in the last quarter. Finally, iA Global Asset Management Inc. grew its stake in Snap-On by 9.3% in the 1st quarter. iA Global Asset Management Inc. now owns 6,239 shares of the company's stock valued at $2,103,000 after buying an additional 531 shares in the last quarter. Institutional investors own 84.88% of the company's stock.

Snap-On Trading Down 2.6%

NYSE SNA traded down $8.79 during trading on Thursday, hitting $325.02. 250,932 shares of the company's stock traded hands, compared to its average volume of 383,773. The stock has a fifty day moving average of $319.37 and a two-hundred day moving average of $325.69. Snap-On Incorporated has a 12-month low of $268.90 and a 12-month high of $373.89. The firm has a market cap of $16.95 billion, a P/E ratio of 17.33, a PEG ratio of 2.27 and a beta of 0.76. The company has a debt-to-equity ratio of 0.21, a current ratio of 4.48 and a quick ratio of 3.42.

Snap-On (NYSE:SNA - Get Free Report) last announced its quarterly earnings results on Thursday, July 17th. The company reported $4.72 EPS for the quarter, topping analysts' consensus estimates of $4.61 by $0.11. Snap-On had a return on equity of 18.02% and a net margin of 20.98%. The business had revenue of $1.18 billion for the quarter, compared to analysts' expectations of $1.16 billion. During the same period in the previous year, the firm earned $5.07 EPS. The business's quarterly revenue was up .0% on a year-over-year basis. As a group, sell-side analysts expect that Snap-On Incorporated will post 19.79 EPS for the current year.

Snap-On Dividend Announcement

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

Insiders Place Their Bets

In other Snap-On news, CEO Nicholas T. Pinchuk sold 23,042 shares of the firm'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 sale, the chief executive officer owned 815,219 shares of the company's stock, valued at $261,587,472.72. This trade represents a 2.75% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Karen L. Daniel sold 1,090 shares of the company'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 value of $348,712.80. Following the transaction, the director directly owned 8,030 shares of the company's stock, valued at $2,568,957.60. The trade was a 11.95% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 47,304 shares of company stock worth $15,061,306. Insiders own 3.90% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts have commented on the stock. 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 raised their price target 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. Barrington Research reissued an "outperform" rating and issued a $350.00 price target on shares of Snap-On in a report on Tuesday, July 15th. Finally, Robert W. Baird raised their price target 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. One equities 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 company. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $356.17.

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.