Fifth Third Bancorp Sells 1,114 Shares of Snap-on Incorporated (NYSE:SNA)

Fifth Third Bancorp cut its stake in Snap-on Incorporated (NYSE:SNA - Free Report) by 8.6% in the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 11,886 shares of the company's stock after selling 1,114 shares during the period. Fifth Third Bancorp's holdings in Snap-on were worth $4,006,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in SNA. Savant Capital LLC grew its position in Snap-on by 13.4% in the fourth quarter. Savant Capital LLC now owns 1,748 shares of the company's stock worth $593,000 after acquiring an additional 206 shares in the last quarter. Allspring Global Investments Holdings LLC grew its position in Snap-on by 89.4% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 17,951 shares of the company's stock worth $6,016,000 after acquiring an additional 8,471 shares in the last quarter. Asset Management One Co. Ltd. grew its position in Snap-on by 7.0% in the fourth quarter. Asset Management One Co. Ltd. now owns 21,296 shares of the company's stock worth $7,316,000 after acquiring an additional 1,400 shares in the last quarter. Vontobel Holding Ltd. lifted its stake in Snap-on by 443.9% in the fourth quarter. Vontobel Holding Ltd. now owns 10,704 shares of the company's stock worth $3,634,000 after purchasing an additional 8,736 shares during the last quarter. Finally, Banque Pictet & Cie SA purchased a new stake in Snap-on during the fourth quarter valued at about $4,244,000. 84.88% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research firms have issued reports on SNA. Tigress Financial upped their price target on shares of Snap-on from $385.00 to $390.00 and gave the company a "buy" rating in a research report on Tuesday, March 4th. Barrington Research restated an "outperform" rating and set a $350.00 price target on shares of Snap-on in a research report on Monday, May 19th. Longbow Research upgraded shares of Snap-on from a "neutral" rating to a "buy" rating and set a $400.00 price target for the company in a research report on Monday, March 31st. Wall Street Zen upgraded shares of Snap-on from a "hold" rating to a "buy" rating in a research report on Friday, May 16th. Finally, Robert W. Baird cut their price target on shares of Snap-on from $349.00 to $320.00 and set a "neutral" rating for the company in a research report on Monday, April 21st. One investment analyst has rated the stock with a sell rating, one has given a hold rating and five have issued a buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $350.83.

Insider Activity at Snap-on

In other Snap-on news, CEO Nicholas T. Pinchuk sold 22,700 shares of the company's stock in a transaction dated Thursday, March 27th. The shares were sold at an average price of $335.32, for a total value of $7,611,764.00. Following the sale, the chief executive officer now owns 793,932 shares in the company, valued at approximately $266,221,278.24. This represents a 2.78% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Aldo John Pagliari sold 5,553 shares of the company's stock in a transaction dated Thursday, May 15th. The stock was sold at an average price of $326.84, for a total transaction of $1,814,942.52. Following the completion of the sale, the chief financial officer now owns 109,560 shares in the company, valued at approximately $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 52,515 shares of company stock worth $17,094,296 over the last 90 days. 3.90% of the stock is owned by company insiders.

Snap-on Trading Down 2.9%

Shares of NYSE:SNA traded down $9.33 during midday trading on Friday, hitting $309.86. 318,945 shares of the stock traded hands, compared to its average volume of 367,007. The stock has a market capitalization of $16.20 billion, a PE ratio of 15.89, a P/E/G ratio of 2.21 and a beta of 0.78. The business's 50 day moving average is $319.15 and its two-hundred day moving average is $334.05. The company has a quick ratio of 3.17, a current ratio of 4.15 and a debt-to-equity ratio of 0.22. Snap-on Incorporated has a one year low of $252.98 and a one year high of $373.90.

Snap-on (NYSE:SNA - Get Free Report) last issued its quarterly earnings data on Thursday, April 17th. The company reported $4.51 EPS for the quarter, missing the consensus estimate of $4.81 by ($0.30). The firm had revenue of $1.14 billion for the quarter, compared to the consensus estimate of $1.20 billion. Snap-on had a net margin of 21.71% and a return on equity of 19.20%. During the same period last year, the company posted $4.91 earnings per share. As a group, research analysts forecast that Snap-on Incorporated will post 19.79 earnings per share for the current year.

Snap-on Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, June 10th. Investors of record on Tuesday, May 20th were given a dividend of $2.14 per share. This represents a $8.56 annualized dividend and a dividend yield of 2.76%. The ex-dividend date of this dividend was Tuesday, May 20th. Snap-on's dividend payout ratio is currently 44.82%.

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.