First Horizon Corp Acquires New Position in Snap-On Incorporated $SNA

Key Points

• First Horizon Corp established a new position in Snap‑On, purchasing 11,805 shares in Q4 valued at approximately $4.07 million according to the latest 13F filing.
• Insiders have been net sellers recently: CEO Nicholas T. Pinchuk sold 23,229 shares (~$8.9M) and SVP Timothy L. Chambers sold 8,000 shares (~$3.08M), with insiders selling 39,650 shares worth $15.21M over the last three months (insiders own 3.8% of the stock).
• Snap‑On fundamentals: market cap about $19.8B, P/E ~19.8, last quarter EPS $4.94 (beat estimates by $0.08), a quarterly dividend of $2.44 (annualized $9.76, yield ~2.6%), and a consensus analyst rating of "Moderate Buy" with a target near $372.80.

First Horizon Corp bought a new position in shares of Snap-On Incorporated (NYSE:SNA - Free Report) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm bought 11,805 shares of the company's stock, valued at approximately $4,068,000.

Several other large investors have also added to or reduced their stakes in SNA. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in shares of Snap-On by 15.5% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 8,850 shares of the company's stock valued at $2,983,000 after purchasing an additional 1,185 shares during the period. Woodline Partners LP boosted its holdings in Snap-On by 40.4% in the 1st quarter. Woodline Partners LP now owns 4,426 shares of the company's stock worth $1,492,000 after buying an additional 1,273 shares during the period. EverSource Wealth Advisors LLC increased its stake in Snap-On by 100.9% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 464 shares of the company's stock worth $144,000 after buying an additional 233 shares in the last quarter. Gamco Investors INC. ET AL increased its stake in Snap-On by 32.9% in the 2nd quarter. Gamco Investors INC. ET AL now owns 1,752 shares of the company's stock worth $545,000 after buying an additional 434 shares in the last quarter. Finally, Natixis raised its holdings in Snap-On by 136.8% during the second quarter. Natixis now owns 3,048 shares of the company's stock valued at $948,000 after acquiring an additional 1,761 shares during the period. Hedge funds and other institutional investors own 84.88% of the company's stock.

Insider Buying and Selling at Snap-On

In other Snap-On news, CEO Nicholas T. Pinchuk sold 23,229 shares of the stock in a transaction on Monday, February 23rd. The shares were sold at an average price of $383.36, for a total transaction of $8,905,069.44. Following the completion of the transaction, the chief executive officer owned 846,562 shares in the company, valued at $324,538,008.32. This trade represents a 2.67% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, SVP Timothy L. Chambers sold 8,000 shares of Snap-On stock in a transaction on Wednesday, February 4th. The stock was sold at an average price of $385.13, for a total transaction of $3,081,040.00. Following the completion of the transaction, the senior vice president directly owned 19,480 shares of the company's stock, valued at $7,502,332.40. The trade was a 29.11% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 39,650 shares of company stock worth $15,210,959 over the last three months. 3.80% of the stock is owned by company insiders.

Snap-On Price Performance

NYSE:SNA opened at $380.46 on Friday. The company has a market capitalization of $19.81 billion, a P/E ratio of 19.83, a P/E/G ratio of 2.53 and a beta of 0.77. The business's 50-day moving average is $373.90 and its 200 day moving average is $357.46. The company has a current ratio of 4.79, a quick ratio of 3.68 and a debt-to-equity ratio of 0.20. Snap-On Incorporated has a 12 month low of $289.81 and a 12 month high of $390.13.

Snap-On (NYSE:SNA - Get Free Report) last released its quarterly earnings data on Thursday, February 5th. The company reported $4.94 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $4.86 by $0.08. The business had revenue of $1.23 billion for the quarter, compared to the consensus estimate of $1.24 billion. Snap-On had a return on equity of 17.34% and a net margin of 21.44%.The company's revenue was up 2.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $4.82 EPS. On average, equities research analysts forecast that Snap-On Incorporated will post 19.79 earnings per share for the current fiscal year.

Snap-On Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, March 10th. Investors of record on Tuesday, February 24th were paid a dividend of $2.44 per share. The ex-dividend date of this dividend was Tuesday, February 24th. This represents a $9.76 dividend on an annualized basis and a yield of 2.6%. Snap-On's dividend payout ratio is presently 50.86%.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on SNA. Roth Mkm reaffirmed a "buy" rating and issued a $409.00 price objective (up from $385.00) on shares of Snap-On in a research note on Tuesday, February 10th. Robert W. Baird set a $375.00 target price on Snap-On in a research note on Friday, February 6th. Tigress Financial boosted their price target on Snap-On from $405.00 to $445.00 and gave the stock a "buy" rating in a report on Friday, February 27th. Weiss Ratings restated a "buy (b)" rating on shares of Snap-On in a research note on Wednesday, January 21st. Finally, Wall Street Zen cut shares of Snap-On from a "buy" rating to a "hold" rating in a research report on Saturday, February 7th. 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 MarketBeat.com, Snap-On has a consensus rating of "Moderate Buy" and a consensus target price of $372.80.

About Snap-On

Snap‑On Incorporated NYSE: SNA is a designer, manufacturer and marketer of tools, diagnostic equipment, repair information and shop equipment for professional users. The company's product range includes hand and power tools, tool storage and cabinets, diagnostic scan tools and software, shop equipment such as lifts and tire changers, and specialized specialty tools for automotive, aviation, marine and industrial applications. Snap‑On also offers information and workflow solutions that combine diagnostic data, repair procedures and parts information to support professional technicians.

Founded in 1920 and headquartered in Kenosha, Wisconsin, Snap‑On has established a long history in the professional tools market.

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