Goldman Sachs Group Inc. Sells 25,889 Shares of Snap-On Incorporated $SNA

Key Points

• Goldman Sachs trimmed its Snap-On stake by 6.0% in the fourth quarter, selling 25,889 shares and leaving it with 403,900 shares worth about $139.2 million.
• Snap-On insiders also sold shares, including CEO Nicholas T. Pinchuk and CFO Aldo John Pagliari, with total insider sales over the last quarter reaching 30,439 shares valued at $11.4 million.
• Analysts remain generally positive on the stock, with a consensus rating of “Moderate Buy” and an average price target of $387.67, while the company also authorized a $500 million share buyback and declared a $2.44 quarterly dividend.

Goldman Sachs Group Inc. reduced its position in shares of Snap-On Incorporated (NYSE:SNA - Free Report) by 6.0% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 403,900 shares of the company's stock after selling 25,889 shares during the quarter. Goldman Sachs Group Inc. owned 0.78% of Snap-On worth $139,184,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in SNA. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake 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 acquiring an additional 1,185 shares during the period. Woodline Partners LP grew its stake in shares of Snap-On by 40.4% during the 1st quarter. Woodline Partners LP now owns 4,426 shares of the company's stock valued at $1,492,000 after acquiring an additional 1,273 shares during the period. EverSource Wealth Advisors LLC grew its stake in shares of Snap-On by 100.9% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 464 shares of the company's stock valued at $144,000 after acquiring an additional 233 shares during the period. Gamco Investors INC. ET AL grew its stake in shares of Snap-On by 32.9% during the 2nd quarter. Gamco Investors INC. ET AL now owns 1,752 shares of the company's stock valued at $545,000 after acquiring an additional 434 shares during the period. Finally, Natixis grew its stake in shares of Snap-On by 136.8% during the 2nd 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. 84.88% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other news, CEO Nicholas T. Pinchuk sold 23,396 shares of the stock in a transaction that occurred on Tuesday, May 5th. The stock was sold at an average price of $375.77, for a total transaction of $8,791,514.92. Following the completion of the transaction, the chief executive officer directly owned 856,918 shares in the company, valued at approximately $322,004,076.86. This represents a 2.66% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Aldo John Pagliari sold 5,713 shares of the stock in a transaction that occurred on Thursday, May 14th. The shares were sold at an average price of $367.19, for a total value of $2,097,756.47. Following the transaction, the chief financial officer owned 119,488 shares of the company's stock, valued at $43,874,798.72. This represents a 4.56% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 30,439 shares of company stock valued at $11,393,700 over the last quarter. Corporate insiders own 3.80% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on SNA shares. Weiss Ratings reissued a "buy (b)" rating on shares of Snap-On in a report on Monday, April 20th. Barclays started coverage on Snap-On in a report on Thursday, May 28th. They set an "overweight" rating and a $420.00 price target on the stock. Robert W. Baird raised their price target on Snap-On from $380.00 to $395.00 and gave the company a "neutral" rating in a report on Friday, April 24th. Roth Mkm reissued a "buy" rating and set a $431.00 price target on shares of Snap-On in a report on Friday, April 24th. Finally, Tigress Financial upped their price target on Snap-On from $405.00 to $445.00 and gave the stock a "buy" rating in a research note on Friday, February 27th. Five equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $387.67.

Snap-On Trading Up 0.3%

SNA stock opened at $380.85 on Tuesday. Snap-On Incorporated has a 1-year low of $301.82 and a 1-year high of $400.88. The company has a debt-to-equity ratio of 0.15, a current ratio of 3.53 and a quick ratio of 2.74. The company has a market capitalization of $19.73 billion, a price-to-earnings ratio of 19.66, a PEG ratio of 2.67 and a beta of 0.73. The business has a 50 day simple moving average of $372.97 and a two-hundred day simple moving average of $365.89.

Snap-On (NYSE:SNA - Get Free Report) last posted its earnings results on Thursday, April 23rd. The company reported $4.69 EPS for the quarter, missing analysts' consensus estimates of $4.75 by ($0.06). The firm had revenue of $1.21 billion for the quarter, compared to the consensus estimate of $1.19 billion. Snap-On had a net margin of 21.28% and a return on equity of 17.13%. The firm's revenue was up 5.8% compared to the same quarter last year. During the same quarter in the prior year, the company posted $4.51 earnings per share. Research analysts anticipate that Snap-On Incorporated will post 19.7 EPS for the current fiscal year.

Snap-On announced that its board has authorized a stock buyback plan on Thursday, April 30th that authorizes the company to buyback $500.00 million in outstanding shares. This buyback authorization authorizes the company to reacquire up to 2.6% of its stock through open market purchases. Stock buyback plans are generally a sign that the company's board believes its stock is undervalued.

Snap-On Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, June 10th. Stockholders of record on Wednesday, May 20th will be given a dividend of $2.44 per share. This represents a $9.76 dividend on an annualized basis and a dividend yield of 2.6%. The ex-dividend date is Wednesday, May 20th. Snap-On's dividend payout ratio is currently 50.39%.

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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