Gulf International Bank UK Ltd Trims Stake in Snap-On Incorporated $SNA

Key Points

• Gulf International Bank UK Ltd reduced its stake in Snap-On Incorporated by 25.1%, owning 3,101 shares valued at approximately $1.05 million following the sale of 1,037 shares.
• Snap-On reported quarterly earnings of $4.72 per share, exceeding analysts' expectations, with a revenue of $1.18 billion—an increase from the previous year.
• The company declared a quarterly dividend of $2.14, resulting in an annualized payment of $8.56, which equates to a dividend yield of 2.6% for shareholders.

Gulf International Bank UK Ltd lessened its holdings in shares of Snap-On Incorporated (NYSE:SNA - Free Report) by 25.1% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 3,101 shares of the company's stock after selling 1,037 shares during the quarter. Gulf International Bank UK Ltd's holdings in Snap-On were worth $1,045,000 as of its most recent SEC filing.

A number of other large investors have also recently added to or reduced their stakes in the company. Prudential PLC grew its holdings in shares of Snap-On by 48.0% in the 1st quarter. Prudential PLC now owns 2,314 shares of the company's stock valued at $780,000 after acquiring an additional 751 shares in the last quarter. Resona Asset Management Co. Ltd. lifted its position in Snap-On by 4.3% during the first quarter. Resona Asset Management Co. Ltd. now owns 18,548 shares of the company's stock worth $6,232,000 after acquiring an additional 768 shares during the last quarter. Westpac Banking Corp lifted its position in Snap-On by 41.4% during the first quarter. Westpac Banking Corp now owns 7,532 shares of the company's stock worth $2,538,000 after acquiring an additional 2,207 shares during the last quarter. Taylor Hoffman Capital Management LLC raised its position in shares of Snap-On by 1.5% in the first quarter. Taylor Hoffman Capital Management LLC now owns 21,360 shares of the company's stock valued at $7,253,000 after buying an additional 324 shares in the last quarter. Finally, Public Sector Pension Investment Board raised its position in shares of Snap-On by 8.5% in the first quarter. Public Sector Pension Investment Board now owns 7,125 shares of the company's stock valued at $2,401,000 after buying an additional 557 shares in the last quarter. Institutional investors own 84.88% of the company's stock.

Insiders Place Their Bets

In other news, CFO Aldo John Pagliari sold 125 shares of the firm's 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 sale, 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 transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, 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 transaction of $7,393,716.96. Following the sale, the chief executive officer owned 815,219 shares in the company, valued at approximately $261,587,472.72. This trade represents a 2.75% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 52,160 shares of company stock worth $16,650,792 in the last three months. 3.90% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on SNA shares. Bank of America boosted their target price on shares of Snap-On from $265.00 to $285.00 and gave the stock an "underperform" rating in a research note on Friday, July 18th. Barrington Research restated 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 boosted 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. Finally, Wall Street Zen upgraded shares of Snap-On from a "hold" rating to a "buy" rating in a report on Friday, May 16th. 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's stock. According to MarketBeat.com, Snap-On has an average rating of "Moderate Buy" and an average target price of $356.17.

Snap-On Price Performance

NYSE SNA traded down $2.45 on Wednesday, hitting $322.31. The stock had a trading volume of 79,908 shares, compared to its average volume of 380,356. Snap-On Incorporated has a 52-week low of $268.90 and a 52-week high of $373.89. The company has a debt-to-equity ratio of 0.21, a quick ratio of 3.42 and a current ratio of 4.48. The company has a market capitalization of $16.81 billion, a price-to-earnings ratio of 17.19, a price-to-earnings-growth ratio of 2.25 and a beta of 0.76. The firm has a 50-day moving average of $319.68 and a 200-day moving average of $324.67.

Snap-On (NYSE:SNA - Get Free Report) last posted its earnings results on Thursday, July 17th. The company reported $4.72 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.61 by $0.11. Snap-On had a net margin of 20.98% and a return on equity of 18.02%. 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 prior year, the company posted $5.07 EPS. The business's revenue for the quarter was up .0% compared to the same quarter last year. Equities analysts expect that Snap-On Incorporated will post 19.79 EPS for the current year.

Snap-On Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 10th. Shareholders of record on Tuesday, August 19th will be paid a $2.14 dividend. The ex-dividend date is Tuesday, August 19th. This represents a $8.56 annualized dividend and a yield of 2.7%. Snap-On's dividend payout ratio is currently 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.