Hancock Whitney Corp Raises Stock Position in Snap-On Incorporated $SNA

Key Points

• Hancock Whitney Corp increased its holdings in Snap-On by 1,126.7%, reaching 21,344 shares worth approximately $7.19 million after purchasing an additional 19,604 shares in the first quarter.
• Insider trades showed CEO Nicholas T. Pinchuk selling 23,042 shares at an average price of $320.88, leading to a 2.75% decrease in his ownership position.
• Snap-On's stock has a consensus rating of "Moderate Buy" among analysts, with an average price target of $357.00 reflecting potential growth opportunities.

Hancock Whitney Corp grew its holdings in shares of Snap-On Incorporated (NYSE:SNA - Free Report) by 1,126.7% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 21,344 shares of the company's stock after purchasing an additional 19,604 shares during the quarter. Hancock Whitney Corp's holdings in Snap-On were worth $7,193,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors also recently bought and sold shares of SNA. Auto Owners Insurance Co lifted its stake in Snap-On by 35,967.2% in the 1st quarter. Auto Owners Insurance Co now owns 1,073,000 shares of the company's stock worth $361,612,000 after purchasing an additional 1,070,025 shares in the last quarter. GAMMA Investing LLC increased its position in shares of Snap-On by 65,113.6% during the 1st quarter. GAMMA Investing LLC now owns 703,003 shares of the company's stock valued at $236,919,000 after purchasing an additional 701,925 shares during the last quarter. Ameriprise Financial Inc. increased its position in Snap-On by 54.3% during the first quarter. Ameriprise Financial Inc. now owns 681,857 shares of the company's stock valued at $229,793,000 after acquiring an additional 239,908 shares during the last quarter. Nuveen LLC purchased a new stake in Snap-On in the 1st quarter worth about $45,711,000. Finally, Charles Schwab Investment Management Inc. raised its holdings in shares of Snap-On by 6.4% in the first quarter. Charles Schwab Investment Management Inc. now owns 1,921,584 shares of the company's stock worth $647,593,000 after buying an additional 115,306 shares during the period. 84.88% of the stock is owned by institutional investors.

Insider Transactions at Snap-On

In related news, CEO Nicholas T. Pinchuk sold 23,042 shares of the company's stock in a transaction dated Monday, August 11th. The stock was sold at an average price of $320.88, for a total value of $7,393,716.96. Following the completion of the sale, the chief executive officer directly owned 815,219 shares of the company's stock, valued at $261,587,472.72. This represents a 2.75% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Aldo John Pagliari sold 125 shares of the stock in a transaction that occurred on Friday, August 15th. The shares were sold at an average price of $325.21, for a total value of $40,651.25. Following the completion of the sale, the chief financial officer directly owned 111,721 shares of the company's stock, valued at $36,332,786.41. The trade was a 0.11% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 27,898 shares of company stock worth $8,983,203 in the last quarter. Insiders own 3.90% of the company's stock.

Wall Street Analysts Forecast Growth

SNA has been the topic of several research analyst reports. Robert W. Baird increased their price objective on Snap-On from $329.00 to $347.00 and gave the stock a "neutral" rating in a research note on Friday, July 18th. Barrington Research restated an "outperform" rating and set a $350.00 target price on shares of Snap-On in a research note on Tuesday, July 15th. Wall Street Zen upgraded shares of Snap-On from a "hold" rating to a "buy" rating in a research note on Friday, May 16th. Tigress Financial upped their target price on Snap-On from $390.00 to $395.00 and gave the company a "buy" rating in a research report on Friday, August 29th. Finally, Bank of America increased their price target on Snap-On from $265.00 to $285.00 and gave the stock an "underperform" rating in a research report on Friday, July 18th. Four analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, Snap-On has a consensus rating of "Moderate Buy" and an average price target of $357.00.

Snap-On Stock Performance

Shares of SNA stock opened at $321.78 on Thursday. Snap-On Incorporated has a one year low of $268.90 and a one year high of $373.89. The firm's 50 day moving average price is $323.23 and its 200-day moving average price is $323.50. The firm has a market cap of $16.78 billion, a P/E ratio of 17.16, a P/E/G ratio of 2.26 and a beta of 0.77. The company has a debt-to-equity ratio of 0.21, a quick ratio of 3.42 and a current ratio of 4.48.

Snap-On (NYSE:SNA - Get Free Report) last announced its earnings results on Thursday, July 17th. The company reported $4.72 earnings per share 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 firm had revenue of $1.18 billion for the quarter, compared to the consensus estimate of $1.16 billion. During the same period in the prior year, the firm earned $5.07 EPS. The firm's revenue for the quarter was up .0% on a year-over-year basis. As a group, equities research analysts predict that Snap-On Incorporated will post 19.79 EPS for the current year.

Snap-On Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, September 10th. Stockholders of record on Tuesday, August 19th will be issued a $2.14 dividend. The ex-dividend date is Tuesday, August 19th. This represents a $8.56 annualized dividend and a dividend yield of 2.7%. Snap-On's dividend payout ratio is presently 45.65%.

Snap-On 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.

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