Hsbc Holdings PLC Sells 134,877 Shares of Snap-On Incorporated $SNA

Key Points

• Hsbc Holdings PLC has reduced its stake in Snap-On Incorporated by 27.0%, selling 134,877 shares and now owns 0.70% of the company valued at approximately $122.5 million.
• Snap-On recently announced a quarterly dividend of $2.14 per share, which represents an annualized yield of 2.6% and a payout ratio of 45.65%.
• Analyst ratings for Snap-On show a consensus of "Moderate Buy", with the average target price set at $356.17, indicating positive sentiment for the stock's future performance.

Hsbc Holdings PLC trimmed its position in shares of Snap-On Incorporated (NYSE:SNA - Free Report) by 27.0% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 363,749 shares of the company's stock after selling 134,877 shares during the period. Hsbc Holdings PLC owned 0.70% of Snap-On worth $122,545,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Choreo LLC lifted its position in shares of Snap-On by 78.3% during the first quarter. Choreo LLC now owns 7,218 shares of the company's stock worth $2,432,000 after acquiring an additional 3,170 shares in the last quarter. Ethic Inc. lifted its position in shares of Snap-On by 18.6% during the fourth quarter. Ethic Inc. now owns 9,212 shares of the company's stock worth $3,127,000 after acquiring an additional 1,445 shares in the last quarter. DAVENPORT & Co LLC purchased a new stake in shares of Snap-On during the first quarter worth $218,000. OneDigital Investment Advisors LLC lifted its position in shares of Snap-On by 26.4% during the first quarter. OneDigital Investment Advisors LLC now owns 867 shares of the company's stock worth $292,000 after acquiring an additional 181 shares in the last quarter. Finally, Vontobel Holding Ltd. lifted its position in shares of Snap-On by 27.4% during the first quarter. Vontobel Holding Ltd. now owns 13,636 shares of the company's stock worth $4,595,000 after acquiring an additional 2,932 shares in the last quarter. 84.88% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several research firms have issued reports on SNA. Bank of America increased their target price on Snap-On from $265.00 to $285.00 and gave the stock an "underperform" rating in a research report on Friday, July 18th. Barrington Research reiterated an "outperform" rating and issued a $350.00 price objective on shares of Snap-On in a research report on Tuesday, July 15th. 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 report on Friday, July 18th. Finally, Wall Street Zen upgraded Snap-On from a "hold" rating to a "buy" rating in a research report on Friday, May 16th. Four investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, Snap-On currently has a consensus rating of "Moderate Buy" and an average target price of $356.17.

Snap-On Stock Up 0.4%

SNA opened at $324.4290 on Wednesday. The stock has a market cap of $16.92 billion, a PE ratio of 17.30, a P/E/G ratio of 2.25 and a beta of 0.76. The company has a quick ratio of 3.42, a current ratio of 4.48 and a debt-to-equity ratio of 0.21. Snap-On Incorporated has a 52 week low of $268.90 and a 52 week high of $373.89. The business's fifty day simple moving average is $319.68 and its 200 day simple moving average is $324.67.

Snap-On (NYSE:SNA - Get Free Report) last released its earnings results on Thursday, July 17th. The company reported $4.72 EPS for the quarter, beating analysts' consensus estimates of $4.61 by $0.11. The business had revenue of $1.18 billion for the quarter, compared to analysts' expectations of $1.16 billion. Snap-On had a return on equity of 18.02% and a net margin of 20.98%.The firm's revenue was up .0% on a year-over-year basis. During the same quarter in the prior year, the firm earned $5.07 earnings per share. As a group, research analysts expect that Snap-On Incorporated will post 19.79 earnings per share for the current fiscal year.

Snap-On Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 10th. Investors of record on Tuesday, August 19th will be paid a $2.14 dividend. This represents a $8.56 dividend on an annualized basis and a yield of 2.6%. The ex-dividend date of this dividend is Tuesday, August 19th. Snap-On's dividend payout ratio is currently 45.65%.

Insider Activity at Snap-On

In other news, CFO Aldo John Pagliari sold 4,731 shares of the firm's stock in a transaction dated Thursday, August 14th. The stock was sold at an average price of $327.38, for a total transaction of $1,548,834.78. Following the transaction, the chief financial officer directly owned 111,667 shares of the company's stock, valued at approximately $36,557,542.46. This trade represents a 4.06% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Nicholas T. Pinchuk sold 23,172 shares of Snap-On stock in a transaction dated Monday, June 2nd. The stock was sold at an average price of $315.85, for a total value of $7,318,876.20. Following the completion of the transaction, the chief executive officer owned 804,510 shares in the company, valued at approximately $254,104,483.50. This represents a 2.80% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 52,160 shares of company stock valued at $16,650,792 over the last 90 days. 3.90% of the stock is owned by insiders.

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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