Legal & General Group Plc Sells 16,758 Shares of Snap-On Incorporated $SNA

Key Points

• Legal & General Group Plc trimmed its Snap-On stake by 4.4% in the fourth quarter, selling 16,758 shares and ending with 366,954 shares valued at about $126.45 million.
• Snap-On insiders sold shares recently, with CEO Nicholas T. Pinchuk selling 23,396 shares and CFO Aldo John Pagliari selling 5,713 shares, both under pre-arranged Rule 10b5-1 plans.
• The company reported mixed quarterly results, missing EPS estimates but beating revenue expectations, and it also authorized a $500 million share buyback while declaring a quarterly dividend of $2.44 per share.

Legal & General Group Plc lessened its holdings in Snap-On Incorporated (NYSE:SNA - Free Report) by 4.4% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund owned 366,954 shares of the company's stock after selling 16,758 shares during the period. Legal & General Group Plc owned approximately 0.71% of Snap-On worth $126,452,000 at the end of the most recent quarter.

Other large investors also recently bought and sold shares of the company. Victory Capital Management Inc. boosted its stake in Snap-On by 346.0% during the third quarter. Victory Capital Management Inc. now owns 279,484 shares of the company's stock worth $96,850,000 after buying an additional 216,813 shares during the period. PFA Pension Forsikringsaktieselskab bought a new position in Snap-On during the fourth quarter valued at $69,751,000. UBS Group AG increased its position in Snap-On by 30.7% during the fourth quarter. UBS Group AG now owns 617,620 shares of the company's stock valued at $212,832,000 after acquiring an additional 144,926 shares during the last quarter. Ameriprise Financial Inc. increased its position in Snap-On by 17.5% during the second quarter. Ameriprise Financial Inc. now owns 800,946 shares of the company's stock valued at $249,073,000 after acquiring an additional 119,089 shares during the last quarter. Finally, Northwestern Mutual Wealth Management Co. increased its position in Snap-On by 3,608.6% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 78,844 shares of the company's stock valued at $27,170,000 after acquiring an additional 76,718 shares during the last quarter. Institutional investors own 84.88% of the company's stock.

Insider Activity

In other Snap-On news, CEO Nicholas T. Pinchuk sold 23,396 shares of the stock in a transaction dated Tuesday, May 5th. The shares were sold at an average price of $375.77, for a total transaction of $8,791,514.92. Following the transaction, the chief executive officer directly owned 856,918 shares in the company, valued at $322,004,076.86. This represents a 2.66% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at 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 dated Thursday, May 14th. The stock was sold at an average price of $367.19, for a total transaction of $2,097,756.47. Following the transaction, the chief financial officer owned 119,488 shares in the company, valued at approximately $43,874,798.72. The trade was a 4.56% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 3.80% of the company's stock.

Analyst Upgrades and Downgrades

SNA has been the topic of a number of analyst reports. Tigress Financial boosted their price objective on shares of Snap-On from $405.00 to $445.00 and gave the company a "buy" rating in a research report on Friday, February 27th. Wall Street Zen cut shares of Snap-On from a "buy" rating to a "hold" rating in a research report on Saturday, February 7th. Barclays initiated coverage on shares of Snap-On in a research report on Thursday. They set an "overweight" rating and a $420.00 price objective on the stock. Roth Mkm reiterated a "buy" rating and set a $431.00 price objective on shares of Snap-On in a research report on Friday, April 24th. Finally, Robert W. Baird boosted their price objective on shares of Snap-On from $380.00 to $395.00 and gave the company a "neutral" rating in a research report on Friday, April 24th. Five equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $387.67.

Snap-On Trading Up 0.6%

SNA stock opened at $374.53 on Friday. The company has a market capitalization of $19.40 billion, a PE ratio of 19.34, a P/E/G ratio of 2.62 and a beta of 0.75. Snap-On Incorporated has a 12 month low of $301.82 and a 12 month high of $400.88. The firm's 50-day moving average is $371.10 and its 200 day moving average is $363.95. The company has a debt-to-equity ratio of 0.15, a current ratio of 3.53 and a quick ratio of 2.74.

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

Snap-On declared that its Board of Directors has initiated a stock buyback program on Thursday, April 30th that allows the company to buyback $500.00 million in outstanding shares. This buyback authorization allows the company to repurchase up to 2.6% of its stock through open market purchases. Stock buyback programs are generally an indication that the company's board of directors believes its shares are undervalued.

Snap-On Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 10th. Investors of record on Wednesday, May 20th will be issued a $2.44 dividend. This represents a $9.76 annualized dividend and a dividend yield of 2.6%. The ex-dividend date is Wednesday, May 20th. Snap-On's payout ratio is presently 50.39%.

Snap-On Company Profile

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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